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What is the issuance and circulation of SUSHI coins?
SUSHI's issuance through Genesis Block and SushiSwap Farms, paired with a deflationary burn mechanism, ensures a dynamic and controlled circulation of its native token.
Oct 03, 2024 at 04:24 pm
SUSHI Coin Issuance and Circulation
SUSHI is the native token of the SushiSwap decentralized exchange (DEX). It provides governance rights and rewards for liquidity providers. Here's a detailed overview of its issuance and circulation:
Issuance
Genesis Block: SUSHI was first distributed on August 28, 2020, through the genesis block of the SushiSwap platform. The initial issuance was 100 million SUSHI tokens.
SushiSwap Farms: SUSHI is continuously minted as rewards for users who provide liquidity to SushiSwap pools. Liquidity providers stake their crypto assets in these pools to earn a share of trading fees and SUSHI tokens.
Minting Rate: The SUSHI minting rate is governed by the SushiSwap community and can be adjusted through proposals and votes. The current minting rate is approximately 4.2% per year, distributed as follows:
- 60% to liquidity providers as SUSHI rewards
- 20% to the SushiSwap treasury
- 20% to xSUSHI stakers (SUSHI holders who stake their tokens for long-term rewards)
Circulation
Current Circulation: As of November 28, 2023, the total circulating supply of SUSHI is approximately 63.2 million tokens. This represents 63.2% of the initial issuance.
Burn Mechanism: A portion of the SUSHI transaction fees on SushiSwap is burned, reducing the circulating supply. This deflationary mechanism helps maintain the value of the token over time.
Token Distribution: The distribution of SUSHI tokens is as follows:
- 30% to the community through liquidity mining
- 25% to SUSHISwap protocol treasury
- 25% to team members
- 20% to early contributors
Market Capitalization: The market capitalization of SUSHI at the time of writing is approximately $475 million. It ranks among the top 100 cryptocurrencies by market cap.
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