The world’s most expensive sushi

In today’s Exponential Investor…

  • Friday night dinner
  • What if my sushi cost £436?
  • To trade or not to trade?

It’s Friday night, the end of a long week.

The weekend is upon you, it’s time to crack a “coldie” and sink into the next few days.

I don’t know about you, but for my household, Friday night usually also means no one can really be bothered to cook. Pretty much every other day is a home-cooked meal. But Friday is usually takeaway day.

It’s been like that for me since I was a kid. I love a good Friday takeaway and some drinks after we’ve put the child to bed. A great way to unwind from the week.

Which means because the child usually goes down in his cot about 6.30pm after a bath, it’s on to the Just Eat app at about 6pm to place an order.

Friday night seems like we’re not alone when it comes to this takeaway ritual. Usually it’s about an hour from order to delivery. Order at 6pm for 7pm, child down at 6.30pm, wine/beer opened and about halfway through one when the food gets there.

It’s a great system.

Best sushi outside of Japan

And for that matter Just Eat, which on the London Stock Exchange is Just Eat N.V. (LSE:JET), has been a cracker of a stock over the last five years. And during this year while it hasn’t shot the lights out like a lot of other online tech-based stocks, it’s been solid enough to not do your dough (so to speak).

With the impending acquisition of GrubHub (NYSE:GRUB) and a strong first half of 2020, Just Eat might be one to keep an eye on for the future.

Nonetheless, for us Friday night takeaway night usually boils down to one of two options. I try and get a couple of pizzas across the line, but the very strong challenger is a local sushi place.

I like the pizza because… well… it’s pizza, nothing more needs to be said. But it’s also considerably cheaper than the sushi.

The thing the sushi has going for it is that it’s crazy good!

Coming from Melbourne, I’m used to having an abundance of great Japanese takeaway places. Nothing of course beats proper sushi from Japan itself. But if you had to pick a county that delivers the best sushi outside of Japan, Australia (Melbourne in particular) is a pretty good bet.

My local sushi joint is up at that level. Everything from its bento boxes to its katsu curries are bang on the money.

As I say, it’s a fair bit of money. For just two of us, you don’t get much change out of £30. Pizzas come in about half that.

I won’t lie, the sushi often gets the nod. It’s just so damn good.

But I wonder if my sushi would still get the nod if it was 1,455% more expensive?

If I went to order the mixed sushi roll box, chicken katsu and tempura prawns and the total was about £436, would I hit that “Pay Now” button?

Hell no.

The most expensive Sushi on the planet

Of course inflation hasn’t rampantly kicked into hyperinflation (yet!).

There’s a good chance my sushi won’t be 1,455% more expensive when Friday rolls around this week.

But there is some sushi out there that less than a week ago cost just 72 cents and yesterday cost over $11.20.

Sushi that’s 1,455% more expensive in the space of just three days!

That’s sushi you don’t want to eat or buy… or perhaps it’s exactly the kind of sushi you want to buy.

The thing is this sushi costing 1,455% more in just three days, it’s not sushi at all. It’s actually a cryptocurrency linked to the SushiSwap DeFi project.

The crypto that you earn from using the SushiSwap protocol is SUSHI.

And on 29 August one SUSHI token was worth about 72 cents. And by 1 September one SUSHI token was trading for over $11.20.

Not a bad few days’ work. But it’s exactly the kind of wild activity taking place in the crypto world right now as these “DeFi” (decentralised finance) protocols launch and explode in popularity, FOMO and notoriety.

SushiSwap is a copy of another protocol called Uniswap. Except SushiSwap claims to be more for the people and less for the “VC” money.

Look I’ll be the first to admit, a lot of this DeFi mania that’s happening in crypto right now is utterly wild.

“Yield farming” and token swap liquidity is complex stuff – and it’s crazy high risk. And somehow there are manufactured crypto returns that can shift up to annual percentage yields in excess of 2,000%.

It’s madness, and complex, and risky, and by no means should you start randomly diving into this without really knowing what you’re doing and without understanding the high risk in play.

But you can also trade some of these tokens on more traditional, centralised exchanges. If you can shift in and out of some of these crypto like Sushi in a matter of days and see that kind of return – well it’s something that we have to seriously look at in more detail.

It’s not quite shooting fish in a barrel stuff. It does however have a lot of the hallmarks of the early days of the 2017 crypto bull market.

We may be looking at the early foundations of that next bull market, but this one is driven by DeFi mania and FOMO.

It’s a wild space, and Sushi is just one example of how wild it can be. There are more, so be careful, and keep an eye out because this is one space that we simply can’t ignore any more.


Sam Volkering
Editor, Exponential Investor

Category: Commodities

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