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Sushiswap

From EverybodyWiki Bios & Wiki





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For other uses, see Sushi (disambiguation).
SushiSwap
File:Sushiswap Screenshot.png
Development
Original author(s)Chef Nomi
Code repositorygithub.com/sushiswap/sushiswap
Written inSolidity
LicenseGNU General Public License v3.0
Websitesushi.com
Ledger
Circulating supply127,244,443
Supply limit250,000,000
Valuation
Exchange rateUS$3.22 (April 2022; ref; another ref[better source needed])
Market capUS$3,789,291,832 (April 2022; ref)

Search Sushiswap on Amazon.

Sushiswap, also known as Sushi, is a decentralized exchange (DEX) that is used to exchange cryptocurrencies. It is the third largest DEX by volume deployed on Ethereum after Curve.finance and Uniswap, achieving 98 million dollars per day in April 2022..[1]. [2][3][4][5][6][7][8][9][10]

In 2021 it began to complement its services, including offering a lending protocol named Kashi[11][12].

Overview[edit]

Sushiswap is a decentralized exchange that operates in a decentralized, trustless manner via the use of smart contracts [13]. Beginning as an Ethereum smart contract, it has since bridged to other blockchain solutions such as Polygon.

One of those programs is Sushi's core service: an automated market maker (AMM), a decentralized finance protocol used to exchange cryptocurrencies and tokens automatically without any intermediary. The exchange functionality is facilitated by providing so-called token pools, which are established pair-wise. Trading prices are determined according to a constant function; thus, this kind of AMM is sometimes referred to as CFMM[14]. Traditionally market maker provide large parts of liquidity when assets are exchanged, they determine price and slippage. AMMs use pools, and the incurred slippage depends on how much liquidity is provided by liquidity providers (LPs). Liquidity providers (LP) provide assets equally per pool and are compensated for their service by proportionally receiving obtained trading fees[15].

Since 2020, the service offerings were and are continuously expanded to other Ethereum virtual machine (EVM) compatible networks, like Polygon, Binance Smart Chain (BSC), Avalanche, Fantom. Most recently - in May 2021, Sushi deployed on Arbitrum, which is a scaling solution for Ethereum, achieving lower fees while inheriting the network's security gurantees[16]

Governance[edit]

Sushi's community can explore and discuss ideas on the official forum. Anyone can create a proposal regarding Sushi. Proposals are not limited in their content; the community can propose to change anything they see fit. The proposals which generate major community interest are then pushed to vote after the core team has reviewed them. The resulting decision is binding for all involved[17]

Major structural changes to the protocol and the use of the dev fund wallet are voted on by the community. Enacting transaction regarding the dev fund requires at least 6 out of 9 signatures from the multi-signature members.[17]

Lesser changes and operational duties can be enacted by 3out of 7[citation needed] signatures from the operational multi-signature members.[17]

History[edit]

On 28 August 2020, SushiSwap was created as a fork of Uniswap by the pseudonymous developer Chef Nomi[18][19][20], who had an avatar of a culinary panda bear[20][21]. Chef Nomi envisioned a community-centric project, especially at the time the leading AMM did not offer governance tokens[22]. Since then, the formed decentralized anonymous organization (DAO) operates and further improves Sushi's services.[citation needed]

On 5 September 2020, Chef Nomi suddenly sold his Sushi LP tokens for either 38,000.[20], 37,400[18] or 20,039[23] ether, which caused the token's price to fall[18][20][23][24]. This was considered by many of the decentralised finance community to resemble an exit scam[18]. Soon after, Chef Nomi became the focus of a Twitter doxxing campaign[18]. Later, he returned the money[20][24] and gave over his keys to the smart contract to Sam Bankman-Fried,[18] tweeting "I fucked up. And I am sorry"[24]. The Sushi team decided to imposed measures including establishing a multi-signature wallet with nine signers to prevent unilateral decisions[20]

On 9 September 2020, SushiSwap launched a "vampire attack" on Uniswap's liquidity (where anyone staking Uniswap tokens on Sushiswap would have their underlying liquidity migrated), draining over half of Uniswap's liquidity.[19] However, Uniswap recovered its lead in total value locked within months[19].

