SushiSwap—a fork of the exchange Uniswap—is an Ethereum-based decentralized exchange for ERC20 tokens that uses an automated market maker protocol. Liquidity providers who offer the assets to be sold earn a portion of the transaction fees and some of SushiSwap’s native token, SUSHI, for participation. The SUSHI token also offers token holders the right to vote on operational matters of the Sushi DAO. SushiSwap’s marketplace also gives investors access to other DeFi protocols to lend, borrow, or stake their crypto assets in exchange for yield.
In October 2022, Sushiswap passed a proposal to form 1) a Cayman Island-registered foundation to manage the DAO and exchange 2) a Panama-based foundation to develop the protocol and 3) a Panama-based firm to develop the front-end of the platform. In December 2022, lead developers of the protocol proposed diverting 100% of its fees to the treasury wallet for a year. This was reportedly due to the platform facing a large deficit in its treasury at the time. It went on to shut down its lending protocol Kashi and its token launchpad Miso due to poor execution and design choices as well as a lack of resources (January 2023). Moreover, the company announced that it would be releasing its decentralized exchang e (DEX) aggregator in Q1 2023, along with a decentralized incubator named “Sushi Studios,” which would enable the company to launch independently funded projects.
As of December 2021, SushiSwap supported over 20 wallets across 14 chains and had over 150,000 holders of the SUSHI token.
Key customers and partnerships
In February 2024, SushiSwap partnered with Layer N, an Ethereum Layer 2, to launch a decentralized derivatives platform named Susa. Built on the Layer N network, the platform enables developers to build custom applications on the exchange, including smart contracts and rollups.
Funding and financials
The company has received an investment of USD 5.2 million from GoldenTree in the secondary market.
No investor data is available
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