Rising Popularity of Decentralized Exchanges
Decentralized exchanges (DEXs) have seen a significant increase in popularity over the past few years. Their attractiveness stems from features like transparency, self-custody options, and access to a broader selection of cryptocurrencies. Many traders favor DEXs for their perceived security, as they minimize risks associated with the custody of funds. Additionally, DEXs provide a simpler entry point to cryptocurrency trading, eliminating the often tedious onboarding procedures common with centralized exchanges.
Spotlight on Sushiswap
Among the numerous DEXs available today, Sushiswap has emerged as a notable contender. Initially launched as a fork of Uniswap, it has evolved into a unique platform in its own right. Sushiswap enables users to swap, lend, and borrow assets, as well as provide liquidity to the market. Users can also stake its native token, $SUSHI, to engage in governance decisions. With support across more than 30 blockchains, Sushiswap offers extensive multi-chain capabilities.
Top Tokens to Trade on Sushiswap
Sushiswap boasts an extensive array of cryptocurrencies for trading. Below, we highlight some of the most promising tokens available on the exchange, alongside a table that outlines each coin’s fundamental attributes.
Illuvium (ILV)
Illuvium (ILV) serves as the native token for the highly engaging Web3 game, Illuvium. The development team is dedicated to delivering high-quality Web3 gaming experiences along with various services, including staking options. Competing with other popular games like Axie Infinity, Illuvium offers an attractive annual percentage rate (APR) of 18.29% on Sushiswap, with a trading fee set at 0.3%.
Chainlink (LINK)
Chainlink operates as a decentralized oracle network, facilitating secure connections between smart contracts and external data sources across different blockchains. As it possesses solid fundamentals, LINK is a cryptocurrency worth watching as the market trends upwards. Sushiswap remains one of the top platforms for trading Chainlink.
DAI
DAI is a decentralized stablecoin created within the Maker protocol. It adapts to market fluctuations by leveraging margin trading to maintain its value against other currencies. Unlike traditional fiat-backed stablecoins, DAI is secured by crypto collateral. On Sushiswap, DAI offers an APR of 9.23%, making it a viable option for traders.
Wrapped Bitcoin (WBTC)
Wrapped Bitcoin (WBTC) is an attempt by the community to bring Bitcoin’s value to the Ethereum network. As an ERC-20 token, WBTC reflects Bitcoin’s price and allows holders to engage with decentralized finance (DeFi) applications on Ethereum. Each WBTC is equivalent to one Bitcoin. Sushiswap provides an excellent platform for trading WBTC, with liquidity pools offering an APR of 1.90%.
Doge NFT
Doge, originating from a popular internet meme, is a fractionalized NFT where holders influence its value through voting. Once sold, the ownership rights of the Doge NFT transfer to the buyer. Sushiswap is recognized as a prime marketplace for trading Doge NFT tokens, currently offering an impressive APR of 44.92%.
Synapse Protocol
Synapse Protocol has gained recognition for having one of the highest trading volumes on Sushiswap. This cross-chain layer platform simplifies interactions between different blockchain networks. The SYN token is integral to the Synapse ecosystem, also serving as the governance token for SynapseDAO, with current trading around the $1.03 mark.
OmniCat
OmniCat is an omnichain meme coin that operates across various ecosystems. Utilizing LayerZero technology, it can move seamlessly between different chains. OMNI holders have numerous staking opportunities but must first acquire the token on exchanges like Sushiswap, which also offers liquidity provision options with an APR of 128%.
Yearn Finance
Yearn Finance is a platform that offers a suite of DeFi services, including yield aggregation, insurance, and lending aggregation on the Ethereum blockchain. Through automation, Yearn Finance aims to help investors optimize their yields, making DeFi accessible to individuals of all experience levels.
Synthetix Network
Synthetix operates as a derivatives platform, providing liquidity for a range of permissionless derivatives, including options, perpetual futures, and parimutuel markets across Ethereum Virtual Machine (EVM) compatible chains. With its low fees, Synthetix is a backend solution for various protocols and expands the crypto market by introducing non-blockchain assets. Traders can buy SNX tokens or add liquidity to pools on Sushiswap.
Compound Finance
Compound is a lending protocol that allows users to earn interest on their cryptocurrency assets by depositing them into designated pools. This platform enables users to maximize their idle tokens, ensuring they make the most of their digital assets. The COMP token is available on both centralized and decentralized exchanges, allowing users to trade and earn from their holdings effectively.
Disclaimer
The information presented may reflect the author’s personal opinions and is subject to market fluctuations. It is crucial for individuals to conduct their market research before investing in cryptocurrencies. Neither the author nor the publication assumes responsibility for any personal financial losses incurred.
Review Methodology
CoinGape employs a comprehensive review methodology to assess crypto exchanges, tools, and applications. A range of metrics is utilized to evaluate platforms based on their services, user experience, security, customer support, payment processes, and promotional offerings. For more detailed insights on our review process, please refer to our Review Methodology page. This content is intended solely for educational purposes and should not be construed as financial guidance. Always perform your own research before investing in any crypto platform, and only invest what you can afford to lose.
