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An Ethereum-based (ERC-20) token, SUSHI facilitates the governance of the SushiSwap protocol, a network of decentralized liquidity pools enabling users to earn yield (from a host of ERC-20 based tokens).
When it forked off of (and cloned all aspects of) Uniswap in late August of 2020, the upstart decentralized exchange (DEX) was dubbed a "vampire mining pool," having, via incentives and social media fanfare, drained some $800 million from its rival.
Adding to the strange and mysterious origin tale is the role of SushiSwap's anonymous creator, "Chef Nomi," who, soon after the launch, left excited and took $14 million in SUSHI tokens with him, but then returned them as key developers figures and financial backers came together to rescue the project – at the time, primarily a community-driven automated market maker (AMM)/smart-contract liquidity management system. -- and, eventually, led by a second influential, pseudonymously named project leader, 0xMaki, became a much more multi-faceted ecosystem. OxMaki, in late September 2021, also stepped away.
Not surprisingly, first-mover Uniswap is much larger, more closely synonymous with decentralized finance ("DeFi"), and still dominates Ethereum-based DEX activity; but right there, sitting in second place, is the SushiSwap AMM.
Since the start of 2021, SUSHI, which bills itself the "home of DeFi," has introduced a slew of new features and innovations: Multi-chain AMM; Kashi Lending & Leverage (a margin trading system); BentoBox dApps; xSUSHI staking; Miso, a token launch platform; and Onsen, a liquidity provision reward system for staking a rotating menu of relatively new tokens.
SUSHI’s integration with Yearn finance is seen as putting SushiSwap in a position to serve as a default exchange platform tying in other Yearn-related applications.
How to buy SushiSwap (SUSHI)
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