TL;DR Since today is distribution day and some people might want to add to the MOON/ETH SushiSwap LP pool I wanted to highlight some important things to take note of!
With our precious moons getting ready to be distributed today I wanted to share my experience in adding my moons to the SushiSwap liquidity pool. Having been traumatized by Ethereum gas fees before I wanted to make sure I did everything right and guess what... I still messed up but luckily with Arbitrum Nova the gas fees are so low I was able to fix my mistake quickly! So here are my biggest takeaways:
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You will have to get rid of some of your moons for additional ETH... I hated having to do this but unless you have a decent amount of ETH on the Arbitrum Nova blockchain it is the quickest and easiest way to get the additional ETH
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When you deposit into the pool you will be asked if you want to stake your position... to get your rewards YES you do!
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SushiSwap will also ask if you want to migrate your position from a V2 pool (which is the pool that comes up when you search) to a V3. Not knowing what it was I did that and if you do so the rewards are entirely different. Currently, this subreddit and SushiSwap are providing a reward boost to LP providers but this is not available to the V3 providers. The V3 farm purely runs on the fees generated which are then returned to the LP providers in moons and ETH. With the APY of the LP being 12.30% right now 11.56% of that is the boost meaning fees are only generating 0.74%.
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If you do migrate do not worry though! Due to the low cost of transactions after a couple of days, I had actually made more than enough ETH to cover the gas cost of unstaking from the V3 farm and restaking my position in the V2 farm that has the boosted rewards!
Overall but more in due part to Arbitrum Nova's cheap gas fees interacting with SushiSwap has not been to bad of an experience. While I made a mistake in both not knowing to stake my deposit initially and then I migrated to V3 both of these were easy and cheap to address/undo! I hope this helps anyone that is looking to add their moons to the LP pool!
Originally posted on r/cryptocurrency
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