Hi, I'm @midiagam. In this posted, I will explain what SushiSwap is. And what are its features, and why this ShusiSwap token is so interesting.
What is SushiSwap?
From the name alone, you can imagine, this is a sushi restaurant. But this is not, this is a type of Decentralized Exchange, which is similar to UniSwap.
SushiSwap is a decentralized project, or a decentralized center that operates on the Ethereum network, like UniSwap.
[](https://www.shutterstock.com/search/uniswap)
SushiSwap also uses an Automated Market Maker. The price of the token is determined by mathematical calculations. Unlike Indodax, where the token price must first be confirmed by the Exchange, so they also charge a transaction fee.
If SushiSwap is decentralized, the token price is determined by mathematical calculations, and everything is community-oriented. So when the community or users add liquidation to the SushiSwap platform, they can get a reward in the form of transaction fees.
If from SushiSwap, the figure behind it is not known, but they use the name Yummi. SushiSwap was launched on August 27, 2020. That means it hasn't even been a year, but the movement is already very good. And the SushiSwap token itself was created as a new form of reward, or initiative for people who want to put liquidity into certain pools on UniSwap, to then be migrated to the SushiSwap protocol itself.
So after these people enter certain liquidity pools on UniSwap, they put their tokens in and they will be locked in a smart contract, which will then be migrated to the SushiSwap protocol itself. That's why it's said that SushiSwap is a fork or split of the UniSwap protocol. In early September 2020, the founder of SushiSwap, Chef Yummi, did something that caused a lot of commotion, because he cashed out the Sushi tokens he had, which were 2.5 million dollars of Sushi tokens, cashed out to Ethereum for 18,000 ETH, which is equivalent to 88 billion Rupiah. Well, what's even more exciting is that Chef Yummi also deleted 20,000 ETH, or 113 billion Rupiah, from the same liquidity. This transaction was of course recorded on Etherscan, and people immediately said that SushiSwap was a scam, because the founder did something called etherscan. Yummi explained that the liquidation action was because he cared about the community and he handed Sushi back to other developers. Well, the Sushi token itself has two functions, namely governance and also revenue or profit sharing. Sushi token holders can use the tokens they have to vote on governance proposals related to changes and improvements to Sushiswap.
Well, what differentiates SushiSwap from UniSwap is that when in UniSwap we are no longer a liquidation provider, then we can no longer get rewards in the form of predictions or free transactions in UniSwap. But in SushiSwap it's not like that. In the SushiSwap protocol, it suppresses costs of 0.3% on each trade. Well, where 0.25% is distributed to liquidity providers in the pools. Well, the remaining 0.05% is converted into Sushi tokens and distributed to Sushi token holders to be used as rewards or prizes. Well, so even though we are no longer a provider liquidation, we can still enjoy 0.05% of the prediction fee because we hold Sushi tokens
As of January 25, 2021, SushiSwap has increased by 200%. Well, this is because the SushiSwap team is very ambitious to have updates in 2021. Including a loan service or what is called BentoBox.
Some of the main developments that have been carried out include a fully decentralized governance structure. With this development that has been planned, it is likely that SushiSwap users will increase and the value of the Sushi token will certainly increase.
Sushi is also reported to have increased 1000% in liquidity and 3000% in overall market value in the last three months, as I said at the beginning.
This appreciation is due to several things, including MISO, or UniSwap's Minimal Initial Offering, which attracted many investors, and several other projects.
On March 4, it was reported that SushiSwap had launched on five different blockchains in an effort to find an alternative to Ethereum due to its already very high transaction fees.
Well, Delong SushiSwap also said that they have established contracts on xDay, Moonbeam Network, Binance Smart, Polygon, and Fantom.
Well, he also added that SushiSwap plans to launch contracts on several other blockchains such as Optimism and Solana. So Sushi is predicted that with this strong appreciation, Sushi will continue to advance and is worthy of being one of the crypto currencies that investors must have.
Greetings always compact.
**By @midiagam**
