Introduction
SushiSwap is a decentralized exchange (DEX) that originated as a fork of Uniswap, with additional features and a community-focused approach. Launched in 2020, SushiSwap quickly gained attention in the DeFi space by offering incentives to liquidity providers and introducing a governance token, SUSHI. The platform enables users to trade, provide liquidity, and participate in governance, all while earning rewards in SUSHI tokens. SushiSwap has evolved into a multi-chain platform, expanding its ecosystem to include various DeFi products such as lending, staking, and yield farming.
Performance Metrics Against Competitors
| Metric | SushiSwap | Uniswap | PancakeSwap | Curve |
|---|---|---|---|---|
| Total Value Locked (TVL) | $1.6 billion | $3.9 billion | $1.2 billion | $4.1 billion |
| Daily Trading Volume | $120 million | $1.1 billion | $400 million | $300 million |
| Number of Liquidity Pools | 500+ | 4000+ | 800+ | 100+ |
| Average Slippage | 0.1% | 0.03% | 0.05% | 0.02% |
| Trading Fees | 0.30% | 0.30% | 0.20% | 0.04% |
| Yield for Liquidity Providers | 10%-15% | 5%-10% | 7%-12% | 4%-6% |
Supported Blockchains
SushiSwap operates on multiple blockchains to offer broader accessibility and lower fees for users. The supported blockchains include:
- Ethereum: The original blockchain where SushiSwap was launched.
- Polygon: A Layer 2 scaling solution that provides fast and low-cost transactions.
- Avalanche: A high-performance blockchain with a growing DeFi ecosystem.
- Binance Smart Chain (BSC): A blockchain known for its low fees and fast transactions.
- Fantom: A highly scalable blockchain with near-instant transaction finality.
- Arbitrum: A Layer 2 scaling solution for Ethereum, reducing transaction costs.
Tokenomics
- Total Supply: 250,000,000 SUSHI tokens
- Current Circulating Supply: 230,000,000 SUSHI tokens
- Emission Rate: 100 SUSHI tokens per block, with a decreasing rate over time.
- Token Utility: The SUSHI token is used for governance, staking, and as a reward for liquidity providers. SUSHI holders can stake their tokens in the SushiBar to earn xSUSHI, which represents a share of the platform’s trading fees. Additionally, SUSHI is used in governance proposals to determine the future direction of the SushiSwap platform.
Main Investors
| Investor | Token Holdings | Percentage of Total Supply |
|---|---|---|
| Alameda Research | 10,000,000 SUSHI | 4.00% |
| Defiance Capital | 8,000,000 SUSHI | 3.20% |
| Mechanism Capital | 6,000,000 SUSHI | 2.40% |
| CoinFund | 4,000,000 SUSHI | 1.60% |
Founders and History
SushiSwap was founded by an anonymous developer known as Chef Nomi in August 2020. The project gained rapid attention by introducing a “vampire attack” on Uniswap, incentivizing users to migrate their liquidity from Uniswap to SushiSwap by offering SUSHI tokens as rewards. Despite early controversies, including Chef Nomi’s unexpected withdrawal of $14 million from the project’s development funds (which was later returned), SushiSwap has grown into one of the most popular DEXs in the DeFi space.
After the initial turmoil, control of the project was handed over to Sam Bankman-Fried, CEO of FTX and Alameda Research, who helped stabilize the project. SushiSwap has since transitioned to a community-driven governance model, with a strong focus on innovation and expanding its DeFi ecosystem. The platform continues to evolve, with ongoing development and new features aimed at enhancing user experience and attracting more liquidity to the platform.
Invest Alpha 