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SushiSwap is an automated market-making (AMM) decentralized exchange (DEX) that took Uniswap's core design but added vampire mining and holder-incentive features to gain traction. The Medium launch post describes the vampire mining feature[1]:

We are aware that many of us are existing liquidity providers in Uniswap pools. With that, we have designed the token distribution mechanics to make it as easy as possible for the existing Uniswap liquidity providers to start migrating to our protocol!

To start providing liquidity and earning SUSHI tokens, anyone holding Uniswap LP tokens can stake those LP tokens into the corresponding initial list of pools. Once done, they will start earning tokens once rewards starts on block 10750000. The list of eligible LP tokens can be added per on-chain governance. So it’s every one of us who decides.

At every block, 100 SUSHI tokens will be created. These tokens will be equally distributed to the stakers of each of the supported pools.

As of April 26th, 2022, Sushi has $3.28b total value locked (TVL) and is one of the most widely-used DEXes.[2]


SushiSwap started as a fork of Uniswap by a developer who went by the pseudonym Chef Nomi. [3] SushiSwap initiated a vampire attack against Uniswap by offering a governance token (SUSHI) that could be earned through liquidity mining. To bootstrap liquidity, Sushiswap allowed Uniswap LPs to stake their liquidity positions on Sushiswap for 15 days instead, thereby earning SUSHI tokens. This created an incentive for Uniswap users to move their liquidity over to Sushiswap instead.

However, on 5th September 2020, Chef Nomi pulled the liquidity by swapping his development share of SUSHI to ETH, causing the SUSHI's token price to drop 70% within the day. [4] This caused massive backlash from the community [5], and on 6th September, Chef Nomi transferred the admin keys for SUSHI to SBF, FTX's CEO and a prominent figure in the space.


Sushi is a community-driven organization built to solve the “liquidity problem.” One could define this problem as the inability of disparate forms of liquidity to connect with markets in a decentralized way, and vice versa. Sushiswap has expanded its product offerings past its original DEX diversifying their product offerings into lending, yield farming, and NFT marketplaces.


Kashi is a lending and margin trading platform, built on the BentoBox.

  • Isolated lending pairs. Anyone can create a pair, it’s up to users which pairs they find safe enough. Risk is isolated to just that pair.
  • Flexible oracles, both on-chain and off-chain.
  • Liquid interest rates based on a specific target utilization range, such as 70-80%.
  • Flexible/composable contracts optimized for low gas.
  • Built on the BentoBox, so supplied assets can be used for flash loans and strategies, providing extra revenue for suppliers.
  • Benefits of liquidations can go to the liquidity provider instead of the liquidators.

Bento Box

The BentoBox is a vault that holds tokens and generates yield from flash loans and strategies for any protocol built on top of it

Building any protocol on top of BentoBox provides these benefits:

  • Extra yield from flash loans
  • Extra yield from strategies
  • Optimized deposit, withdraw and skim functions that auto-convert ETH to WETH
  • Low gas (and fixed gas) transfers of tokens within the BentoBox
  • Simplified approval of tokens (no need to reapprove for each protocol)
  • Minimal proxy contract factory build in. No need to roll your own

Newer Products


Miso (Minimum Initial Sushiswap Offering) is an auctions ecosystem serving as a launchpad for new projects to raise liquidity.


Onsen provides incentives for liquidity providers to provide liquidity for new products by offering $SUSHI and other assets as incentives for liquidity on new listings.


SushiXSwap is a crosschain DEX AMM built using Stargate and LayerZero.


Shoyu is Sushiswap's NFT marketplace.


Inari provides one click yield strategies for $SUSHI tokens.

TVL [6]