Sushi

Reasons to Buy Sushi

• It is also a classic example of an Automated Market Maker (AMM) by providing liquidity to a pair of cryptocurrencies.
• It also allows people to lend cryptocurrencies on its platform.
• Users can also deposit Sushi tokens in liquidity pools to earn SUSHI.
• It has a max supply of 250 million Sushi coins.

Sushi was launched in late 2020 by Chef Nomi and is a result of the fork that happened in Uniswap.

It aimed at providing a decentralized exchange that allows for a wide range of tokens to be swapped to their choice of cryptocurrency. Sushiswap is an Ethereum based DEX with a lot more functionalities other than token swapping. Purely working on smart contracts, it provides liquidity pools to the users for staking and, in return, rewards them with the tokens.

Things to consider before buying Sushi

• It is a DEX (or decentralized exchange) that doesn’t need a centralized entity and works entirely on smart contracts.
• Sushi acts as a governance token and allows users to vote on important decisions.
• Sushi allows users to earn extra rewards by staking their tokens.

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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.