What Is SushiSwap? Exploring the Mystery of Mega Site Sushi.com
What is SushiSwap?
SushiSwap is a decentralized exchange (DEX) with no administrator, where users can directly swap cryptocurrencies and the like with one another.
It was only created in August 2020, but it achieved rapid growth in a short period and is now one of the popular exchanges used by people all over the world.
It was launched by its anonymous founders, Chef Nomi and 0x Maki, and continued to grow even while weathering rough waters such as Chef Nomi selling off and then returning a large amount of SUSHI tokens, and the departure of both founders.
As a result, it is now advancing the development of an NFT platform and a metaverse, and as one of the world's most famous decentralized exchanges, it is expected to evolve even further.
The origins of SushiSwap: why "sushi"?
By the way, as a sushi-loving writer, I'm curious about why SushiSwap is named after "sushi," so I'd like to look into its origins.
SushiSwap is said to have originally been born by imitating Uniswap, a pioneering cryptocurrency exchange.
Uniswap is an extremely popular Ethereum-based exchange, and SushiSwap is said to have rapidly increased its user count and trading volume by adopting a strategy known as a "vampire attack," drawing in many users by offering higher rewards than Uniswap.
What catches my attention here is the name "Uniswap." It may be a rather simplistic leap, but to this sushi-loving writer, "Uni" looks like "uni" (sea urchin)...
In reality, the "Uni" in Uniswap has nothing to do with the seafood uni (sea urchin), as you can tell from the unicorn in the company logo. Still, I don't think we can rule out the possibility that Chef Nomi and Maki, who are said to be likely of Asian descent, deliberately created "Sushi" as a rival to "Uni."
The two founders started out anonymously in the first place, so there isn't much information about the founding.
Of course, we can't rule out that they simply chose the word "Sushi" because it's short and easy to remember, but if the founders, being of Asian descent, came up with it under a concept of "uni VS sushi," that would be a truly unique story.
Sushi.com and SushiSwap
Another thing about SushiSwap that catches my attention is the URL "Sushi.com."
This very short, high-impact URL naturally existed before SushiSwap began.
After being bought by a domain reseller in 1998, it went through a long sales period before becoming an American sushi-related site called Sushi.com. After that site closed, it was put up for sale again, and ultimately ended up in the hands of "SushiSwap."
Incidentally, as of November 2020, "Sushi.com" was still up for sale, with an asking price of a whopping $1,900,000 (about 260 million yen). It's not clear how much "SushiSwap" paid for it, but since "SushiSwap" launched in August of that same year, it acquired the domain after launching. We don't know the details of whether they paid the asking price, but SushiSwap became a huge project right after launching, so we can imagine they paid a considerable amount, amazing...
What you can do on SushiSwap
So, as for what you can do on SushiSwap: it has a mechanism that lets users trade cryptocurrencies directly with one another, without needing an administrator or intermediary.
Initially said to be an imitation of "Uniswap," "SushiSwap" subsequently continued to evolve in a different direction, offering a variety of its own products and growing into one of the world's most famous decentralized exchanges.
It also issues its own cryptocurrency, fittingly named "SUSHI," which it gives to contributing users as a reward. Even now, with the price at about 1/20 of its level during the crypto boom, this issued currency "SUSHI" still has a market capitalization of around 250 billion yen, making it quite a mega project.
Because SushiSwap has no administrator, it is operated by an open community, and community members can participate in decision-making.
Since users' voices are reflected in development and improvements, it also has the characteristic of being able to readily provide features and services that match users' needs.
The future of SushiSwap
We can't clearly predict SushiSwap's future, but SushiSwap is a decentralized exchange whose growth is anticipated by many investors and cryptocurrency enthusiasts around the world, and its issued currency "SUSHI" is also drawing attention.
Also, while it is currently an exchange, it plans to advance the development of an NFT platform and a metaverse in the future, and is expected to evolve into a more multifunctional and convenient platform.
To people who aren't very interested in cryptocurrency, the name and such might give a slightly suspicious impression, but despite that, SushiSwap attracts many users, and it can be called a project with hidden growth potential.
That's it for this time. We introduced "SushiSwap" and "SUSHI" from a perspective a bit different from sushi the food.
We never imagined that cryptocurrency and sushi, two completely different worlds, could be so closely connected.
What will become of SushiSwap going forward? As a sushi specialty media outlet, Sushi Walker will continue to keep an eye on the growth of "SushiSwap" and "SUSHI" and look forward to future developments.
We can't take our eyes off the future development of "SushiSwap" and "sushi"!
*Note: Please understand that this article is intended to provide information from the perspective of a sushi lover, and does not suggest or guarantee investment returns, nor does it recommend making any investment.
References
SushiSwap(スシスワップ)とは？使い方や始め方·将来性を徹底解説！ | CRYPTO INSIGHT powered by ダイヤモンド·ザイ
SushiSwap Review: Still Worth It? Everything We Found Out!!|SushiSwap Review: Still Worth It? Everything We Found Out!!
