SushiSwap is an AMM (automated market maker) based decentralised exchange that allows users to swap between various token classes and also allows liquidity providers to get more rewards by providing liquidity to pools.
Users can provide wstETH (wrapped stETH) as liquidity to the respective pool to get more rewards.
The pool will be allocated 200,000 LDO for the first month, with up to 13,500 SUSHI allocated from SushiSwap as well.
The wstETH/DAI pool is live here.
The wstETH/DAI reward farm is live here.
How to wrap stETH for wstETH
Users who hold stETH will need to wrap their stETH to wstETH beforehand to interact with SushiSwap. wstETH is a non-rebasing token that remains stable instead of changing daily to reflect staking rewards - staking rewards are only actualised when wstETH is unwrapped.
Head over to Wrap.
Connect your wallet at the top right.
Input the amount of stETH you would like to wrap to wstETH.
Select “Unlock token to wrap” and approve the transaction.
Confirm the final transactions.
How to provide wstETH liquidity
Now that you have wstETH, you can provide it as liquidity to get liquidity mining rewards.
Head over to the wstETH/DAI liquidity pool.
Select the “+” button.
Input the amount of wstETH/DAI which you would like to add to the liquidity pool.
Select “Supply”.
Select “Confirm Supply”.
Approve and confirm the transactions in your Ethereum wallet.
How to remove wstETH liquidity
Visit the wstETH/DAI liquidity pair.
Select “- Liquidity”.
Input the amount you would like to remove from the liquidity pool.
Select “Remove” and confirm the transactions.
Staking wstETH/DAI pool tokens for liquidity mining rewards
After providing wstETH/DAI liquidity to the pool, users will receive an LP token representing their share of the pool. Users will need to stake this token to get liquidity mining rewards.
Visit Farms and find the wstETH/DAI liquidity pool.
Select the pool.
On the left hand side, Input the amount of tokens you have in your wallet.
Select “Stake”.
Approve and confirm the transactions.
Upon confirmation, you will now start receiving SUSHI and LDO rewards.
Unstaking wstETH/DAI pool tokens
To unstake, visit Farms and find the wstETH/DAI liquidity pool.
Select the pool.
On the right hand side, input the amount of tokens you would like to unstake.
Select “Unstake”.
Approve and confirm the transactions.
Upon confirmation, you will no longer be receiving SUSHI and LDO rewards.
Claiming SUSHI + LDO liquidity mining rewards
More information on the specific reward claiming process will be added here as claiming is enabled.