20+ Wallets and 14 Chains with one #DEX to rule them all.. Meet Sushiswap – Sushi! Here’s a project review!
I will leave all the official links at the end.
🧵👇
Sushiswap, a fork of Uniswap first launched in 2020 by @NomiChef & @0xMaki (Twitter accounts) on the Ethereum Network and since then has grown to be one of the most innovative Decentralised Exchanges, offering so much more!
In the simplest way, SushiSwap is an ‘Automated Market Maker’ (AMM). It allows users to swap tokens without any central authority managing trades taking place. Alternatively, the platform uses mathematical formulas to set the price. SushiSwap will also use smart contracts to process trades.
Sushiswap is more than just a DEX, it is a hub for DeFi enthusiasts to earn, lend/borrow, leverage and swap. Sushiswap is Multi-Chain compatible with most of the largest blockchains, such as:
Since Sushiswap launched, they have accumulated a TVL of $619M+ across all chains, however, if you include the $SUSHI token TVL it is a larger figure. The protocol has over $669M of Total Liquidity and facilitated over $300 Billion Volume!
As if a Multi-Chain DEX isn’t enough, in 2022 Sushiswap launched their new ‘Cross-Chain’ AMM, ‘SushiXSwap’ which enables users to swap assets/tokens across different chains.
For example, if you want to trade $AVAX from the Avalanche network and swap it to $ETH on the Ethereum network, ‘SushiXSwap’ allows you to do so! It works similarly to a bridge, but without the hassle!
To be honest, I believe this will eliminate the need for blockchain bridges. Bridges are notorious for being exploited easily; therefore, cross-chain swapping is a more secure method of transferring tokens to different networks.
SushiSwap has integrated and partnered with multiple successful on-chain and off-chain companies/protocols. Here are a few that did wonders for the SushiSwap protocol:
In 2022, Reddit launched their own token $MOON which is available on the Sushiswap DEX! You can buy $MOON, then pay for your Reddit membership.
Reddit currently has over 330 million monthly active users and clearly understands the power of decentralised blockchain technology as they have opened a gate to Web3.
The gate will open to many new users that have just discovered Crypto and the use case of the $MOON token.
Klima DAO first started as a fork of Olympus DAO. Their mission is to provide the perfect tools for protocols like SushiSwap to offset their carbon emissions. Klima DAO owns many of the Liquidity Pools on the protocol and firmly believes SushiSwap is the perfect place for blockchain liquidity.
There are other partnerships and integrations we could go through and can be found on their website, if you would like extra information.
The native token on the platform is $SUSHI, primarily used as the governance token, allowing token holders to vote on upcoming proposals. You can also stake your $SUSHI and earn a share of the swap fees that happen across all the chains.
If you are looking to earn extra rewards from staking, you can also head to the ‘SushiBar’ which allows you to stake $SUSHI to earn xSUSHI, which is made up of $SUSHI tokens.
Also, for those who enjoy liquidity pools, SushiSwap has an amazing variety of pools to choose from and earn high yields! LPs are higher risk and are not for beginners.
Here are some rewarding pools:
Remember to be aware of the risks involved with providing liquidity. More information on Liquidity Pools can be found on our website.
The MISO (Minimum Initial SUSHI Offering) marketplace is SushiSwap’s official permissionless Launchpad, allowing users to surrender $SUSHI or other compatible tokens for new up-and-coming tokens that launch on the MISO marketplace.
It is recommended to do heavy research before investing in a protocol that is on a launchpad. Although many successful protocols have derived from launchpads, it is important to do your due diligence before investing.
The BentoBox is a Token Vault that allows users to earn yield for the capital they deposit into it. The BentoBox token vault uses low-risk farming strategies to provide its users with a secure and profitable yield.
It is a great way to start your passive income journey. Let the SushiSwap protocol do all the hard work for you…
SushiSwap is a fully decentralised protocol that allows its community to either vote on any future proposals or upload their own proposal for other users to vote on.
$SUSHI holders and Liquidity Providers communicate in forums and have the ability to vote or cast proposals.
If you’re looking to buy $SUSHI, it is one of the easiest tokens to obtain. $SUSHI is available on most centralised exchanges and blockchains.
We have broken down the two ways of buying the $SUSHI token:
The $SUSHI token is currently available on over 20 different centralised exchanges.
Here are some Centralised Exchanges we recommend for you to buy or trade the $SUSHI token:
It is always recommended not to store your crypto on a centralised exchange due to the various risks it may hold. That is why we recommend option 2.
To get started you will need a DeFi wallet and make sure to secure your seed phrase with a hardware wallet (Trezor):
If you are buying $SUSHI through your DeFi wallet, you will need to have your wallet set up and ready with $ETH or any compatible blockchains tokens to use for gas fees. If you haven’t set up a DeFi wallet or don’t know how to use the Ethereum network, you can check out our tutorial videos here:
Remember it is always recommended to use a Defi wallet or better yet a hardware wallet like Trezor to store your cryptocurrencies.
The SushiSwap protocol has to compete with UniSwap, TraderJoe, PancakeSwap and many other leading DEXs. It will need to innovate and bring its community exclusive and enticing products that other protocols don’t offer in order to survive and proclaim the top position.
At the time of writing, $SUSHI has a price of $1.23 with a market cap of $236M. $SUSHI is actually 93.86% down from its ATH of $23.38 when it had a market cap of over $2.9B!
SushiSwap Twitter – @SushiSwap
SushiSwap Website – https://sushi.com/
Reddit Twitter – @Reddit
That’s it! Thanks for reading!
Thanks a lot for reading this guide! Hope you have enjoyed/learned something from it! Be sure to have a look at the other guides as well by clicking here! And don’t forget to follow us on Twitter: @AltCryptoGems.
If you have any questions, do not hesitate to contact us!