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Brendon Lim
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SUSHI now available on Coinhako

SUSHI now available on Coinhako

We are thrilled to share that SushiSwap (SUSHI) is now listed on Coinhako!

What are SushiSwap and SUSHI?

SushiSwap is a decentralized exchange (DEX) and automated market maker (AMM) operating on Ethereum. With it being a fork of Uniswap comes with several significant variations and additional features, the most notable of which is the SUSHI token. As a decentralized finance (DeFi) platform, SushiSwap allows cryptocurrency trading without a central operator. 

SUSHI is the native token on the SushiSwap where holders can participate in governance like proposing operational changes and voting on submissions from other users. It is also used as incentives/rewards to liquidity providers on the SushiSwap DEX. SUSHI can also be staked on the platform to receive xSUSHI in return. This entitles holders to receive a small portion of trading fees, even if they are not providing liquidity.

There is a total supply of 250,204,042 SUSHI, and SUSHI has traded for $23.38 per token at its peak. 

How does SushiSwap work?

SushiSwap's main function is to operate like a traditional exchange, enabling users to buy and sell various crypto assets. Instead of being backed by a central entity, tokens on SushiSwap are managed by smart contracts. Users lock crypto on the protocol, which traders can then access. Notably, those trading against locked assets incur a fee, distributed proportionally among all liquidity providers based on their pool contribution. 

In SushiSwap Farms, liquidity providers link their Ethereum wallet to the SushiSwap farming protocol and lock two assets into a smart contract:

  • Buyers can exchange tokens within the pool following the protocol's guidelines. SushiSwap's smart contracts deduct tokens from the buyer and provide an equivalent amount, maintaining the total pool price. 
  • Providers receive protocol fees for upholding liquidity in these pools, in addition to a share of the 100 newly minted SUSHI daily. They can withdraw their funds at any time, including their "harvest," the cryptocurrency earned from farming. 

Why does SushiSwap stand out?

Sushiswap offers various yield-generating products like its SushiBar and Bentobox. Users can deposit SUSHI into the Sushibar pool and receive xSUSHI, which earns value from platform fees. Users seeking to earn more cryptocurrency post-harvest can utilize the SushiBar. This application enables them to stake their SUSHI to earn the xSUSHI token, comprising SUSHI tokens purchased on the open market with a portion of all exchange-generated fees. 

Bentobox is a token vault allowing deposits through an artificial balance, employing low-risk yield farming strategies to utilize users' tokens effectively without risking loss. True to its commitment, major decisions on Sushiswap are community-driven, while smaller operational changes are managed by a core team.

What can you do with SUSHI on Coinhako?

SUSHI will be available for users to trade across all swap pairs on Coinhako.

To gain access to any of these trading pairs, you can either:

  1. Fund your SGD wallet on Coinhako instantly with PayNow (or any other supported payment method)
  2. Purchase SUSHI instantly with Visa / Mastercard 

Risk Warning on Digital Payment Token Services

Hako Technology Pte Ltd ("Coinhako") is licensed to provide digital payment token services under the Payment Services Act 2019 (No. 2 of 2019).

The Monetary Authority of Singapore ("MAS") requires us to provide this risk warning to you as a customer of a digital payment token ("DPT") service provider.

Before you pay your DPT service provider any money or DPT, you should be aware of the following.