SushiSwap - a strong cryptocurrency with a turbulent past

The sale of all tokens by the main developer of the project, which caused a 50% drop in the price of one day, then the resignation from the function, and finally return and ... buyback of the full cryptocurrency pool at a higher price. It might seem that this would cause a decline in confidence and a retreat from the cryptocurrency. Nothing could be more wrong, the SushiSwap community is doing quite well and earning money all the time.

We continue the cycle of the Forex Club portal, in which we analyze and describe the largest, highest-valued, most interesting, most developmental, advanced and also the most controversial cryptocurrency projects around the world. Today it's time for SushiSwap - a decentralized cryptocurrency exchange built on the Ethereum network and based on the Sushi token. 

How SushiSwap works 

SushiSwap's decentralized cryptocurrency exchange operates completely automatically, using the Automatic Market Creation Mechanism (AMM) which is based on smart contracts to create and manage token liquidity pools. Thanks to this, you can not only trade cryptocurrencies, but also earn in SUSHI tokens on transaction fees.

It is the possession of SUSHI tokens that allows users to make any changes: setting the structure of fees, voting for new liquidity pools, as well as financing new projects. One of them is SushiSwap itself, which was created as a result of the division of the Uniswap cryptocurrency exchange. 

Initially, the project was managed by a person under the pseudonym Chef Nomi, who copied open code Uniswap. In this way, a twin cryptocurrency exchange was created, which, however, immediately implemented the ethically questionable "vampire attack" of automated transfer of liquidity animators. How is it done? It is enough to pay, and mountains of SUSHI tokens had enough persuasive power for the biggest players to migrate. One day was enough and on September 9, 2020, a total of USD 840 million was transferred from Uniswap to SushiSwap.

Interestingly, a few days before that day, Chef Nomi sold all Sushi tokens worth USD 14 million, which caused their price to drop almost by half. It is worth knowing that it was 10% of the total number of tokens on the market that the devfund fund controlled by the main developer received. After this action, he had to hand over the code keys to Sam Bankman-Fried, CEO Cryptocurrency exchanges FTX and Quant Alameda Research. He did, but after a few days ... he bought back the same number of SUSHI tokens and deposited them with devfund, apologizing for his play.

Despite these turbulences, SushiSwap is currently the second largest decentralized exchange on the market with liquidity reaching USD 5 billion.

Is Sushi Coin worth having?

There are fees associated with using SushiSwap. Each cryptocurrency exchange costs 0,3%, of which 0,25% goes to the liquidity providers in the selected pool, and 0,05% to the holders of the deposited SUSHI tokens. So you don't have to do anything to earn. In the initial phase of the project, the annual profit on ownership (not counting the price increase) reached even 217%.

Sushi token quotes

Sushi is a very young project which, despite its turbulent past, does not yet have a long history. Despite this, Sushi tokens can already be traded on 52 cryptocurrency exchanges around the world, and the daily turnover exceeds USD 300 million. As of April 02, 2021, each unit would cost $ 15,70. The peak of trading took place on March 13, 2021, when the Sushi token was valued at USD 23,36. Ultimately, only 70 units of this cryptocurrency are to be traded.