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SushiSwap is an automated market maker (AMM), a decentralized exchange (DEX) that allows users to trade assets directly without the need for a traditional order book to match buyers and sellers.

To achieve this, SushiSwap sources liquidity from users willing to loan out their assets to the protocol for a percentage of the swap fees generated when their assets are traded. These users are aptly named Liquidity Providers (LPs), and they receive Sushi LP (SLP) tokens as a sort of receipt for their provided liquidity, which can be used to accumulate more yield or redeemed for the underlying deposit (plus any fees accrued on top) at any time.

This cycle of liquidity provision allows SushiSwap to house deep liquidity on every chain it is deployed on, ensuring low-slippage trades 24 hours a day, regardless of the chain being traded on.