Sushi
$0.84 -2.08%
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SushiSwap is a result of a fork of a well known platform called Uniswap. Like Uniswap, SushiSwap platform is an automated market maker. Automated market makers allow users to create a trading pair of any given cryptocurrency token via smart contracts. Platforms as such have become increasingly more popular throughout the years, due to the higher demand and interest in cryptocurrency.
The key difference between Uniswap and SushiSwap is in the fact that Uniswap closed their token off from yield farming, while you are still allowed to do that in SushiSwap with incredibly high rewards. In some pools they even reach up to 80% of annual percentage yield (APY). Annual percentage yield refers to the amount of money received and it concerns the money that you put into your wallet and the gained interest. In addition, SushiSwap has a reward program for their liquidity providers, where they are able to gain 0.25 % of pool fees, on top of that 0.05 % is paid to SushiSwap token holders, out of the total of 0.3%, which SushiSwap collects as gas fees from every transaction.
On top of that the whole user experience is different when comparing the two platforms. Uniswap is more of a traditionally styled platform regarding design, whereas SushiSwap makes it look like you’re in a restaurant ordering sushi.
To sum up, SushiSwap is used for swapping, borrowing, lending, staking and farming cryptocurrency. On top of that, like with the majority of crypto projects SushiSwap is also a governance token, which allows holders to vote on the future of the project. The more tokens they hold, the more voting power they have.
The fee price for SushiSwap is set to 0.3 %. However, the demand for network and transaction data size can impact on the outcome of the transaction; meaning if it went through. In case it didn’t, you might have to increase the amount of gas fees you’re paying.
One SUSHI is currently worth about $4.7. The coin, however, reached its peak at $22.9 in early 2021. The coin itself is quite volatile when compared to some of the other cryptocurrencies. The fees, though, are not as high, when compared to some of the other Ethereum blockchain based tokens, because SushiSwap is using a scaling solution which makes them significantly lower.
SushiSwap has its very own SUSHI NFT marketplace called Shoyu, which quite an esthetically pleasing platform. The platform itself offers multiple 3d gallery types where users can feature their work, by displaying the SushiSwap NFTs.
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