SushiSwap a community-driven DEX

BiShares herd, who is hungry? We’ve got the ultimate meal to satisfy your appetite, one of everyone’s favorites plated up for some “Michelin star-worthy DeFi innovations.” That’s right folks, Sushi for everyone!

SushiSwap has been rolled into the Fantom Fund and the opportunities are as fresh as ever. Swap, earn, stack yields, lend, borrow, leverage all on one decentralized, community-driven platform. One complete platform with a master class of meals for every level of DeFi user. We hear your bellies rumbling, welcome to a whole new level of decentralization.

SushiSwap initially launched on Ethereum giving crypto users the opportunity to incentivize a platform where users can buy and sell crypto assets. SushiSwap runs as an automated market maker (AMM). It uses a collection of liquidity pools in order to do so. Anyone can become a liquidity provider on the SushiSwap platform by depositing assets into a liquidity pool. By locking up assets through smart contracts, traders can then buy and sell cryptocurrencies from the liquidity pools by swapping out one token for another.

There is a 0.3% fee charged when exchanging tokens. Of those fees, 0.25% goes back into the liquidity pool. The more transactions that occur, the more tokens in each pool, the higher the value of the LP tokens that represent proportional ownership of the liquidity pool itself. This generates yield for LP providers. The remaining 0.05% of that 0.3% fee fuels the platform’s staking mechanism which is known as SushiBar. This feature provides yet another yield farming opportunity for Sushi users.

The platform first came about in September 2020, as a means to essentially take the ever-popular UniSwap and develop a better version of it that improved upon a lot of the issues users were having with it. The biggest issue? A lack of decentralization. SushiSwap wanted to focus on a community driven model and put the power into the hands of the people.

As a community-run project, SushiSwap relies on its native utility token, SUSHI, for voting on major protocol proposals. The token allows for true governance, giving the community the power to participate in the development of the platform.

SUSHI has a max supply of 250 million. 40 SUSHI are minted with each new block and all 250 million tokens are expected to be minted by November 2023. There are 192,789,255 in circulation at the moment.

The SUSHI token is currently listed at $11.21. The market cap for SUSHI is $2,162,639,324. The token hit its all time high on March 13 reaching $23.38.

In an effort to pave the way towards a more decentralized world with DeFi at the heart of the financial sector, SushiSwap was forged by pseudonymous developer Chef Nomi. As we mentioned, he was driven by the decentralized finance community’s desire to build a more community-centric version of Uniswap. On top of that, he saw a need to create more incentives for liquidity providers within the platform. Eventually, Chef Nomi sold off the majority of the SUSHI tokens he had gained and departed from the project; this ended up acting as a catalyst for an even more community-driven approach. Without the involvement of the founding figurehead, the community is at the heart of decision making for the project’s development. True decentralization at its finest!

The program is still working on its lending feature, BentoBox. This feature will allow users to deposit digital assets as collateral while borrowing other assets against them. In keeping with its community-driven model, anyone will be able to create a lending pair, leaving the possible pairs up to the community’s discretion.

SushiSwap’s spot in BSC and Fantom Funds is a huge DeFi gain. There are great opportunities ahead with a touch of wasabi, a bit of ginger, a splash of soy sauce, and a whole lot of earnings. Check out SushiSwap for yourself!

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BiShares is a multi-chain project which offers decentralized Exchange Traded Funds (dETF’s) for safe crypto diversification

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BiShares

BiShares

BiShares is a multi-chain project which offers decentralized Exchange Traded Funds (dETF’s) for safe crypto diversification

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