SushiSwap came out with its own token named SUSHI in August 2020. The decentralized exchange has witnessed a huge trading volume recently with a total of $3.2 billion behind Uniswap’s $5.8 billion. It offers swapping, staking, and yield farming with a variety of trading pairs on its platform.

Some Must-know Facts About SushiSwap

• The SushiSwap has been derived from Uniswap’s source code.
• It does not have an order book used by centralized Cryptocurrency exchanges.
• The SUSHI token can be used by the holders to get governance rights, voting powers, and a share of the trading fees. It can also be exchanged for Ethereum tokens. Rewards are distributed to the users based on liquidity mining.
• Liquidity pools are maintained by the liquidity providers effectively ensuring that the users’ assets get maximum value.
• The liquidity providers get 0.25% as pool fees and the SUSHI token holders receive 0.05% fees.
• 100 new SUSHI tokens are created for every block. The tokens will be shared with the stakers of the liquidity pool. The halving of the SUSHI token will be done every two years.
• SUSHI stakers are earning close to $33 million in fees every year.
• While Uniswap has close to 28,428 different trading pairs, SushiSwap has 569 trading pairs that can be utilized by the users for exchanging their assets.
• The SUSHI token is priced currently at $6.20 but could hit $10 soon.
• Its roadmap for 2021 includes a cross-chain DEX, powered by Rune and Moonbeam. Integration with ArcherDAO, an Ethereum mining platform and support for more algorithmic stablecoins.
• Cross-chain compatibility is planned with the Polkadot protocol named Kusama.
• A margin trading facility named BentoBox will be available soon for the users and they can increase their returns from tokens. It will also support stablecoins, synthetic assets, and gold soon. Long or short positions can be taken by the users on a variety of assets. Hence, SushiSwap will not only be viewed only as an automated market maker but also as a DeFi lending and borrowing protocol that provides 100% interest to the lenders.
• Andre Cronje, the brain behind DeFi project Yearn.Finance said that SushiSwap and Yearn.Finance could merge in the future to create a stronger ecosystem.
• Liquidity to SushiSwap is provided by centralized and decentralized stablecoins, lending protocols, oracles, and synthetic assets.
• The founder of SushiSwap liquidated $14 million SUSHI tokens on the pot market and later returned it in ETH to the platform.
• Mithril cash, an algorithmic stablecoin on SushiSwap has got $1.4 billion in deposits
• SushiSwap’s smart contracts are being audited by Quantstamp, a well-known blockchain security firm.

Features of SushiSwap

• A customizable dashboard showing all the activities on the platform on a real-time basis.
• Deposits can be done for free on the platform.
• Enhanced portfolio management through a leverage-based rewards system.
• Efficient asset management via rebalancing of pool ratios.
• The presence of four different protocols, yield farming, staking, automated market making, and exchange of assets.
• Weekly menu bars showing the changes in crypto price and market movement.
• The availability of chrome compatible plugins.
• Flexible guidelines present to ensure community management.
• Allowance for marginal shorting of any crypto token to get loans.
• The acceptance of limit orders and the price changes will be made by the relayer.
• The top digital currencies accepted are Wrapped Ether, Wrapped BTC, USDC, Tether (USDT), and DAI.

How SushiSwap Work

• The user has to enroll himself on the platform. The accepted digital wallets are MetaMask, Trust wallet, and WalletConnect. There is no need to undergo any KYC verification facilitating anonymous trading.
• The user can select any of the available tokens that he wishes to trade on the platform.
• He has to use either the swapping or pooling option.
• The user interface can be customized by choosing the tolerance setting button. He can set the minimum percentage of required liquidity and the time limit for the settlement of the transaction.
• The extra information button provides data about analytics, staking, and yield farming.
• The user needs to preview the transaction displayed on the screen before authorizing the trade.
• Users need to know the number of SUSHI tokens that he can earn by staking their assets and the fees to be paid for swapping or for executing the transaction.
• The transaction request has to be confirmed in the digital wallet.

Scope of SushiSwap

Decentralized SushiSwap will continue to grow strongly offering lucrative rewards and efficient token distribution for the investors. It has made impressive progress in just a few months after its launch in the market by establishing partnerships with some big players in the industry. It might overtake Uniswap in the total value locked and liquidity soon. Its trading capabilities will be tested in the future as investors will look to reallocate their assets from the expiring trading pairs of Uniswap. As the price of the SUSHI token price rises, it will chart its own path and become a big DeFi conglomerate.

How to Build Your Own DeFi Protocol Like SushiSwap

Develop a decentralized protocol like SushiSwap by partnering with experienced and skilled developers from Blockchain App Factory. The top-notch features will ensure a better business experience and give a competitive edge by bringing more traffic. The platform is very easy to use with integrated digital wallets for storing all the crypto tokens safely. The funds of the users are allocated among different assets efficiently ensuring maximum growth and low risks. Technical support is also provided round the clock in numerous languages to deal with any issues faced by users. This will facilitate a better user experience and utmost satisfaction while trading in the platform.

For more queries:
Website: https://www.blockchainappfactory.com/decentralized-finance-defi-development
Email id: info@blockchainappfactory.com
Contact no: +919566101784

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