Blockchain technology and cryptocurrency trading have the potential of transforming traditional finance and challenging the existence and validity of the existing financial system. While cryptocurrencies are a relatively recent invention, they have plenty to offer – from prospects of hefty returns to permissionless, decentralized, and borderless around-the-clock trading on a secure, transparent infrastructure and more.
While the current financial system works on a centralized platform, controlled by government agencies and other intermediaries, decentralized finance (DeFi) operates according to a protocol that runs on a decentralized network powered by blockchain. DeFi’s ability to revolutionize the financial system is incredible. To learn more, see our article, What is DeFi.
Decentralized exchanges (DEXs) are a key component of the existing DeFi environment, and it won’t even be exaggerating to say that there won’t be DeFi without the existence of decentralized crypto exchanges such as Uniswap, SushiSwap, etc.
This article will cover everything you need to know about SushiSwap (an Ethereum-based DEX) and its automated market maker (AMM), SushiSwap. You’ll also learn where to find SUSHI and how to purchase it.
Let’s get started!
What’s SushiSwap?
Before purchasing SushiSwap tokens, let’s take a closer look at the SushiSwap trading platform.
SushiSwap (an Ethereum-based Decentralized Exchange (DEX)) is popular. It allows users to trade tokens and lend or borrow money, as well as reap the rewards of yield farming. It’s a fork of Uniswap, with variations and additional features, the most notable of which is the SUSHI token.
Trades on SushiSwap aren’t controlled or managed by any central authority. Instead, smart contracts are used to settle trades and set the crypto pair prices automatically.
SushiSwap utilizes liquidity pools where people lend or stake crypto in order to get interest. This solves the liquidity problem that many central exchanges face.
SushiSwap supports more than 100 altcoins More than 480 cryptoEnjoy swapping of pairs $100 MillionDaily trading volume and a staggering $5.1 BillionsTelevision Limit (Total Value Locked)
Sushiswap history
SushiSwap (a fork) is Uniswap based on AMM. It ensures that assets are priced according to a trading algorithm.
Both founders of SushiSwap — Nomi Chef 0xMaki,To this day, you can remain anonymous. Chef Nomi was the core developer who created SushiSwap by performing a hard fork on Uniswap’s open-source code in August 2020.
SushiSwap was faced with several difficulties at launch. The team applied a “vampire mining” scheme using the Uniswap liquidity provider tokens (LP tokens) issued to users who provide liquidity to the Uniswap pools. SushiSwap rewarded the native SUSHI token holders who stoked their LP tokens via the SushiSwap protocol. Within a matter of weeks, the staked tokens had been migrated to SushiSwap’s native pools. The LP tokens then became exchangeable for assets in the Uniswap liquidity areas, thus creating liquidity at SushiSwap. Soon SushiSwap attracted nearly 90% of the liquidity available on Uniswap.
Moreover, Chef Nomi withdrew USD 14 million worth of ETH from SushiSwap’s developers’ funds. Users compared the incident to Chef Nomi pulling a rug. Soon Chef Nomi declared that the USD 14,000,000 had been returned and quit SushiSwap.
Sam Bankman Fried, Alameda Research CEO and the crypto derivatives exchange FTX was given control. He directed the execution of the vampire mining process and then transferred control to SushiSwap community trustees.
The exchange is relatively uncontroversial and enjoys a large market share in decentralized finance.
SushiSwap is more powerful than UniSwap in terms of DeFi functionality. However, SushiSwap’s SUSHI tokens can be listed on prominent centralized exchanges, such as Binance, Coinbase and others.
How does SushiSwap work?
SushiSwap is similar to Uniswap and uses an Automated Market Maker system (AMM), a computer program that executes itself, to determine the value of digital assets, provide liquidity, and define their price.
SushiSwap has many liquidity pools that support different altcoins. Two crypto assets are included in each pool. Users can either stake one of the assets or both to earn trading fees and interest. Anyone can add liquidity to SushiSwap’s pools by connecting their Ethereum wallet to their SushiSwap account. Users then lock both the pool’s assets into a smart contract in a 1:1 ratio.
To earn reward points, SushiSwap customers can stake SUSHI coins through the SushiSwap Network. SushiSwap users can borrow and lend money, as well as buy new tokens. SushiSwap’s popularity is due to its SUSHI token. It is what sets it apart from Uniswap.
You don’t need to create an account on SushiSwap to start using their services. Connect a smartphone or tablet to get started. Web 3.0The Ethereum Network compatible wallet. To get started with SushiSwap, you must acquire Ether (ETH) on any reliable centralized crypto exchange, as SushiSwap doesn’t support fiat. Once you have ETH, ETHTo get started, download the Sushi app from your cryptocurrency wallet.
SushiSwap’s Uniqueness
SushiSwap’s main innovation was the introduction of the SUSHI token. Liquidity Providers earn rewards in SUSHI, but unlike Uniswap, SUSHI token holders continue earning a portion of fees even after they’ve stopped actively providing liquidity.
Token holders of SUSHI tokens have governance rights. SUSHI allows anyone to submit a SushiSwap Improvement Proposal. (SIP) is then voted upon by SUSHI tokenholders.
