What is SushiSwap?

What is SushiSwap?
SushiSwap is an Ethereum-based decentralized exchange that lets you swap a vast array of tokens, as well as engage in other finance services. It has no centralized authority or middlemen. Instead, it relies on smart contracts—or code that automates processes—and liquidity provided by other users to complete trades. SushiSwap is similar to Uniswap, which also runs on Ethereum, as well as the Binance Smart Chain-based PancakeSwap.

The history of SushiSwap
SushiSwap launched in August 2020 and quickly ran into controversy. The pseudonymous creator Chef Nomi and his collaborators copied (or forked) the open-source code from Uniswap, but made a key change: the addition of a governance token, SUSHI, which users could buy and earn to have a say in the future of the DEX.

Along with that notable change, SushiSwap wanted to crush Uniswap and take its throne as the most popular Ethereum DEX. The creators devised a “vampire mining” scheme to drain liquidity out of Uniswap via incentives: by providing SUSHI in exchange for users’ Uniswap liquidity pool (LP) tokens. Those LP tokens would then be exchanged for the original assets put into the Uniswap liquidity pools, thus creating liquidity for SushiSwap instead.
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