SushiSwap: A Transformative Force in the 2020 DeFi Landscape
SushiSwap was undoubtedly one of the defining DeFi projects of 2020. Originally launched as a clone of the decentralized cryptocurrency exchange Uniswap, SushiSwap’s major distinction came in the form of its cryptocurrency token, SUSHI. At that time, Uniswap did not have its cryptocurrency, giving SUSHI an edge with this innovative step.
What is Sushi Swap?
SushiSwap, like Uniswap, is a decentralized cryptocurrency exchange. Users earn a certain rate of income in return for the liquidity they provide to the exchange, and these payments are made with SUSHI Coin. Thus, SushiSwap is a cryptocurrency exchange, and SUSHI is its cryptocurrency.
Initially launched by an anonymous figure known as Chef Nomi, Sushi later made headlines due to a severe price drop. Following this event, Chef Nomi announced his departure from the project after withdrawing millions of dollars from the development fund. However, after a backlash and a brief intervention by Sam Bankman-Fried, CEO of FTX cryptocurrency exchange, Chef Nomi returned the funds. Yet, SUSHI Coin’s price only temporarily recovered before Uniswap released its cryptocurrency, UNI.
This almost marked the end for SUSHI Coin. At the time of writing this article, SUSHI is trading at $0.67, having lost more than fifteen times its value.
Opinions on Sushi Swap Coin
Looking at the comments on SushiSwap, it seems to have gained prominence, especially after being listed on the Binance cryptocurrency exchange. Shortly after its market debut, the number of people wanting to buy Sushi Swap Coin and those who did increased significantly once it was listed by Binance. SUSHI Coin soared to $14 in a short time but then fell to around $1.
Despite this steep price decline, SUSHI can still be bought and sold on Binance with high liquidity and speed. Additionally, it’s possible to make leveraged trades on Binance using SUSHI trading pairs. Although the price has been relatively stable in recent weeks, leveraged trades could lead to significant volatility soon.
How to Buy Sushi Swap Coin
So, what needs to be done to buy SUSHI Coin? SUSHI Coin can be bought and sold on Binance, and users just need to follow the steps below:
- To buy SUSHI, first, you need to deposit USD into the exchange or buy a cryptocurrency that can be used instead. For this, go to the Binance homepage, click on the “Buy Crypto” option at the top left, and then click on the “Credit/Bank Card” tab.
- In the opened tab, choose how much USD you want to trade, and select Tether, i.e., USDT, in the Coin section.
- After purchasing USDT, preview the “Buy-Sell” option at the top left again and click on the “Classic” tab.
- In the section that opens, select the USDT tab at the top right, type SUSHI in the search button, and choose the SUSHI/USDT pair that appears below.
- Then, go to the “BUY SUSHI” tab in the middle, enter the amount you want to buy.
- Enter the amount you want and complete the SUSHI purchase process by confirming the transaction.
