Blog Crypto SushiSwap Review: The DeFi All-You-Can-Eat Buffet

SushiSwap Review: The DeFi All-You-Can-Eat Buffet

date March 31, 2022 time 4 min read 460 views

With a gimmicky name and somewhat controversial beginnings, SushiSwap has emerged as a serious player in the DeFi world. It serves as an exchange on the Ethereum blockchain where you can trade your crypto assets and store them in your sushi wallet. In this SushiSwap review, we’ll take a look at its protocol, but first let’s explore the SUSHI coin.

SUSHI coin price history

As the native in-house token of SushiSwap, the platform founded by the mysterious Chef Nomi, SUSHI lived a charmed life at its inception in August 2020, starting at $3.40 and then rocketing to $5.20 following its Binance listing.

However, on 5 September Chef Nomi infamously walked away with much of the project’s crypto assets. This caused SUSHI coin to plummet by more than 72% to $1.38.

FTX founder Sam Bankman-Fried was ushered in to steady the ship, but SUSHI continued the downward spiral. It fell below $1 on October 4 before reaching an all-time low at $0.4727 exactly a month later.

During the crypto boom of early 2021, SUSHI recovered to $2.86 in January and finishing the month at $10.16. Things got even better in February and March, reaching an intraday all-time high of $23.28.

SUSHI coin has followed the usual volatile path of most cryptocurrencies.
SUSHI coin has followed the usual volatile path of most cryptocurrencies. (Source: CoinMarketCap)

The remainder of the year saw a decline, with the crypto market freefall in December bringing SUSHI down to $5.33.

The coin made a slight recovery by the end of the month, only to slump again after the New Year. It’s currently priced at $4.00, and despite the volatile nature of cryptocurrency, experts predict the coin to rise gradually up till 2026.

SUSHI coin usage

As a governance token, SUSHI incentivizes your involvement by empowering you to make platform-related decisions through voting. For example you would be able to submit a SushiSwap Improvement Proposal (SIP). The more SUSHI you have in your Sushi wallet, the greater your say. 

SushiSwap isn't shy with its references to the real thing but it's also a serious DeFi player.
SushiSwap isn’t shy with its references to the real thing but it’s also a serious DeFi player. (Source: SushiSwap)

This avoids the decentralization and venture capitalist issues that plagued SushiSwap’s predecessor, Uniswap. Voting contracts are currently non-binding, however, meaning that those elected by SUSHI-holders must approve decisions made by the electorate. 

Not only does SushiSwap offer crypto investors lower transaction fees than most centralized exchanges, but SUSHI coin also represents a step-up from Uniswap by allowing you to continuously earn SUSHI after withdrawing your crypto from the liquidity pools. SushiSwap takes a 0.3% cut from its liquidity pool transactions, with SUSHI coin being used to reward you with portions of those trading fees.

You can become a liquidity pool provider and supply an equal value pair of two cryptocurrencies (including SUSHI), the end goal being to receive rewards when someone utilizes that pool. This does carry an element of risk, however, because if one token outperforms the other, it can lead to impermanent loss.

As an investor of the liquidity pools, you receive SushiSwap Liquidity Provider Tokens (SLP), allowing you to reclaim your funds and any crypto fees. It’s also possible to stake SLP tokens to earn SUSHI and store in your Sushi wallet, which you can then stake for xSUSHI – another token within the platform.

Where to buy SUSHI

Binance exchange is probably your best bet if you live in Australia, Canada, or the UK. In these regions, you can also buy SUSHI on the following major exchanges:

  • Huobi Global
  • CoinTiger
  • OKEx

However, if you’re a US resident (excluding New York and Washington State), you’ll have to buy SUSHI over on The best thing is to carefully consider multiple cryptocurrency exchanges and look out for one that offers a simple interface, low fees and is generally trusted by others in the crypto community.

By now, though, you’re probably wondering more about the platform and protocol on which the coin is based, so let’s talk a little about SushiSwap itself.

What is SushiSwap?

Aside from its creator’s fondness for a certain Japanese delicacy, SushiSwap gets its name for a reason, existing as a decentralized exchange on Ethereum for trading or ‘swapping’ your crypto assets.

SushiSwap has undergone a series of innovations to make the platform more usable.
SushiSwap has undergone a series of innovations to make the platform more usable. (Source: SushiSwap)

An Automated Market Maker (AMM), SusiSwap is modeled after a fellow AMM called Uniswap. Unlike with Uniswap, you might be pleased to know that there’s no central authority managing your trades, meaning no liquidity issues. Instead, SushiSwap sets prices through software programs called smart contracts which automatically execute the agreement.

In September 2020, Chef Nomi incentivized users to make the switch from Uniswap by promising them SUSHI token rewards if they locked up funds in a special pool on Uniswap. Here’s the twist: roughly $14million worth of those funds disappeared before being transferred, leading to suspicions that Chef Nomi had pulled the proverbial rug. 

The shadowy nature of the move and relative anonymity didn’t help, to say the least.

But don’t let that put you off your sushi. Chef Nomi soon returned the funds, apologizing for the mistake. The transfer then went ahead as planned after control was handed to the better-known Sam Bankman-Friend, CEO of FTX. Now more secure and decentralized, SushiSwap is a major player in the DeFi coins.

If all that sounds appetizing, why not invest and become a ‘sushi chef’ yourself?

Buy with MyConstant loans

With platforms like MyConstant, all you need to do is collateralize your crypto to receive quick crypto loans with low-interest rates and buy SUSHI coin. Other benefits include:

  • 24/7 customer service.  
  • Rates as low as 6%.
  • Early repayments for lower rates.
  • Instant matching.
  • Store and borrow against over 70+ different cryptocurrencies (such as MCT, bitcoin, solona, fet coin, etc.).

Interested? Sign up for a free account today and start investing in SUSHI coin.

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George Schooling

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Tags: sushi wallet how to use sushiswap

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