Everything you need to know about staking SUSHI on SushiSwap.
0.05% of the total SushiSwap Trading Volume is being redistributed proportionally to all SUSHI stakers in the SushiBar.
With the SUSHI Staking Rewards Calculator you can make assumptions for the Sushiswap Trading Volume and Percentage of SUSHI being staked, in order to estimate earnings.
66.6% of your Sushi rewards will be “Vested” for 6 months from the moment they are earned. So if you earn 10 SUSHI today you can harvest 1/3 immediately, and the remaining 2/3 after 6 months of waiting. You can unstake at any time. Your vested (locked up) yield will still be available to you when their lock-up time is over.
What is SUSHI Staking?
SUSHI is an ERC-20 token issued to liquidity providers on the SushiSwap decentralized exchange. It is earned by providing liquidity to pools on SushiSwap and be staked in exchange for SLP tokens which are used to govern the protocol.
Staking SUSHI is relatively easy and requires a metamask ethereum wallet containing SUSHI and ETH to pay for gas.
Go to the SushiBar tab at sushiswap.fi to approve and stake your SUSHI tokens.
Prerequisites
To start make sure you have a Metamask Wallet with some SUSHI to Stake and some ETH to pay for gas fees.
How to Stake SUSHI
Step 1
Start by going to www.sushiswap.fi.
On the upper left hand corner you can click to “Connect you Metamask“.
Next click on the left hand field for “SushiBar“
Step 2
Once connected and inside the SushiBar you will see the amount of Sushi appear that is contained within your connected wallet.
Click “Approve Staking” to authorize your wallet to interact with the smart contract.
Step 3
A metamask prompt will appear. Review the transaction and click “Confirm” to send the transaction to the blockchain.
Wait patiently for the transaction to confirm on the blockchain.
The cost of gas is paid in ETH and the network is the Ethereum Blockchain.
Step 4
Now you are approved to Stake.
Click the “Stake” wording to proceed.
Step 5
Next a box will pop up that allows you to enter how much SUSHI you want to Stake.
Enter the amount or hit “Max“.
Once satisfied click “Confirm“.
Step 6
A metamask prompt will appear. Review the transaction and associated gas fees (Paid in EITH) and click “Confirm” to send the transaction to the blockchain.
Wait patiently for the transaction to confirm on the blockchain.
Step 7
Congratulations, you are now Staking SUSHI in the SushiSwap SushiBar.
You will see a summary of you staking activity and projected earnings.
At any time you can revisit this webpage to click “Harvest” and claim your SUSHI Staking Rewards
To unstake the staked SUSHI simply click “Unstake” and confirm the transaction with metamask.
Conclusion
Staking SUSHI on SushiSwap cannot be any more straight forward and easy. The reward rate is quite nice compared to similar projects and is sustainable as the reward is funded by transaction fees on the platform.
The only draw back here is the cost of gas fees to interact with the platform. This is an Ethereum Network issue that is sure to only get worse before it gets better.
Perhaps we will see a similar SushiSwap exchange platform built on other networks to take advantage of cheaper gas fess in the near future.
Overall this was a pleasant experience, go SUSHI!