Crypto Corner: a profile on SUSHI

Ready to get to know SUSHI? No, we don’t mean Nigiri – we’re talking about this week’s crypto spotlight.

We added SUSHI to the Wirex menu in July, but in case you’re not familiar with it, let us break it down for you.

What’s it all about?

SUSHI is the key ingredient in SushiSwap software, which lets users buy and sell crypto assets. The platform’s primary function is to mimic a traditional exchange, but instead of being supported by a central body, tokens traded on it are supported by smart contracts.

Much like platforms Uniswap and Balancer, it achieves this by using a collection of liquidity pools. Users can lock up their assets into a smart contract, which traders can then access to buy and sell. Anyone who trades against a locked asset will be required to pay a fee, which is then distributed to all liquidity providers based on their contribution.

What can you do with SUSHI?

The SUSHI token is rewarded to users who maintain the liquidity pools. Anyone who holds the token can also propose and vote on changes to the SushiSwap software, such as how it operates and how its ecosystem can be improved.

SUSHI is available to buy and exchange in the Wirex app at exclusive OTC rates. You can also spend it in real-life with your Wirex card and earn rewards on every online and in-store purchase!

Who came up with the idea?

The mysterious mastermind (or group of masterminds) behind SushiSwap is known as “Chef Nomi”. The platform was launched in 2020 and attracted users by promising SUSHI tokens if they locked their assets in a special pool on Uniswap.

Any fun facts?

At one point, Chef Nomi removed approximately $13 million from the Uniswap pools. This worried investors, who thought that the mysterious creator had fled with their funds. However, the liquidated funds were returned several days later, and Chef Nomi apologised to users. They also handed control of the SushiSwap platform to Sam Bankman-Fried, the founder and CEO of cryptocurrency exchange FTX.

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:sushi:

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I am ready for both, Sushi and some Nigiri too for me please haha :joy:

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