What is Sushi?
SushiSwap, far from being an odd restaurant name, is actually one of several different cryptocurrency networks that fall into the automated market maker (AMM) category. AMMs are associated with the decentralized finance (DeFi) movement. Decentralized exchanges, which include AMMs such as SushiSwap, use smart contracts to create markets for two different cryptocurrencies, often referred to as pairs of tokens. While it is easy to get lost in these different acronyms and what they do, the simple explanation is that SushiSwap operates like your savings account at a traditional bank or credit union: deposit funds and receive regular interest payments based on how much you have deposited.
It seems like many things with cryptocurrencies have to develop their own language for things that already have names for it. Yield Farming is one of those new fancy words that essentially means you are earning money for depositing your money. SushiSwap and other AMMs fill a void where people want and need to exchange one cryptocurrency for another cryptocurrency. In this way, SushiSwap is like a currency exchange station at an international airport. They will exchange your U.S. Dollars for Japanese Yen, and you pay a fee for this exchange. SushiSwap and other AMMs charge a fee for their exchange service, but instead of keeping this fee totally for themselves, SushiSwap offers some of that to those who deposit money into SushiSwap to help facilitate these exchanges.
With this setup, many people are looking at the crypto world as nearly emulating the real world financial system but in the blockchain world. There are multiple currencies, you can exchange these currencies, some options with blockchain allow you to earn interest, like with SushiSwap, and there are options for loans in blockchain as well. And this is the way that the original designers of blockchain technology had hoped to get to with decentralized digital money that is independent of countries and government influence.
Wanting to learn more about DeFi options? Crypto.co has the resources to help you understand this growing area of crypto
What are Sushi Frequenty Asked Questions?
Where does Sushi (SUSHI) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, Sushi currently ranks in position 38 out of the thousands of cryptocurrencies. It is also important to consider Sushi‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. Sushi has a market cap of $ 2,567,049,274, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 905,730,762,462, Litecoin at $ 11,918,171,951, Ethereum at $ 178,285,021,201, Tether at $ 35,503,266,965, and XRP at $ 20,188,907,570.
What is the price of Sushi (SUSHI) today (updated in realtime)?
The current price of Sushi is $ 20.17 in USD. (The price in Euros is 16,69 €; and the price in Bitcoin is Ƀ 0.00041400 BTC.)
What is Sushi‘s (SUSHI) market supply?
The total available supply of Sushi is 127,244,443 SUSHI. The total supply of Sushi is 202,112,785 SUSHI.
What is the 24 hour volume for Sushi (SUSHI)?
The 24 hour volume for Sushi is $ 1,878,380,938.
How has Sushi (SUSHI) performed recently?
Sushi‘s price has increased in the last 24 hours by 16.64%. This compares with a seven day change of 21.10%. The trading volume over the last 24 hours was $ 1,878,380,938. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is Sushi (SUSHI) official website?
Links to Sushi‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has Sushi (SUSHI) performed well historically?
Here is a chart showing how Sushi has performed historically.
Where Can I Buy Sushi (SUSHI)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
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