SushiSwap: A Decentralized Exchange with Automated Market Maker Model

SushiSwap is a decentralized exchange (DEX) that uses an automated market maker (AMM) model to enable token swapping through smart contracts. This approach eliminates the need for a centralized intermediary or traditional order book, allowing users to trade directly with liquidity providers.

The protocol was originally launched as a fork of Uniswap in September 2020 and has since grown from a single-chain Ethereum DEX into a multi-chain protocol operating across over 35 networks. SushiSwap's native token, SUSHI, gives holders voting rights and a share of trading fees.

SushiSwap's product suite extends beyond simple token swapping, with features such as concentrated liquidity (v3 upgrade), Bentobox, and Kashi. The protocol has also introduced RouteProcessor, a smart order routing feature that helps users achieve better pricing on swaps.