Wiretap Wednesday: Farming $SUSHI Like A Chad Degen

SushiSwap recap, farming guide, and overview

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SushiSwap has taken the entire DeFi world by storm – honestly, I feel a little late making this post!

Time in DeFi is like dog years.

1 day in DeFi = one year in CeFi.

Just yesterday we saw harvest.finance, kimchi.finance, and pylon.finance all pop up out of nowhere…when is this going to end?

I’m not sure. But what I do know is out of all the food clone memes, Sushi actually has a chance to be something longer term.

Especially if they pull up this upcoming migration to SushiSwap LP tokens.

We’re gonna dive into what Sushi is, how to farm it, and a recap of whats happened the last week or so.

Here we gooooooooooo.

– Andy

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Wiretap Wednesday: Farming $SUSHI

The SushiSwap war has begun. In an attempt to ‘steal’ liquidity from Uniswap, SushiSwap has seen $1.2B TVL in the protocol. At today’s date, this accounts for a whopping 63.7% of Uniswap’s total volume! For those who don’t understand, basically this means that more than half of all the liquidity providers from Uniswap have taken their UNI-V2 LP tokens and deposited them into the SushiSwap farming protocol to earn yield.

Pretty wild. The key difference here is the tokenomics of Sushi allow for its token holders to get paid a 5% fee of all token distribution. The Sushi lead, Chef Nomi, has proposed this to incentivize holders to, well, hold and not dump like most other food meme coins (see $PASTA which has dumped 98% in the last few weeks).

The current APYs for the majority of the sushi pools range from 700%-1800%. This is a massive and has attracted a lot of farmers out for a quick buck, but the real test will come after the upcoming migration to SushiSwap LP tokens from Uniswap LP tokens.

This is happening on ~ Sept. 10th & will be the real test of whether or not SushiSwap can realistically compete with Uniswap.

This is how the liquidity *could* be ‘stolen’ from Uniswap and brought onto SushiSwap. Its really all about the incentives that are at play. Uniswap has no token or profit sharing to token holders. SushiSwap does and this is why they have over $1B in TVL (according to SushiBoard).

Users want to earn more $$$.

They choose SushiSwap.

However, I do really wish the name was something a little bit more ~legit~ because SushiSwap is a complete meme. Anywho, watch the video below to get the full recap and overview of SushiSwap!


How To Farm $SUSHI Tokens

So you wanna get your feet wet and get yourself a piece of the good ol’ farmers pie? Lets do it.

Step 1: Go to Uniswap and click ‘Pool’ then ‘Add Liquidity’

Step 2: Provide liquidity to one of the pools by obtaining the same ratio of coins (AKA 1 ETH – 450 DAI) – so the USD value of both your tokens has to be the same value to provide liquidity. The pools available for Sushi are:

For this example, we’ll do COMP-ETH pool because is boasting a substantial 1,800% APY. When you press ‘Supply’ you’ll be prompted with a MetaMask transaction to approve & supply liquidity – go ahead and pay the outrageously annoying gas fees and then you’ll get your UNI-V2 LP tokens!

Step 3: Head on over to SushiSwap, press ‘Menu’ and find the COMP-ETH pool. Then press ‘Approve COMP-ETH UNI-V2 LP Tokens’ & go forward with the MetaMask transaction. Then, go ahead and press the + button to add your LP tokens, click ‘Max’, approve the MetaMask transaction then you’re good to go! You should be able to see the amount of LP tokens you staked on the right, and a growing $SUSHI balance on the left!

Step 4: When you’re ready to harvest your crops, you can click ‘Harvest’ to get your $SUSHI tokens to your MetaMask wallet. If you want to Harvest & exit (getting your LP tokens back to your wallet), click ‘Unstake’ to get both your $SUSHI tokens & UNI-V2 LP tokens back to your wallet. When you have the LP tokens back you can return to Uniswap and get your original 2 assets back + hopefully some gains (or losses, due to impermenant loss).

Happy farming, fellow crop rotation specialist!!????????‍????

⚠️DISCLAIMER: Investing into cryptocurrency and DeFi platforms comes with inherent risk including technical risk, human error, platform failure and more. We are strictly an educational content platform, nothing we offer is financial advice. Please refer to our blog for more on mitigating your downside when using these protocols!

???? Shoutout To Our Partner: MCDEX— trade the first ever decentralized ETH & LINK perp swap contracts on MCDEX.

???? New To Yield Farming? Use Akropolis to lend, borrow, and dollar-cost-average in the simplest way possible with their new Delphi mainnet launch!

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