SushiSwap is a decentralized exchange that allows users to swap cryptocurrency for another cryptocurrency. It is considered decentralized because no single entity controls the protocol and it is operated by smart contracts.
SUSHI is a governance token that enables community governance over SushiSwap and it offers SUSHI rewards to those who stake their tokens.
Sushiswap was officially launched on 28th August 2020 and itwasn’t taken seriously at first due to the food meme movement that was taking place in the crypto community.
Chef Nomi,an anonymous figure, was the creator of SushiSwap. He wanted to build something similar to Uniswap but with a more community driven vision. Shortly after, another prominent and anonymous figure, known as 0xMaki joined along to build SushiSwap. Majority of the community acknowledge him as the co-founder of the protocol.
Because Uniswap’s code was completely open sourced, Chef Nomi took the code and modified it by adding a governance token, SUSHI. Further popularizing the yield farming movement during the summer of 2020. For that reason, SushiSwap is widely acknowledged as a fork of Uniswap due to its identical functions.
Read the full report below: