Sushiswap DEX - All you need to know
SushiSwap is an automated market-making (AMM) decentralized exchange (DEX) currently on the Ethereum blockchain.
Alex Sullivan
Sushiswap is a blockchain protocol and it runs on the Ethereum blockchain. Its primary focus is to allow users to sell or buy crypto assets. That makes it very similar to other platforms in the vein of Balancer or Uniswap. IN order to achieve its goal, Sushiswap DEX relies on a liquidity pool collection. There’s no central administrator needed to trade crypto, which is why a lot of people are interested in what is Sushiswap and how they can use it.
How does Sushiswap work?
Sushiswap mirrors regular exchanges in order to help provide a way to buy and sell assets between users. There’s no central entity, and instead, tokens are maintained using smart contracts. Also, users are locking crypto on the protocol, and traders can access it. While it’s possible to trade against locked assets, it’s important to keep in mind that you have to pay a fee for that. The fee is sent to liquidity providers, based on their overall contribution.
It uses the automated market maker system, where everything is peer-to-peer, and that sets Sushiswap apart from many other similar solutions. Since the platform is fully decentralized, there’s no need to worry about a lack of transparency. Moreover, there are some great benefits. You can swap ERC-20 tokens but also lend/borrow crypto for various purposes. And if you want, Sushiswap also allows you to stake tokens, thanks to the SushiBar dApp.
Borrowing crypto from other users
One of the latest Sushiswap news and features is called crypto lending and borrowing. The platform uses a dApp called Kashi for that. When you borrow, Kashi will require the depositing of collateral, and it also charges an annual percentage rate. In the case of lending though, Sushiswap has a reward APR system based on what asset was deposited. That’s a great system because you can generate income from borrowing.
Sushiswap token
The Sushiswap token is called SUSHI and the market cap is $132,622,274. The max supply for this token is 250,000,000 SUSHI, with a circulating supply of 231,296,035 SUSHI at the time of this writing. In general, SUSHI pricing is roughly $0.5, with minor changes here and there according to the market volatility and other factors. Its focus on being a permissionless market helps remove any major price changes, while also making swapping and trading something extremely efficient and seamless for all users.
How to use Sushiswap with Metamask
Conclusion
Sushiswap is made from the ground up to help deliver fast, efficient, and transparent crypto trading. It’s possible to use the platform in order to trade over 400 token types, all very quick and without any registration or challenges. It’s an extraordinary system and one that provides you with a very secure trading solution. Moreover, it’s possible to use Sushiswap in order to move assets across networks extremely fast and at your own convenience. The lack of extra fees sets it apart too, not to mention you have the means to generate passive income with your coins too. Sushiswap is an exceptional platform that makes trading more efficient, and it’s well worth using right away!
Official SushiSwap websites:
SushiSwap Exchange https://exchange.sushiswapclassic.org/#/swap
SushiSwap Liquidity Pools https://exchange.sushiswapclassic.org/#/pool
SushiSwap Farms https://sushiswapclassic.org/farms
SushiSwap SushiBar Staking (xSushi) https://sushiswapclassic.org/staking
