SushiSwap

SUSHI initially started off with infinite inflation, meaning there was no upper limit on its coin supply. Eventually, the community voted in favor of a hard cap of 250 million SUSHIhttps://docs.sushi.com/the-basics.

Users who stake their SUSHI (deposit tokens into the protocol’s staking smart contract) receive a reward for every block confirmed on the blockchain, with the total rewards per block decreasing over time. Additionally, 10% of SUSHI rewarded is given to a multisig-controlled developer fund. SushiSwap initially began supplying 1,000 SUSHI per block for staking in liquidity pools. As the tokens continue to be rewarded, the amount of SUSHI given to staking participants will eventually decrease to 0 when the hard cap of 250 million SUSHI is reached, which is expected to be in November 2023.

SUSHI hit an all-time low of $0.4737 in early November 2020 in the aftermath of a liquidation of $14 million in SUSHI and disappearance of the project’s lead developer, Chef Nomi. At the time of the disappearance, SUSHI dropped 73% within the first couple hours and continued to decline following rumors that SushiSwap was a “rug pull.” A week later, Nomi said he’d made a mistake and returned all the funds.

SUSHI hit an all-time high of $23.38 in March 2021 following China’s crypto ban and a high period in the general crypto market. As crypto traders in China looked to trade cryptocurrency in the light of an expected ban on crypto exchanges, users moved into decentralized finance (DeFi) exchanges, causing a spike in activity on the SushiSwap network.