SushiSwap is a community-owned exchange where users can swap a range of tokens across several different blockchains. It has branched out to offer other decentralised finance (DeFi) features besides, with participation on the platform incentivised through the project’s governance token, SUSHI.
If you’re interested in investing in DeFi and the future of financial services, you’ve come to the right place. This guide will explain how to buy SUSHI and delve into what makes this project special.
The easiest way to buy SushiSwap is to purchase it online from a crypto exchange. Exchanges make it easy to buy and sell SushiSwap and other cryptocurrencies directly from your smartphone, tablet or computer. Check out our recommended platforms below and follow the steps to safely buy SushiSwap.
Start by choosing the platform you’re going to buy SUSHI on. It helps to compare the fees they charge and the features they have to offer when deciding which is best for you. Below is our recommended platforms to buy SUSHI today.
Set up an account with your chosen platform by filling in the registration form and supplying and documents you are asked to provide. This will likely be photos of your ID and proof of address. Now you can go to the deposit page and select one of the accepted payment methods to fund your account.
The final step is to search for the trading pair containing the currency you just deposited and SUSHI. You can enter how much SUSHI you would like in a buy order. A limit order will purchase SUSHI in the future when a specified price is reached, while a market order will purchase SUSHI immediately at the current price.
SushiSwap is a decentralised exchange (DEX) that enables people to easily swap one token for another. This means there is no company behind SushiSwap. Instead, its users run the protocol and earn the fees generated. SushiSwap was originally based on the design of Uniswap, another popular DEX, but has gone on to distinguish itself in a number of ways.
Notably, while Uniswap is built on Ethereum and facilitates the exchange of Ethereum-based tokens, SushiSwap allows its users to switch to other blockchains. SushiSwap isn’t just a DEX either, it provides a range of other DeFi offerings, such as lending, borrowing, staking, and farming.
The protocol is powered by SushiSwap’s SUSHI token, which is used to reward those who provide liquidity for the DEX. SUSHI can also be used for staking and voting on governance proposals.
All investors are different and some prefer to invest for a short period of time while others are long-term investors. Both can potentially be profitable and which you choose will depend on your own abilities and goals.
This is the easiest investment strategy there is. It doesn’t require much time or knowledge and there is no need to constantly analyse the market. If you pick the right coin, simply holding onto it for the long term could generate good returns with minimal effort.
SUSHI’s finite supply may make it a good long-term store of value, while the token also provides an opportunity for passive income. Holders can stake their SUSHI in the SushiBar to earn fees worth 0.05% of all swaps made on the platform.
Having full custody of your SUSHI can provide peace of mind and an extra layer of security, which is why many long-term SUSHI holders prefer to transfer their tokens to a private wallet.
Software wallets are free, user-friendly, and can be downloaded onto a smartphone or computer. If you want to use SushiSwap, you’ll need to select a wallet that the platform supports, which includes MetaMask, WalletConnect, Binance, and Coinbase Wallet. Hardware wallets like Trezor, KeepKey, and Ledger cost money and are less user-friendly, but they provide the best security.
SUSHI is also bought and sold much more frequently by traders, who take advantage of the coin’s volatility to make profits more often. This takes more skill than long-term investing and can require regular analysis of SUSHI’s price chart and the broader market.
Regularly transferring SUSHI between a private wallet and a trading platform can be cumbersome. For this reason, traders may find the web wallet provided by their platform more convenient for storing their SUSHI.
Only you can decide this, but the information provided here should be of some help. There is strong demand for SUSHI thanks to the governance rights it provides and the rewards paid to those who stake it. The protocol must purchase SUSHI in order to pay these rewards, creating buy pressure in the market. This, combined with SUSHI’s capped supply, could prove positive for the token’s price in the long run.
The platform certainly has a lot to offer in the world of DeFi, from lending and leverage to gas-efficient decentralised apps (dApps) to an accelerator programme. What’s more, the SushiSwap DEX is multi-chain, meaning users can easily switch to other blockchains.
DeFi is a fast-growing and competitive environment, which could play a role in SUSHI’s future price. After all, SushiSwap rose to prominence by cannibalising the users and liquidity from rival Uniswap.
However, the decentralised governance of SushiSwap should work in its favour, as those who are making decisions about the protocol are incentivised to act in the best interests of SUSHI and its price. So, as long as SushiSwap continues to innovate and be run by and for its community, it stands a good chance of staying ahead of the competition.