Stable Ethereum Network
Sushi – The Hottest DeFi Chef Around
There is a wide range of tokens created on the Ethereum blockchain. One of the most popular ones created in 2020 is the Sushi token. It is a fungible token that can be used on the Ethereum blockchain as a medium of exchange. Let us stomp through this coin and get into the quick details you need to understand about all things Sushi.
This token is spreading and growing its community immensely and seems to have a very bright road map ahead of it.
What is Sushi Token?
Sushi token is an Ethereum token that is used on SushiSwap – a decentralized cryptocurrency exchange and automated market maker built on the Ethereum blockchain. Besides being an exchange platform, SushiSwap is a lending platform where community members can lend and borrow in a trustless environment by using any accepted digital asset as collateral security.
For the past year, the price of this token has been fluctuating between $2 and $20. You can buy or sell sushi tokens right from the SushiSwap exchange platform or several other centralized exchanges such as Binance. Holders of the Sushi token hold power to decide how the SushiSwap is run.
How Did Sushi Begin?
Sushi token was created to be the default medium of exchange on the SushiSwap platform. Almost every decentralized exchange has its token, so SushiSwap had to create one for its platform as well. This token was created in 2020 when SushiSwap was launching.
How does SushiSwap work?
SushiSwap is a decentralized crypto exchange platform that people use to buy and sell crypto. A popular exchange that uses almost the same business model as SushiSwap is UniSwap – one of the first and most popular decentralized exchange platforms. Here is what you can do on the SushiSwap platform;
- Trading one cryptocurrency for another. Besides the sushi token, you can also trade other cryptocurrencies on the platform. However, you cannot exchange fiat currencies for crypto (and vice versa) on this platform. It is strictly crypto for crypto.
- Community members can also become liquidity providers and earn a 0.25% rewards fee on all trades proportionate to their share of the liquidity pool. This is meant to encourage more users on the platform and maintain its liquidity.
- You can also connect over 20 crypto wallets to SushiSwap at app.sushi.com.
- Utilizing the “Sushi Bar” staking asset you can stake your xSUSHI tokens to passively earn income on your investment. When staked, stakeholders will gain nxSUSHI for voting rights and a token that interacts with various protocols.
Why SUSHI Could Be A Fantastic Long-Term Investment
- Sushi is winning some major popularity contests
This token has been around for just one year, but it is currently being used by over 150,000 users. Remember, the future of any token largely depends on how the public perceives it. Sushi’s high adoption rate makes it one of the most promising tokens on the Ethereum blockchain.
- SushiSwap’s liquidity
The stability of any exchange platform largely depends on its liquidity. Currently, SushiSwap’s liquidity is valued to be around $3.79 Billion. This is because the platform encourages users to stake their sushi tokens for longer periods.
What Wallets Can You Store Your SUSHI On?
There are many wallets that support storage of SUSHI. We recommend staking this one using their SushiSwap, however there are options if you’re just looking to safely cold store this coin.To name a few of our favorite wallets that support this Ethereum token we will list them out for you.
Metamask is a widely used crypto wallet and gateway to multiple blockchain apps. This is a very safe and secure method of exchanging for various tokens across the cryptoverse. Metamask is also able to be securely connected on our exchange to purchase SUSHI for Ethereum.
Trezor is a secured hardware wallet that provides advanced security for handling cryptocurrencies to allow the safest method of storing your investments as nothing online is ever completely secure. This eliminates worry and allows the most secure crypto transactions available today. You are also able to connect Trezor via our exchange to purchase SUSHI and other various coins using Ethereum.
Ledger is another secured hardware wallet that implemented a proprietary OS that was designed to protect all assets. They utilize a 24-word backup phrase that can be used just in case the device is lost or stolen. Trezor can also be used to connect securely to our exchange to purchase SUSHI and other various coins among the Ethereum blockchain.
Atomic Wallet is a software wallet that offers security, great customer service, and a large internal exchange. This is our go-to wallet for storing coins safely on a computer.
How Can You Buy SUSHI?
There are many exchanges and places to buy SUSHI, one of which is our own Exchange here on CoinStomper! You just need some Ethereum available in your wallet and you’ll be able to use our exchange to purchase SUSHI. Please see the quick guide below if you are interested in purchasing through our exchange.
Our Conclusion – Tremendous Investment Potential 5/5
Overall, we rate Sushi 5/5 for its longevity and growing community/popularity. With as active as Sushi Swap has become lately, we feel they are overdue to make big strides on the charts soon and this looks like a terrific investment opportunity. We encourage you to look at the links below to read more about this wonderful Ethereum treat.
Learn More About SUSHI
This is NOT Financial advice.Stompy always recommends doing your own research before making investments.