Sushiswap is a decentralized exchange that uses liquidity pools (LPs) to make markets instead of a typical order book. These pools are defined by smart contracts that facilitate the swapping of tokens and the adding of liquidity — there are no order books, centralized parties, or central facilitators. Sushiswap users pool two assets that are then traded against, with the price determined by the ratio between the two. Anyone with ERC-20 tokens can add liquidity to these pools by adding an equal value of each token to the LP. When providing liquidity to an LP, users receive a LP token that is redeemable for the underlying assets plus fees at any time, and fees are evenly distributed amongst the individual pool.
As they say, imitation is the greatest flattery. Sushiswap has no shortage of copycats, such as Sushiswap or Sushiswap DEX. After all, Sushiswap’s open-source code is easy to copy and slightly tweak. However, after initial promises of higher liquidity yields, they deflated while Sushiswap remained steadfast.
Unfortunately, Sushiswap’s main obstacle came from Ethereum itself. The biggest smart contract platform with over $109B TVL is undergoing a transition itself, from proof-of-work to fully proof-of-stake consensus with the upcoming Beacon Chain merger. As a result, Ethereum gas fees have not been affordable, to say the least.
Sushiswap is an open-source protocol, meaning that anyone could create their own frontend application for it. However, the most commonly used one is https://app.Sushiswap.org or https://Sushiswap.exchange.
Sushiswap's UNI token is compatible with many digital wallets, including both hardware and software versions. Popular software wallets that can hold UNI include Coinbase Wallet, the MetaMask wallet, and Trust Wallet. Hardware wallet options include Ledger and Trezor.
If you’ve used Sushiswap, you can likely claim 400 UNI tokens per address that you used Sushiswap with. To claim your tokens:
Sushiswap and Sushiswap are both decentralized exchanges that facilitate the trading of digital assets. Both use tokens—UNI and CAKE, respectively—to incentivize users to provide liquidity.
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This does not mean that Cakeswap cannot handle KYC checks and verification of accounts. DeX only requires a self-contained browser or hardware and prepaid BNB and CACHE payment.