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  • SushiSwap (SUSHI) Cryptocurrency: Project Overview, Forecast and Development Prospects
What is SushiSwap (SUSHI) cryptocurrency?

SushiSwap (SUSHI) Cryptocurrency: Project Overview, Forecast and Development Prospects

Overview of the Uniswap Platform

The Uniswap platform is a decentralized exchange (DEX) that allows to make the transactions without intermediaries. This means that the service does not have an administration responsible for selecting new cryptocurrencies for listing. Any user can add a new cryptocurrency to the exchange if it meets the ERC-20 standard. The Uniswap protocol was created for trading cryptocurrencies using smart-contracts and operates through the Ethereum network. It is also one of the top five applications in terms of frozen funds volume. Thanks to this protocol, any user can trade with each other without the involvement of third parties in the transaction process.

The Uniswap platform does not require registration or KYC verification to use the service. Clients only need to have a wallet that supports the Ethereum network.

In 2020, a fork of the Uniswap exchange called SushiSwap was created. Its main advantage was the presence of its own SUSHI token. As a result, the Uniswap platform lost 75 percent of its asset liquidity.

Overview of SUSHI cryptocurrency

SushiSwap (SUSHI) is a digital cryptocurrency that allows transactions between independent mining nodes and many other cryptocurrency technologies. The SushiSwap cryptocurrency is based on liquidity pools, each of which contains Ethereum (ETH) and Chainlink (LINK). All code and smart contracts are open source on GitHub and Medium platforms. In terms of transaction fees, it is 0.3 percent of the transaction amount. 0.25 percent goes to liquidity providers, and the remaining portion goes to the cryptocurrency pool. The SushiSwap protocol provides for the issuance of 100 tokens in each Ethereum block. The main goal of the SUSHI mechanism is to incentivize users not only to hold the token but also to actively introduce it into circulation, thereby increasing liquidity.

History of the SushiSwap project

The SushiSwap project was launched in September 2020 with the participation of two anonymous developers. Their names were signed in the network as Chef Nomi and 0xMaki. In early September 2020, a scandal involving Chef Nomi occurred – he decided to withdraw about $14 million worth of crypto from the project, which was previously planned to be given to the developers. As a result of this event, the SushiSwap (SUSHI) token price was halved. After these changes, 0xMaki wrote a letter to his partner in which he reacted negatively to his actions and was angry about the steps that were not coordinated with the other project employees. A week later, Chef Nomi returned the funds back to the platform and apologized to all project investors, which had a very positive effect on the price of this cryptocurrency.

How SushiSwap works?

If we look at the architecture of the project, SushiSwap is a fork of the Uniswap exchange. This exchange operates on the Ethereum blockchain and, in addition to trading cryptocurrency assets, has other equally useful functionality. The ability to take loans or invest funds in farming is the key difference between SushiSwap and the Uniswap project.

The platform operates on the basis of an automated market maker (AMM) using smart contracts and liquidity pools. Users of the project can contribute to the pools and, in return, receive rewards in the form of SLP tokens. The principle is that users freeze their ERC-20 tokens, and the system provides liquidity tokens (SLP) in proportion to the first tokens. After that, the consumer's account receives the SushiSwap token (SUSHI) in the amount of 0.25 percent of the commission for all transactions carried out.

To use the full functionality, including the lending market, customers only need to add their cryptocurrency wallet. The platform uses various security mechanisms, including:

  • Netting. This is an optimization method that reduces the number of state changes required for each transaction.
  • Cryptographic signatures. Any operation performed on the SushiSwap exchange is signed with the owner's private key. Anyone who uses the owner's public key can verify the authenticity of the signature.
  • Operating costs. Each transaction made on the platform is subject to a gas fee, which is paid in ETH. The fee in the future will be determined to pay for adding new orders or updating user balances.

If we talk about the way to earn passive income with the SushiSwap platform, customers have access to farming. The essence of crypto farming is to lend cryptocurrency assets to farms for a percentage and receive profits for it. There is another option – staking. The customer only needs to place several SUSHI tokens and, using the Proof-Of-Stake protocol, replenish the platform's overall pool, for which he/she will receive his/her percentage of income.

SushiSwap (SUSHI) Forecast

Users who are looking for a promising cryptocurrency should definitely consider purchasing SushiSwap (SUSHI) tokens. It has already attracted many investors and users, and there is no doubt that its further development is just a matter of time.

In the short term, an increase in the SUSHI token price is expected as more consumers are turning to the SushiSwap platform in search of additional earnings.

The long-term forecast is even more favorable, as over time the project will attract more and more traders who are attracted by low transaction fees and wide functionality.

Project Development Prospects

According to many sources, the SushiSwap project is in the top 10 decentralized platforms in terms of daily transactions.

The SushiSwap platform allows participants to make direct crypto transactions without the involvement of third parties, making it extremely attractive to many crypto users.

In addition, the platform has already demonstrated enormous scalability potential. After all, any project that cannot scale with development is likely to fail soon. SushiSwap demonstrated this possibility with the token exchange on the Ethereum Rinkeby network, which is currently a test project.

However, there are some concerns about the exchange's security. This is because the platform was created relatively recently and has not undergone all the audits and testing that older platforms have undergone.

But there is no doubt that a project that has had such success at the start will continue to be at the peak of its popularity.

#Crypto #Mining #SushiSwap (SUSHI)

Disclaimer: the site publishes third-party content and opinions. Does not constitute financial advice. May contain sponsored content.

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