SushiSwap LP Pool now LIVE!
🎺 If you were among the listeners to last Wednesday’s Townhall, you’re in for a treat!
Get your chopsticks ready! 🥢 We’re now in the Sushi business! 🍣 🍱
SushiSwap is one of the top decentralized exchanges on the blockchain right now and we decided on SushiSwap because it offers eRSDL HODLers another offering for a place to trade, has more tools like limit orders, and gives eRSDL HODLers broader DeFi exposure.
The primary goal behind this unique platform was to improve on UniSwap’s shortcomings.
SushiSwap introduces numerous mechanisms for more control to its community of users. It encourages its network users to participate more by offering good incentives and revenue sharing mechanisms. SushiSwap works with its customized automated market maker (AMM) smart contracts and integrates many DeFi features.
Its automated market maker uses smart contracts to facilitate automated trading between two crypto assets. The significance of the AMM on SushiSwap is that the platform will have no liquidity issues. It can utilize the liquidity pool mechanisms to obtain the much necessary liquidity on every DEX.
The platform also offers risk-less mechanisms for earning passive income. Users have the opportunity to stake SLP tokens for SUSHI rewards or SUSHI for xSUSHI rewards.
Fees charged on the SushiSwap platform are the same as those on Uniswap: 0.3% of the traded amount. Liquidity Pools have the ability to absorb 0.25% of these costs, and the other 0.05% is earmarked for the Sushi Bar pool.
In summary, the benefits of SushiSwap:
- Strong support and backing from both users and the crypto market
- Recognized as the first Automated Market Maker that gives back its profits to the people who keep it operational
- Community participation in voting for every important decision surrounding network changes or upgrades (Just like us!)
- Offers lots of earning opportunities for its users and a different venue to make passive income
- And it also supports both yield farming and staking