SushiSwap

Background Information About SushiSwap

Founded in 2020 by Ox Maki, SushiSwap is a peer-to-peer, decentralized exchange. It allows users to swap tokens, provide liquidity, and other DeFi services. Based in Japan, SushiSwap operates a decentralized finance liquidity provision platform.

The first product from Sushi is SushiSwap, a decentralized exchange. It is also non-custodial, which means that, unlike centralized exchanges, it does not need to possess your tokens for you to be able to trade them. Instead, SushiSwap allows users to trade with liquidity supplied by other users. It means that new projects can easily connect to their desired markets as long as some entity is willing to provide the liquidity.

How to Get Started on SushiSwap?

Getting started with Sushiswap is a simple process. Unlike some traditional digital currency trading services, you won’t need to create an account on SushiSwap. Instead, you need is a cryptocurrency wallet and some tokens to begin trading on SushiSwap. 

If you have Ether in your digital wallet, you can trade all supported digital assets on SushiSwap. There is one more aspect of trading on SushiSwap where you will require Ether. Are you wondering what it is? We are talking about gas fees that you must pay to process every transaction on SushiSwap.

Regardless of the type of transaction at SushiSwap, you will need Ether to execute the transactions because ETH is used to pay gas fees. Hence, you must have sufficient Ether balance in your digital or hardware wallet that you plan to use on Sushi.

If you don’t have any Ethereum in your wallet, you may have to purchase some ETH from a centralized cryptocurrency exchange that serves in your region.

Once your wallet is ready, you can visit the website of Sushi, enter the app and connect your wallet to get started.

How to Set up Your Wallet at SushiSwap?

To make transactions on SushiSwap, you need to ensure that your wallet contains a minimum Ether balance to pay for transactions and gas fees.

Visit the website of SushiSwap, and click on the “Connect to Wallet” button available on the right-hand side of the webpage. A pop-up will appear showing the list of wallets available. These wallets secure the private keys to your crypto and enable you to authorize transactions and view balance on the Ethereum blockchain.

You can connect to a wallet supporting Ethereum. SushiSwap supports multiple wallets including, MetaMask, Binance, Coinbase Wallet, Lattice, among others. You can select the wallet that best fits your needs.

How to Swap at Sushi?

At SushiSwap, trading cryptocurrencies is a straightforward process. One of the best ways to get better acquainted with SushiSwap is to start with a swap. Here’s how to start swapping:

Step 1: Visit the website of Sushi, and click on the “Enter the App” button available on Sushiswap’s homepage.

Step 2: Next, you need to connect your wallet to SushiSwap. (Here, you need to make sure you have some Ethereum balance in your wallet to cover the gas fees)

Step 3: Now, you have to select the token you wish to swap against, and enter the amount or click on “Max.”

Step 4: You can re-check your transaction details and click on “Swap.”

Step 5: Now, wait for the transaction to complete to see your new token appearing automatically in your wallet. 

How to Earn Yield at SushiSwap?

The yield farms at Sushi are branded on Sushi as Onsen. To earn yield at SushiSwap, you need to follow the below steps:

1. Visit SushiSwap’s website and click on the “Enter the app” button.
2. Connect your wallet to SushiSwap. (You need to make sure you have some Ethereum balance in your wallet to cover the gas fees)
3. Next, you have to add liquidity to the yield in the farming pair. 
4. Further, select the farm or Onsen pair you want to join and deposit your SLP (Sushi Liquidity Provider) tokens into the farm by entering the amount you wish to add or by clicking “Max” and click “Deposit.” 
5. Accept and approve the relevant fees and start growing your $SUSHI. Farming will begin instantly after the transaction is completed.