SushiSwap is a project touting a number of decentralized finance (DeFi) products and an ERC-20 token called SUSHI. The SushiSwap decentralized exchange (DEX) is one of the main products under the SushiSwap brand.
The SushiSwap brand came to life initially as a DEX and token in 2020, created by pseudonymous founders Chef Nomi, 0xMaki and Sushiswap.
The SushiSwap DEX was formed from the open-source code of a similar DEX — Uniswap. Both DEXs are classified as automated market makers (AMMs), which essentially facilitate digital asset trading via pools of liquidity lent by participants known as liquidity providers.
In SushiSwap’s early days, the project’s DEX carried out something called vampire mining, which — in simple terms — means it took some of Uniswap’s liquidity when the SushiSwap DEX launched. In part, SushiSwap put a carrot out for liquidity providers, offering them notable rewards if they staked their Uniswap liquidity provider tokens on SushiSwap.
SushiSwap’s Chef Nomi took off with some of the project’s funds — around $14 million worth of Ether (ETH) — although they gave the money back soon after. The project was passed on to Sam Bankman-Fried, a prominent figure in the crypto industry and founder of exchange FTX, who subsequently gave the project over to the community. SUSHI holders vote on the overall direction of the project, although the SushiSwap team can make less substantial alterations as long as enough team members agree. SushiSwap aims to eventually put together a decentralized autonomous organization (DAO).
In addition to the SushiSwap exchange, the SushiSwap brand also includes several other DeFi solutions, such as Kashi, which facilitates lending, borrowing and other activities.
Built on the Ethereum blockchain, the SushiSwap DEX’s back end works similarly to other AMM DEXs. It utilizes smart contract-based pools of assets with which exchange users trade. The SushiSwap DEX has a simplified front end, similar to other comparable DEXs. On the SushiSwap DEX, prices vary from asset to asset.
SushiSwap’s crypto asset, the SUSHI token, functions as a governance token for the SushiSwap ecosystem. Holders of the asset can suggest changes, or vote on changes suggested by others. SUSHI tokens are also paid out to participants of certain SushiSwap ecosystem activities, such as staking.
SUSHI price chart
SushSwap’s price today can be seen via the project’s SUSHI token price, listed in SUSHI-to-USD form live at the top of the page. SUSHI’s price chart above also shows SUSHI price history.