$1.57
1H
1.50%$0.0232
24H
1.01%$0.0157
7D
16.4%$0.2213
30D
58.4%$0.5786
SushiSwap (SUSHI) is an example of an automated market maker (AMM). An increasingly popular tool among cryptocurrency users, AMMs are decentralized exchanges which use smart contracts to create markets for any given pair of tokens.
SushiSwap launched in September 2020 as a fork of Uniswap, the AMM which has become synonymous with the decentralized finance (DeFi) movement and associated trading boom in DeFi tokens.
SushiSwap aims to diversify the AMM market and also add additional features not previously present on Uniswap, such as increased rewards for network participants via its in-house token, SUSHI.
In the case of SushiSwap and the Sei Network, the benefit for both firms is quite clear and besides growing its influence, the former will use the partnership to generate a new revenue stream for the protocol.
In the past week, Sushi investors have seen returns of 16.48% on their investments after experiencing some bullish periods.
GoldenTree says it invested in SushiSwap because it believes in the potential of the decentralized platform.
Uniswap is the market leader in the DEX market with more than 43% market share. It also offers competition to some of the biggest centralized exchanges such as Coinbase.
While the internal crises rocking the SushiSwap project has seen a number of top developers make their exit, Sestagalli’s proposal of a SushiSwap takeover has received mixed feelings from the community members whose hands the fate of the proposal now lies.