Upon acquiring the coveted Sushi.com domain, which was gifted by FutureFund[25] in 2021, SushiSwap is transitioning its branding to "drop the swap" and is recognized as, simply, Sushi.[26]

In March 2021, SushiSwap became live on Binance Smart Chain, Fantom, Polygon, xDai chain, and Moonbeam Network.[27]

In May 2021, SushiSwap deployed on Arbitrum.[16]

As of June 2021, SushiSwap also offered yield farming opportunities on HECO, Harmony, Avalanche, and OKExChain.[26]

Developer team[edit]

As of April 2022, SushiSwap's team consists of the following members:[28]

  • Matthew Lilley
  • Sarang Parikh
  • Omakase
  • Jiro Ono
  • LevX
  • 0xKeno
  • 0xNori
  • Gonpachi
  • Chester LaCroix
  • Kastrye
  • Ayoki
  • 0xChu
  • AG
  • 0xCabbage

Services[edit]

AMM[edit]

Sushi's AMM specifically is a constant function market maker.[citation needed]

Kashi[edit]

The lending service offers isolated borrowing and lending pairs. Isolating the pairs reduces overall lending and borrowing risks in uncertain market conditions, as single high risk assets cannot affect other lending pairs.[citation needed]

BentoBox[edit]

Sushi offers a service called BentoBox. Storing ones asset in Bento reduces gas fees when conducting transactions as well as earning yield passively. On top of Bento apps can be integrated, it act as an app store. Bento's first app is Kashi. In the near future Trident will also be integrated on top of Bento.[29][additional citation(s) needed]

Onsen[edit]

Liquidity provision is incentivized by guaranteeing Sushi tokens to liquidity providers. Teams that want to bootstrap a healthy liquidity pool can apply to be featured in Onsen.[citation needed]

Miso[edit]

Miso allows projects to conduct a minimal coin offering. The projects benefit from a battle-tested environment and extended publicity, potentially reaching more potential investors.[30][31][verification needed]

Multi-Chain[edit]

The Sushi team decided to pursue a multi-chain approach, deploying the Sushi contracts on many EVM compatible chains.[27][16][32]

Trident[edit]

Trident, the next generation AMM, is the latest announcement for Sushi's decentralized exchange (DEX) service. It will include all established kinds of AMM variations.[33]

Tines[edit]

With Sushi's multiple AMM offerings, a routing engine is needed to find the best available price for any token pair. Tines considers routing topology, gas price, and token swap price impact for finding the best price for its users.[33]

Shōyu[edit]

Sushi's non-fungible token (NFT) exchange platform is named Shōyu. It's a homage to Sushi's food branding, as Shōyu is the Japanese word for soy sauce while sounding like 'show you', perfectly fitting the intention of the platform. Users will be able to exchange NFTs as well as being able to curate their own art galleries.[34][additional citation(s) needed]

References[edit]

