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Sushiswap is a project that was created by forking or copying one of the most successful DeFi protocols for swapping tokens, Uniswap while adding “Community-oriented features”.

SushiSwap launched with a token SUSHI, used to reward liquidity providers and draw them away from Uniswap. The team’s plan worked and just a week later almost half of all Uniswap LP tokens were deposited into Sushiswap’s pre-migration program.

The beginning

Sushi swap was founded on august 26th by 2 anonymous developers 0xMaki and Chef Nomi. In addition to having an anonymous team, Sushiswap was not audited prior to its release.

Around a week later on, the crypto market took a dive, and Chef Nomi did something that the community found concerning. Chef Nomi cashed out his tokens which had been accumulated as development funds for the protocol.

After realizing the uproar that this had caused chef nomi decided to transfer control of the project to Sam Bankman-Fried, CEO of FTX, one of the most popular Derivatives Exchanges on the market. On september 11 Chef nomi returned all the funds to Sushiswap and is no longer related to the project.

Register on FTX HERE to save thousands of dollars on trading FEES!

After this big incident the new administration helped the community to see the project under a new light and Sushiswap started to polish the platform and added a plethora of new features.

SushiSwap Exchange

The SushiSwap Exchange lets you easily swap between 100+ ERC-20 tokens. As with Uniswap, no KYC or account is required to use the SushiSwap exchange. All you need is a Compatible Ethereum wallet and some Ethereum to pay gas fees to execute swaps.

Sushi Exchange

Trading fees on the SushiSwap exchange are 0.3%, the same as Uniswap. 0.25% of these fees go to those who are providing liquidity in SushiSwap’s Liquidity Pools and the remaining 0.05% goes to the Sushi Bar pool (more on that in a second).

SushiSwap Liquidity Pools

Liquidity providers could earn the 0.25% cut of the trading fees generated by the trading of their choosing, by depositing equal amounts of those two cryptocurrencies into an existing pool on SushiSwap or by creating their own pool.


Liquidity providers are given SushiSwap Liquidity Pool tokens
(SLP tokens). 

SushiSwap Menu

SushiSwap’s Menu contains the former yield farming “pools” found in the initial release of the protocol. However, instead of Uniswap’s LP tokens, SushiSwap’s own SLP tokens are staked to earn varying amounts of annual interest.


Currently, the highest yield ‘Menu’ item is Sushi Party, giving a reasonable 100%+ APY on staked SLP tokens from providing liquidity to the SUSHI-ETH pool on SushiSwap. These high yields come from the SUSHI tokens received for staking SLP tokens received from providing liquidity to the SUSHI-ETH pool.

SushiSwap Sushi Bar

SushiSwap’s Sushi Bar is where you can stake SUSHI tokens to earn more SUSHI tokens. If you are wondering where these rewards come from, recall the 0.05% trading fee noted earlier. 0.05% of all trading fees on SushiSwap are added to the Sushi Bar pool in the form of SLP tokens.

SushiSwap-Sushi bar

New Features

More recently the Sushiswap page included some new features under the tab “Sushiswap Fi”, some of these features consist of building on top of the old features while others are new implementations on the Sushiswap platform.

Quick Swap

This page consists of some new implementations on top of the DEX old UI formula. Now besides the old 2 tabs “SWAP”(to buy and sell your ERC20 tokens) and “POOL”(To buy and sell liquidity pool tokens) you have a few more options:

  • Limit: This option is a long-waited feature in decentralized exchanges, typically you can only buy and sell at market price but this will mean that you can place orders like in traditional markets.
  • Migrate: This will allow you to convert your Uniswap LP tokens to Sushiswap LP tokens directly and minimizing gas expenses.
Quick Swap

Menu of the Week

This a new take on the Yield Farming that we know and love. Now the community decides on each week’s menu through the platform governance, they may choose to keep some or change others. Users will always be able to harvest SUSHI from all previously featured pools.


This is a UI update to the SushiSwap Staking Feature.

Menu of the Week


An upcoming lending solution that plans to eliminate some of the limitations faced by certain lending solutions. The platform plans to fix these limitations with the next set of features:

  • Isolated lending pairs. Anyone can create a pair, it’s up to users which pairs they find safe enough. Risk is isolated to just that pair.
  • Flexible oracles, both on-chain and off-chain.
  • Liquid interest rates based on a specific target utilization, such as 75%.
  • Contracts optimized for low gas.
  • The supplied assets can be used for flash loans, providing extra revenue for suppliers.


SushiSwap is a product that launched to take advantage of the Yield farming that was taking place in the cryptocurrency space and to compete against the titan that Uniswap still is until this day. With their beautiful UI and the right timing, they were able to ride a wave like no other, and now with Sam Bankman-Fried as the face of the platform, we can be sure that this project won’t miss any opportunities to gain terrain within the DeFi space.

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