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.
Official Link: https://uniswap.info/pair/0xce84867c3c02b05dc570d0135103d3fb9cc19433
Awesome! I have 100 SUSHI tokens now, I paid about 2.71$ as fees for this transaction.
https://etherscan.io/tx/0xc163add7aa5be3899baaa81fc606e1d107d9c5e3f498fb4bcd32a4cce8eed686
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 ;)
Official Link: https://app.uniswap.org/#/add/0x6b3595068778dd592e39a122f4f5a5cf09c90fe2/ETH
You'll have to first approve UNISWAP to spend your SUSHI, which cost me around 1.28$.
https://etherscan.io/tx/0xb190b0210fabc44a2e45fdef9a04750a950eb6ca068eb258e72d87dd88964b0d
Next, you have to confirm another transaction to Supply your SUSHI and ETH to the pool. This txn cost me 4.6$. (WHOOPS)
https://etherscan.io/tx/0x28184d99d5493d42cb7b8b01c8a9410c969990e3fff37e99a092f31703228a5e
Step 3: Last Step! Deposit your LP tokens on the SushiSwap website
Official Link:https://app.sushiswap.org/farms/SUSHI-ETH%20UNI-V2%20LP
Approve SushiSwap to spend your LP tokens, this cost me 1.3$.
https://etherscan.io/tx/0x73f09db59f1a0f1a6f8b039d7b50d74edefe7d1bb636cd394a74b0e49d0a1df5
Next, deposit your LP tokens! This cost me, 5$. (WHOOPS)
https://etherscan.io/tx/0x31a962715aa719898e623ee6f767e68d3f9e5c8f078baf88bde69c87be18d379
That's it, you're now a successful SUSHI farmer!
Summary:
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 ;)
0x9080196182F77B89BB5B0EeE3Ddb48cFA716c4c3