  1. ↑ "Sushi Analytics". Sushi.
  2. ↑ Redman, Jamie (April 10, 2023). "Sushiswap Smart Contract Bug Results in Over $3M in Losses; Head Chef Says Hundreds of ETH Recovered – Defi Bitcoin News". Bitcoin News.
  3. ↑ H, Renaud (October 6, 2022). "DeFi : SushiSwap désigne un nouveau chef en cuisine choisi par la communauté". Journal du Coin.
  4. ↑ Shillsalot, Suzuki (April 26, 2023). "SushiSwap to compensate exploit victims, can this bring back users".
  5. ↑ "SushiSwap Rolls Out V3 Liquidity Pools to Enhance Capital Efficiency". Blockworks. May 5, 2023.
  6. ↑ "Fresh Move: Sushi Studios Launched to Help Grow SushiSwap Ecosystem". www.bsc.news.
  7. ↑ Beganski, Decrypt / André (March 21, 2023). "SushiSwap Subpoenaed by SEC, Proposes Legal Defense Fund to Sushi DAO". Decrypt.
  8. ↑ "InQubeta Presale Draws Attention From Bitcoin Cash And SushiSwap Investors and Whales". cryptonews.com. May 17, 2023.
  9. ↑ Dalton, Mike (March 21, 2023). "Sushi and its 'head chef' receive SEC subpoena".
  10. ↑ "SushiSwap Smart Contract Bug Leads to $3.3M Hack". Blockworks. April 10, 2023.
  11. ↑ "SushiSwap Launches New Lending and Margin Trading Platform". Crypto Briefing. 2021-03-26. Retrieved 2021-08-28.
  12. ↑ ayoki (29 March 2021). "Introducing Kashi Lending & Margin Trading on SushiSwap's BentoBox". Medium. Retrieved 8 September 2021.
  13. ↑ "SushiSwap Docs | SushiSwap". docs.sushi.com.
  14. ↑ Angeris, Guillermo; Agrawal, Akshay; Evans, Alex; Chitra, Tarun; Boyd, Stephen (2021-07-26). "Constant Function Market Makers: Multi-Asset Trades via Convex Optimization". arXiv:2107.12484 [math.OC].
  15. ↑ "Bloomberg - Defi Platforms with Names like Sushiswap aim to be Nasdaq for Crypto". Bloomberg.com. 16 June 2021. Retrieved 2021-08-30.
  16. ↑ 16.0 16.1 16.2 "SushiSwap Deploys Layer 2 Scaling on Arbitrum Platform". finance.yahoo.com. Retrieved 2021-08-06.
  17. ↑ 17.0 17.1 17.2 "Sushi Documentation | Governance". Sushi.
  18. ↑ 18.0 18.1 18.2 18.3 18.4 18.5 "Fishy Business: What Happened to $1.2B DeFi Protocol SushiSwap Over the Weekend". nz.news.yahoo.com. Retrieved 2021-08-15.
  19. ↑ 19.0 19.1 19.2 CoinGecko; Fang, Lucius; Azmi, Erina; Hor, Benjamin; Win, Khor Win (2021-07-01). How to DeFi: Advanced. CoinGecko. Search this book on
  20. ↑ 20.0 20.1 20.2 20.3 20.4 20.5 Hubbard, Kamal (2021-03-26). DeFi for the Diaspora: Creating the Foundation to a More Equitable and Sustainable Global Black Economy Through Decentralized Finance. Lulu Press, Inc. ISBN 978-1-7367097-1-9. Search this book on
  21. ↑ "nomichef". Twitter. Retrieved 2021-08-27.
  22. ↑ "Tweet". Twitter. Retrieved 2021-08-27.
  23. ↑ 23.0 23.1 Koffman, Tatiana. "Exclusive: SBF Speaks Out On SushiSwap Saga". Forbes. Retrieved 2021-08-15.
  24. ↑ 24.0 24.1 24.2 Osborne, Charlie. "DeFi SushiSwap creator returns $14m in ETH to project after causing coin crash". ZDNet. Retrieved 2021-08-15.
  25. ↑ FutureFund (2021-07-16). "Sushi Phantom Troupe - Strategic Raise". forum.sushi.com. Retrieved 2021-08-19.
  26. ↑ 26.0 26.1 Kiong, Dr Liew Voon (2021-06-02). How to Maximize Return in DeFi: A Beginner's Guide to Yield Farming and Liquidity Mining. Liew Voon Kiong. Search this book on
  27. ↑ 27.0 27.1 "SushiSwap, Fleeing Ethereum Fees, Is Now Live on Binance Smart Chain, Fantom, Others". ca.news.yahoo.com. Retrieved 2021-08-15.
  28. ↑ "SushiSwap". sushi.com. Archived from the original on 5 June 2021. Retrieved 15 August 2021. Unknown parameter |url-status= ignored (help)
  29. ↑ Sushi (2021-05-03). "The Power of BentoBox Reinvents DeFi". Medium. Retrieved 2021-09-08.
  30. ↑ Sushi (2021-05-27). "SUSHI + MISO: The Perfect Combo". Medium. Retrieved 2021-09-08.
  31. ↑ Sushi (2021-05-13). "MISO: Cooking New Tokens From Scratch". Medium. Retrieved 2021-09-08.
  32. ↑ Kiong, Dr Liew Voon (2021-06-02). How to Maximize Return in DeFi: A Beginner's Guide to Yield Farming and Liquidity Mining. Liew Voon Kiong. Search this book on
  33. ↑ 33.0 33.1 "Introducing, The Sushi Next Generation AMM: Trident". Medium. 2021-07-20. Retrieved 2021-08-27.
  34. ↑ "Shoyu: Sushi's NFT Platform, Dev & Management Proposal". SushiSwap. 2021-07-07. Retrieved 2021-09-08.

External links[edit]



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