SushiSwap is a decentralized cryptocurrency exchange that was launched in August 2020. Based in Japan, this platform was founded by an anonymous person known as Chef Nomi. This is a non-custodial exchange that does not need to possess your coins to carry out trading operations.
The main features are as follows:
- SushiSwap supported countries and cryptocurrencies
Since this is a decentralized platform, you can access it from any corner of the world provided crypto trading is legal in your country. It supports a large number of tokens including Ethereum, BUSD, DAI, Celcius, USDC, DELTA, EDEN, HuobiToken, LRC, MANA, etc.
- Native token
The native token of this platform is known as Sushi. Based on Ethereum, this token allows holders to take part in the governance mechanism. They can also stake the coins to earn a part of the trading fees.
- Funding methods
For carrying our trades on this exchange, you must have ETH coins in your wallet to pay for the gas fees. In case you don’t have any, you must buy some from another exchange before you can take part in transactions.
- Wallets supported
This platform supports over 20 wallets. Some of them include Metamask, WalletConnect, Keystone, Lattice, Coinbase Wallet, Fortmatic, Portis, Torus, Binance, and Clover.
How does SushiSwap work?
Here is a list of things you can do on this exchange:
- Swap crypto coins
To swap coins on this platform, you don’t need to open an account. You will just need one of the supported wallets, the token to be swapped, and ETH for gas fees.
- Add liquidity
On this exchange, the traders voluntarily provide liquidity that allows the swaps to take place. For adding liquidity to the pool, you get a percentage of the transaction fee, based on the amount of liquidity added.
- Earn yield
There are several yield farming pairs you can add liquidity to. You can deposit SLP tokens and earn SUSHI tokens in return. There are permanent as well as temporary farms on this exchange. You can remove your position if a temporary pair stops bearing yield.
- Stake SUSHI tokens
By staking these tokens, you can earn xSUSHI tokens that give you a cut of all the transaction fees on the platform. On the Stake page, you can view the performance of xSUSHI in detail.
What can you buy on SushiSwap?
This exchange is built on the Ethereum blockchain. Currently, it follows the proof-of-work protocol, but plans are underway to shift to the proof-of-stake system. The most popular assets are Olympus V2, DAI, USDT, USDC, ICE, SPELL, MIM, WBTC, SUSHI, and WETH.
Is SushiSwap safe?
There isn’t any information on the official website about the security features of this platform. It has a BugBounty program where users can report security vulnerabilities in exchange for a reward. The size of the reward depends on the threat level.
There is only a single review for this exchange on Trustpilot. Here, the user has complained about not being able to complete their transaction.
SushiSwap fees, compatible wallets, and transactions
There is a 0.3% trading fee applicable for all trades. Also, you need to pay the gas fee in the form of ETH. You can use wallets like MetaMask, Coinbase Wallet, Binance, Clover, Portis, Lattice, etc.
What are the ways to trade on SushiSwap?
You can conduct trades via a simple swap order or a limit order. For swapping coins, you need to connect your wallet to the exchange and choose the token to be swapped. After that, you need to enter the amount and the token you wish to receive. Check the details and confirm the deal.
For limit orders, you need to select the Limit on the Swap tab. Here, you need to input the number of tokens you wish to exchange and then click on the Current button to view the market price. You can then enter the desired value and confirm the order.
If you need assistance, you can consult the help docs or join the SushiSwap Community on Discord.
SushiSwap summarySushiSwap summary
- User-friendly interface
- Large number of trading pairs
- Community-driven platform
- Lack of advanced security features