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2021-11-16 10:35:10
HOW TO USE SUSHISWAP?

1. What is Sushiswap?

Sushiswap is an AMM decentralized exchange built on Ethereum. It is a fork of Uniswap. The project has Uniswap's unique features of the AMM model like allowing users to swap any ERC20 token, using a liquidity pool instead of an order book. 

Besides the main product is AMM Dex, Sushiswap has developed a lot of new DeFi products on Sushiswap platform such as Lending, Leverage, IDO, Yield Optimizer,... 

 

2. How to use Sushiswap?

Sushiswap is multichain AMM DEXs and now supports 13 platforms including the biggest blockchain platforms in the market like Ethereum, Polygon, Fantom, BSC, Avalanche, OKEx, …

2.1 Provide liquidity

Liquidity Providers on Sushiswap will earn 0.25% of all trades fees to their share of the pool. Providing liquidity is staking your tokens into liquidity pools (LPs) on Sushiswap. When you add the token pool (LP), you will receive FLIP tokens (the number of FLIP tokens you receive represents your share in the liquidity pool).

Step to add liquidity: 

1. Go to Liquidity page on Sushiswap. Because Sushiswap is multichain DEXs, you can easily change your network by choosing its logo at the bottom right corner. 

2. Choose the pair of tokens you prefer to add liquidity. For example, BNB and BUSD.

3. Choose Approve and then click Confirm Adding Liquidity button.

4. Now you have successfully provided liquidity to Sushi’s pool.

 

2.2 Farming

Step to join farming on Sushiswap: 

1. Go to Farm page on Sushiswap. 

2. Choose the Farm you want to join. For example, here I choose WBTC/WETH. Then Adding Liquidity to the pool you chose by the following step above. 

4. Enter the number of liquidity tokens you want to stake and select Confirm.

5. Now you have completed farming on Sushiswap.

 

2.3 Lending

Step to join lending on Sushiswap: 

1. Go to Lend page on Sushiswap. 

2. Select the token pair you want to lend. Then enter the amount of token that you have chosen as collateral and confirm the process by clicking on the Deposit button.

3. Once the transaction is successful you can see your lending details on the dashboard. 


How to withdraw your asset from lending: 

1. Click on your lending pool.

2. Choose Withdraw button and enter the percentage of tokens that you wish to withdraw. 

3. Confirm the process by clicking on the Withdraw button.

 

2.4 Borrowing

To borrow, you need to first deposit the collateral that is paired with the token you wish to borrow. For example, to borrow BUSD, we have to first deposit BNB as collateral. 

Step to join borrowing on Sushiswap: 

1. Go to the Borrow page on Sushiswap. 

2. Click on your desired token pair to borrow.  For example, to borrow BUSD, I have to first deposit BNB as collateral. 

3. Add the amount of collateral in the first field.

4. Click on the Add collateral and borrow button at the bottom of the page. Once the transaction is successful, you can see your borrowed position from the dashboard.


How to repay and withdraw your deposited collateral:

1. Click Repay button on the Borrow page on Sushiswap. 

2. Enter the number of tokens that you want to repay and confirm the transaction.

3. Once the transaction is successful, your borrowed amount will become almost negligible.

4. Enter the amount of collateral in the Remove BNB to wallet field that you wish to withdraw, and click on the Remove Collateral button.

5. Now you successfully repay your borrowing asset and withdraw your collateral.


 

If there are any questions, please feel free to join our community for further discussions about Crypto/Neko Wallet with our team and other members!