In addition to this, SushiSwap adopted the “fair launch” approach to distribution, meaning there was no token allocation for venture capitalists.
SUSHI Tokenomics
Now that you know everything about SushiSwap history, uses and features, let’s look into its native token, SUSHI.
On 13 March 2021, the SUSHI token experienced an unprecedented high of USD 22.52. New Sushi is created at 100 Sushi per block for tokens staked in the farms on sushiswapclassic.org/farms. After the vote of the community, $SUSHI was set at 250M tokens. This means that there is no infinite inflation.
Start by looking at the current SUSHI price, 24 hour trading volume and market capitalization, Market cap rank and circulating supply max. Historical statistics You can also get real-time updates about the SUSHI price on CoinStats – one of our favorite crypto platforms.
Where can you buy SUSHI
While SushiSwap is the best place to buy SUSHI tokens, users can also purchase SushiSwap (SUSHI) on most major cryptocurrency exchanges such as Binance, Huobi Global, Sam Bankman-Fried’s FTX, Kucoin, Kraken, Uniswap, etc. Select an exchange to purchase SushiSwap(SUSHI), immediately!
How to Purchase SUSHI at Binance
Binance is among the world’s most popular crypto exchanges, with a 24-hour trading volume of more than USD 15 billion. Binance’s ease-of-use makes it so attractive to investors, traders, and crypto enthusiasts. Below is a step-by-step guide to buying SUSHI on Binance.
Register for a BinanceAccount
If you don’t have a Binance account, you’ll have to create one to buy Sushi and other cryptocurrencies. The process is pretty straightforward, and you’ll only need a valid email ID and phone number. Once you’ve created an account, you’ll need to complete your KYC verification which usually takes a few minutes. Once you have verified your identity, it is now possible to purchase SUSHI tokens.
Deposit funds into your Binance Account
You will need to deposit money into Binance’s account in order to buy SUSHI. The fiat currencies you can select from include USD, EUR INR GBP and AUD. What’s more, Binance supports different deposit methods, including simple bank transfers, credit/debit cards, third-party payments, peer-to-peer transactions, etc.
Purchase the Asset against Which You Wish to Buy Sushi
There are multiple trading pairs available for SUSHI on Binance: SUSHI/USDT and SUSHI/BTC. You’ll need to buy one of these tokens first to buy SUSHI. Let’s say you wish to purchase SUSHI for USDT. You’ll have first to buy USDT worth the amount you wish to buy SUSHI for. You will then need to visit the USDT/SUSHI trading pair and make an order to purchase your preferred amount of SUSHI. Your order is processed in seconds and you will see the SUSHI purchased immediately in your SPOT account.
As you can see, buying SUSHI is pretty simple on Binance, and it’s similar to other exchanges such as Huobi Global, Kucoin, etc.
SushiSwap: How do I buy SUSHI?
You can also buy SushiSwap(SUSHI tokens) on the SushiSwap platform. Although the process itself is simple it can be overwhelming for investors or everyday buyers. To buy SushiSwap tokens on the exchange, you’ll need a crypto wallet like MetaMask or the Trust Wallet. MetaMask, one of the most popular wallets used by people trading on SushiSwap is MetaMask. The browser extension can also be used as a mobile phone app. You don’t need to provide your email address or proof of identification to create a new MetaMask account. Just add the extension in your browser to create a new password. Once the wallet is open, you will receive a seed code that can be used to unlock your MetaMask account.
Once you’ve created a MetaMask account, the next step is to add some ETH to it. You can either buy ETH directly on MetaMask using SEPA bank transfer, VISA, Apple Pay, etc., depending upon the currency you’re using and your location, or transfer it from some exchange wallet, e.g., Binance.
You’ll need to login into the SushiSwap application and connect your MetaMask wallet. Once the wallet is connected, simply enter the amount of ETH you wish to swap for SUSHI and click on “SWAP.” Once the swap is complete, the number of SUSHI tokens will reflect in your MetaMask wallet.
Get SUSHI at your Store
Now comes the big question: Where to keep your SUSHI? The wallets offered by cryptocurrency exchanges allow users to store crypto assets. However, hackers, cyber-attacks, and thefts have occurred in the past. Users lost funds that were stored in their wallets. Binance was the most notable example of this in 2019 when USD 40,000,000 worth of BTC was taken from the exchange.
So, if you own SUSHI or any other crypto, including NFTs, it’s a good idea to store them in your private wallet to retain complete control over your assets.
Your SUSHI tokens can be stored in either a Software Waller, or a Hardware Wallet.
CoinStats Wallet is one of the best software wallets letting you manage all your DeFi and crypto from one place – a single crypto wallet to buy, sell, swap, track, and earn on your crypto! Because they offer safe offline storage and backup, cold wallets such as Trezor or Ledger are more reliable. This is a better option for those who have a lot of tokens.
Conclusion
SushiSwap uses DeFi to transform finances. It has outperformed other DeFi ventures, in terms of market capital, total value locked and daily trading volume. This shows the SushiSwap platform and its SUSHI token’s high potential for the future.