SushiSwap is a novel project to take back control from stakeholders such as venture funds, exchanges, mining pools who join protocols with a huge amount of capital and dilute small hodlers.
They've made it super easy to earn some yummy Sushi, all you have to do is follow these simple steps. There's also a limited time 10X bonus on rewards for around two weeks.
Step 1: Get yourself some Sushi! Make sure you use the official SUSHI pool, there are a lot of Scam Tokens out there. For this tutorial, we're gonna get ourselves 100 SUSHI. We're gonna swap ~0.66 ETH to get around 100 SUSHI.
Make sure your Ethereum Wallet has some ETH, if not get some on an exchange.
Awesome! I have 100 SUSHI tokens now, I paid about 2.71$ as fees for this transaction.
Step 2: Provide some Liquidity to the SUSHI-ETH pool
You will now need to add the 100 SUSHI you acquired and an equivalent amount of ETH to get your LP (Liquidity Provider) Tokens. I'm gonna add 80 SUSHI to the pool and leave 20 SUSHI for my lunch ;)
You'll have to first approve UNISWAP to spend your SUSHI, which cost me around 1.28$.
Next, you have to confirm another transaction to Supply your SUSHI and ETH to the pool. This txn cost me 4.6$. (WHOOPS)
Step 3: Last Step! Deposit your LP tokens on the SushiSwap website
Approve SushiSwap to spend your LP tokens, this cost me 1.3$.
Next, deposit your LP tokens! This cost me, 5$. (WHOOPS)
That's it, you're now a successful SUSHI farmer!
Five txns costing ~15$ in Total
1. ETH -> SUSHI (2.71$)
2. Approve SUSHI spend by UNISWAP (1.28$)
3. Deposit SUSHI and ETH to the pool (4.6$)
4. Approve LP token spend by SushiSwap (1.3$)
5. Deposit LP tokens (5$)
The fees are slightly on the higher side, but the vision behind SUSHI is something I can get behind. Hopefully, one day when the governance kicks in we can explore a solution to these high gas fees.
Meanwhile, enjoy having your SUSHI and eating it too, and if you enjoyed this tutorial, send me some SUSHI ;)