SushiSwap is a multichain decentralized exchange (DEX) on the Ethereum network with its own native ERC-20 token, SUSHI. It forked from Uniswap, another DEX on Ethereum, but introduced its token before Uniswap to incentivize usage. The DEX was launched in September 2020 by pseudonymous creators Chef Nomi and 0xMaki. More recently, Sam Bankman-Fried, CEO of derivatives exchange FTX and quantitative trading startup Alameda Research, gained de facto ownership of SushiSwap.
SushiSwap utilizes smart contracts that facilitate peer-to-peer trading of cryptocurrencies without the need for any central authority. At the same time, users can deposit their assets into liquidity pools in exchange for rewards. Beyond that, it supports other features such as lending and borrowing of assets, margin trading and even an NFT marketplace.
With a maximum supply of 250 million, SUSHI acts as a governance token that allows investors to vote on proposals to improve and upgrade the protocol.