Sushi is a decentralized organization powered by its community, aiming to solve the problem that liquidity in various forms cannot be connected to the market in a decentralized manner. Currently, this organization is featured with various functions, including SushiSwap, Kashi Lending, Sushi Yield Farms, and SushiBar Staking.
In September 2021, Sushi was deployed on the Arbitrum network (Layer 2) supporting a higher transaction speed without unaffordable gas fee, compared with the Ethereum Mainnet (Layer 1). Also, the network is as secure as the Mainnet.
How to Use Sushi on Arbitrum?
1. Switching your ETH wallet from the Ethereum to Arbitrum.
2. Preparing sufficient ETH in the Arbitrum wallet to pay gas fee for follow-up transactions. There are two ways to deposit ETH in the wallet, namely through exchanges or bridges. Check out the details in How to use Arbitrum with imToken?
Open the Arbitrum wallet, swipe the function bar to the left and click "DApp" and scroll down the page to find Sushi(Arbitrum). You can launch the DApp after confirming your address is public to the site.
Set the type and amount of tokens to be exchanged in the input box, click "Swap" - "Confirm Swap" and enter the password to complete the exchange. Here is an example of swap ETH into USDC:
Note: Except for ETH, you need to first click “Approve” for authorizing the swap of tokens.
Why Should We Provide Liquidity?
You can get a share of the trading fees by providing liquidity to the pools in the protocol.
How to Provide Liquidity?
1. Click the menu button at the top left corner and choose “Liquidity” - “Add”. Then, you can choose a token pair to provide liquidity, such as ETH and USDC, and enter the amount.
2. Click “Approve” for the authorization and click “Confirm” to preview all the details. After checking the information, you can click “Confirm Supply” to become a liquidity provider.
You can find your positions through the import function if they aren’t shown automatically in Sushi.
Click the menu button at the top left corner and choose “Liquidity” - “Import”. On the page, you can select the tokens that you have provided liquidity to, such as ETH and USDC. Then, the corresponding position details will be loaded. Click “Manage this pool” to manage the position.
Note: You can enter the token contract address to import if a token cannot be found on that page.
Staking SLP Tokens
Why Should You Stake?
You will receive SLP tokens after providing liquidity. For example, after adding ETH and USDC to the pool, you will receive WETH/USDC SLP tokens. If you stake these tokens in Sushi, you will be rewarded with newly minted SUSHI.
How to Stake?
Click the menu button at the top left corner, click “Farm” - “My Farms” and choose a pool. For example, we have WETH/USDC SLP tokens here, we should choose the WETH/USDC pool and click “Staking”. Enter the amount or the percentage that you want to stake and click “Approve”. After that, click “Confirm Deposit” to confirm your staking.
After engaging in staking for a period, you can click the menu button at the top left corner and choose “Farm” - “Onsen Menu”. Then, click the pool that you have staked, click “Rewards” - “Harvest Rewards” to claim your staking rewards (SUSHI).
For best security on large amounts of crypto, consider our hardware wallet, imKey. imKey also allows users to use Sushi on Arbitrum and supports Layer 2 ecosystem.
Risk Warning: The content of this article does not constitute any form of investment advice or recommendation. imToken does not make any guarantees and promises for the third-party services and products mentioned in this article, nor assume any responsibility. Digital asset investment has risks. You should carefully evaluate these investment risks and consult with relevant professionals to make your own decisions.