SushiSwap (SUSHI) Crypto Exchange
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What is SUSHI?
SushiSwap is a decentralized protocol known as an Automated Market Maker (AMM) and was built as a fork of Uniswap. It came into existence in September of 2020 and attained a short-lived meteoric rise as it aimed to offer a boosted reward scheme for the community. The anonymous founder, Chef Nomi, transferred the ownership of SushiSwap to Sam Bankman-Fried, the Founder and CEO of FTX Derivatives Exchange, after being embroiled in a $14M cashout scandal.
SushiSwap is run with the help of smart contracts which control the liquidity pools within the network and keep their prices constant. SUSHI is an important part of the SushiSwap platform as it maintains and operates the network. SUSHI holders are responsible for voting on proposals regarding the development of the network’s ecosystem and anyone can suggest such a proposal. In the future, the SushiSwap users are planning to transform the votes from non-binding to binding by moving governance to a DAO. SUSHI holders can not only participate in governance but also receive a portion of fees in exchange for staking.
In April 2022, SushiSwap announced that it will be working on resolving an internal crisis after the leave of its several top leaders. The internal team has been restructured and an external advisor appointed. The team is currently working on the network’s long-term future, including a Sushi 2.0 interface.