Sushiswap(Arbitrum Nova)

What is SushiSwap (SUSHI)?

SushiSwap (SUSHI) is an automated market maker (AMM) that has gained popularity among cryptocurrency users. As a decentralized exchange, SushiSwap uses smart contracts to create markets for any pair of tokens. SushiSwap which was made on September 2020, is a fork of Uniswap, a well-known project in the defi space.

SushiSwap is hyper-focused to disrupt and diversify AMM market while introducing new features not found on Uniswap. Such as increased rewards for network users through its native token, SUSHI. You can also swap and trade tokens on Sushi Exchange without needing to register.

If you are looking to invest and add SushiSwap crypto to your portfolio, the crypto exchanges that have SUSHI tokens for trading at the current price are Binance, OKX, Deepcoin, BTCEX, and CoinW.

Who are the founders of SushiSwap?

SushiSwap was founded by the pseudonymous Chef Nomi, along with two other co-founders, sushiswap and 0xMaki. The platform was later handed over to Sam Bankman-Fried, CEO of derivatives exchange FTX and Alameda Research. SushiSwap stands out as an AMM that offers automated trading liquidity between any two cryptocurrency assets, primarily targeting DeFi traders and entities looking to create liquidity. It improves upon Uniswap's offerings by increasing user impact and governance.

SUSHI, the platform's native token, is created at a rate of 100 tokens per block. The token's supply depends on the block rate, and SUSHI holders are rewarded with a portion of the transaction fees. SushiSwap aims to mitigate risks associated with depositing funds in smart contracts by enhancing user governance powers. However, the anonymity of its developers raises questions beyond technical aspects.

SushiSwap Pros and Cons

Pros:

• Diversifies the AMM market by offering additional features not found on Uniswap. 2. Increased rewards for network participants through the native SUSHI token.
• Enhanced governance powers for users.

Cons:

• The anonymity of the founders raises questions about the project's credibility.
• The past controversy involving Chef Nomi (one of the founders) and the withdrawal of Ethereum from SushiSwap.
• Past involvement with disgraced FTX ex-CEO, Sam Bankman-Fried.
• Contracts on multiple chains are not open-source.
• Several mint functions found.
• One of their tokens is untracked.

SushiSwap Review:

SushiSwap is an innovative AMM platform that aims to enhance the DeFi ecosystem. It has expanded its offerings in the AMM market and provided increased rewards and governance power to its users. Despite the anonymity of its developers and past controversies, SushiSwap has continued to grow and develop as a platform.

However, we've found several risks in the project after doing our security review. One of these major issues is that several of their contracts show that their codes are not open-source. This can mean an increased possibility of the code containing malware. Mint functions are also found on the contract and one of their tokens is untracked which are both potential risks.

Is SushiSwap a Scam?

While the anonymity of SushiSwap's founders raises concerns, Sushiswap doesn't seem to be a scam. The platform has continued to evolve and improve, attracting more users and solidifying its position in the DeFi space.

But as with any investment, it is important for users to perform thorough research and exercise caution when participating in the crypto market. DYOR is paramount. Scams will always stay as long as money is on the table.

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