SushiSwap (SUSHI)

Comparable to - Chase and WellsFargo

Simple Explanation - SushiSwap is a fully decentralized exchange allowing users to trade on the Ethereum and Polygon networks while actively seeking new networks to add. SushiSwap also enables peer to peer lending and borrowing through a series of smart contracts within the blockchain and will be expanding their services to support an NFT exchange across multiple blockchains. SushiSwap allows all trades to be managed through the smart contract removing the need for a third party administrator to oversee the exchanges.

A crypto experts explanation - Sushiswap is a software that runs on Ethereum that works for a pool of users to buy and sell cryptocurrencies. Similar to Uniswap, SushiSwap uses liquidity pools to allow users to buy and sell. SushiSwap mirrors a traditional exchange, but removes a central third party administrator that brokers these deals. The first step in trading upon this platform is for users to connect their Ethereum wallet and lock assets into smart contracts, these assets are placed into liquidity pools, and traders can then buy or sell from the pools in order to swap one token for another. This allows anyone using SushiSwap to trade without the need for a third party administrator. By utilizing this platform and placing tokens into a liquidity pool, users are then rewarded with protocol fees, along with a portion of the SUSHI token. SushiSwap’s token SUSHI is an ERC20 token that plays a large role in maintaining and operating the SushiSwap network. By holding SUSHI, users have the ability to help govern the protocol for the platform. This is done by voting on proposals that could improve the infrastructure of the network. Anyone can submit a proposal for users to vote on. If a user holds SUSHI they are also entitled to earning back a portion of the fees that are generated on the network by staking these coins.