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Community led DeFi: SushiSwap (SUSHI) in 5 🖐

Community led DeFi: SushiSwap (SUSHI) in 5 🖐
By Fernando Gutierrez • Issue #74 • View online

What is SushiSwap ( SUSHI)?🍣
SushiSwap is one of the biggest decentralized exchanges (DEX) and runs on the Ethereum blockchain.
It has recently merged resources with Yearn Finance (YFI), but both platforms and tokens remain independent.
SushiSwap has $2.8 bn in locked assets and a total volume traded of $90 bn since launch in the Summer of 2020.
SushiSwap was created by a group of pseudonymous developers that copied the open-source code of Uniswap and added a token (SUSHI) to the design.
Their stated reason was that Uniswap was VC lead, and the market needed a DEX that was owned and led by the community.
To get liquidity fast, SushiSwap executed a vampire attack on Uniswap: it drained their liquidity by offering SUSHI tokens on top of the liquidity provider reward, but the funds had to come from Uniswap.
In response, Uniswap ended up launching their token, UNI, shortly after. While Uniswap experienced some short-term volatility, it ended up stronger.
While that was happening, the lead dev, Chef Nomi, sold a big part of the dev fund and crashed the price of SUSHI.
The community was upset, and he transferred control of the project and left. He then apologized, returned, and topped up the dev fund with the amount he had taken.
SUSHI is the fixed supply inflationary ERC20 governance token of SushiSwap.
Stakers share the profit of the platform (0.05% fee, with the other 0.25% going to the liquidity providers) and vote on things like improvement proposals, platform fees, and dev funds distribution.
A few links
Last few words
Of course, this is not financial advice yada yada yada.
Losses taste like old sushi, so do your own research to avoid them.
I’m catching up with crypto concepts and projects daily for 50 days straight. Please reply to this email if there is something that you would like me to cover.
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Cheers!
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Fernando Gutierrez

I'm catching up with crypto projects and concepts in a few paragraphs for at least 50 days straight.

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