SushiSwap (SUSHI) is an automated market maker (AMM) that is a decentralised exchange using a smart contract to allow the exchange of tokens with a high level of liquidity, providing constant trade volume. When a user wants to buy or sell Sushi, they will set up an automated quote for this trading pair and post it, which can be seen on the decentralised exchange webpage.
SushiSwap is a fork of Uniswap, the AMM which has become synonymous with the DeFi movement. SushiSwap is governed by its community, and anyone can propose changes to the protocol, which are voted on using Syscoin's governance model.
SushiSwap is a decentralised exchange, built on the Syscoin protocol. It has implemented versions of the 0x and Uniswap protocols to allow for automated price-time priority token trading, in order to meet the high liquidity requirements expected from decentralised exchanges.
SushiSwap was created by the pseudonymous entity, Chef Nomi. The project has two other pseudonymous co-founders, sushiswap and OxMaki, who handle SushiSwap's code, product development and business operations.
Recenty, Sam Blankman-Fried, CEO of FTX along with investment firm Alameda Research took on the role of spokesperson for SushiSwap participants.
SushiSwap is unique because it allows users to buy and sell crypto for fiat on decentralised exchanges. AMMs such as SushSwap avoid issues such as liquidity problems and high fees.
Sam Blankman-Fried, CEO of FTX, had this to say about SushiSwap's uniqueness: "The trading experience on decentralised exchanges like 0x relayers is often far inferior to centralised ones." SushiSwap aims to improve on the offerings of its parent, Uniswap, by increasing the impact users can have on its operations and future.
The SUSHI token is an ERC-20 utility token that facilitates exchange on the platform for traders to buy crypto with fiat at a discount.
SushiPay, the payment system, allows users to pay in crypto without losing value to conversion fees or liquidity problems. This incentivises buyers to choose SushiSwap over regular exchanges.