You asked, we listened. As of today both SUSHI coin and UNI token have arrived at BitMEX, joining 5 new cryptocurrencies as we gear up for BitMEX Spot.
From today, users will be able to deposit, withdraw, buy, and convert the UNI token and SUSHI coin with us. They’re now sitting alongside AXS, LINK, ApeCoin, MATIC, Bitcoin, Ether, and Tether, as we get ready for the launch of BitMEX Spot next month. From day one, you’ll be able to trade all the aforementioned cryptocurrencies plus UNI, with the SUSHI coin to come soon after.
Here’s a deeper look at what you’ll be able to do the next time you log in to BitMEX:
Buy UNI Token and SUSHI Coin
You can now buy UNI and SUSHI in minutes, on top of AXS, LINK, ApeCoin, Bitcoin, Ether, MATIC, and Tether (USDT ERC-20). To buy crypto on BitMEX, simply select from 30+ fiat currency options, enter the amount you want to deposit, and then choose the crypto you want to purchase.
Next, choose your preferred payment provider, and follow the instructions set by the selected fiat gateway partner.
The fiat currencies we currently support are: AED, ARS, AUD, BRL, CAD, CHF, CZK, DKK, EUR, GBP, GHS, HKD, IDR, INR, JPY, KES, MXN, MYR, NGN, NOK, NZD, PHP, PLN, QAR, SAR, SEK, SGD, THB, TRY, TWD, TZS, UAH, UGX, USD, VND, and ZAR.
Convert UNI and SUSHI Tokens
You can now convert UNI and SUSHI to Tether (USDT) – and vice versa – without paying any hidden fees. You won’t have to worry about slippage when buying your crypto, as all crypto converter transactions on BitMEX occur instantly, and at the conversion price shown..
Deposit and Withdraw UNI and SUSHI
To start depositing or withdrawing Uniswap and SushiSwap, simply head over to your Wallet, and click the ‘Deposit’ or ‘Withdraw’ button. Then, scan your UNI or SUSHI wallet QR code to transfer the tokens into BitMEX from your other wallet(s).
What’s the story behind the UNI token?
Uniswap (UNI) and SushiSwap (SUSHI) are two Ethereum-based tokens that share a common past. Both power decentralised exchanges (DEX) that operate in the Ethereum network, one forked from the other.
The UNI token is the governance token of Uniswap, the largest DEX operating in the Ethereum blockchain. It was one of the first DeFi applications to gain significant traction on Ethereum after its launch in November 2018. The UNI token enables community ownership over the protocol, allowing stakeholders to vote on key protocol changes and development initiatives.
Uniswap pioneered the Automated Market Maker (AMM) model, in which users supply Ethereum tokens to Uniswap liquidity pools and algorithms set market prices based on supply and demand. They can earn rewards while enabling peer-to-peer trading. There are currently hundreds of tokens available on Uniswap, and many popular trading pairs are stablecoins like USDC.
When Uniswap released the UNI token in September 2020, it used a unique form of distribution, whereby nearly USD 1,400 worth of UNI tokens were airdropped to each Ethereum address that had ever used the protocol. Uniswap has also announced that it plans to distribute a total of 1 billion UNI tokens over a four-year period.
What do I need to know about the SUSHI coin?
SushiSwap (SUSHI) is another decentralised exchange built on the Ethereum network. Originally forked from Uniswap with a few modifications, the SUSHI coin launched in late August 2020 by an anonymous developer, Chef Nomi. It was successful in grabbing the limelight from Uniswap, as it provided benefits that the former had already completed distributing.
The SushiSwap DeFi protocol offers temporarily lucrative prospects for liquidity providers who offer liquidity in the SUSHI liquidity pools. This is done by providers leveraging smart contracts, in order to provide liquidity pools that allow users to directly trade crypto assets, with no intermediary. By supplying an equal value pair of two SUSHI tokens, users can also become liquidity pool providers, and receive rewards whenever anyone utilises that pool.
UNI vs SUSHI
One main difference between both the UNI token and SUSHI coin are the fees. Uniswap v3 introduces multiple pools for each pair, each with a different swapping fee. Liquidity providers may initially create pools at three different fee tiers – 0.05%, 0.3%, and 1%. Riskier assets – or those that are traded rarely – tend to gravitate towards a higher fee. In contrast, SushiSwap charges a common fee of 0.3% for all swaps – 0.25% of which is given to liquidity providers. The remaining 0.05% is distributed to SUSHI holders.