SushiSwap not only offers you the opportunity to earn $SUSHI and share in platform fees with your dormant tokens, you can also earn xSUSHI tokens from your SUSHI tokens! Rewards on rewards! xSUSHI holders earn 5% of all platform transaction fees, regardless if you hold any other platform tokens or have any liquidity pairs or not. All you need are some $SUSHI tokens and, as always, some Ethereum (ETH) to get started!
Step 1: Head over to sushi.com and enter the app. Step 2: Connect your wallet to SushiSwap (make sure you have some Ethereum to cover gas fees!). Step 3: Ensure that you have $SUSHI tokens to stake in your wallet and click the “SushiBar” tab. Step 4: Input the amount of SUSHI tokens you wish to stake or click “Max,” then click, you guessed it, “Confirm Staking.” Step 5: Approve the transaction in your wallet and you’re all set.
You can find details about the performance of xSUSHI, on the SushiBar page and if you’d like to see more detailed analytics, you can click the “Your SushiBar Stats” to see your profit/loss information, etc.
You might be wondering what the value of xSUSHI is to make staking worthwhile. Well, for starters, as mentioned, 0.05% of all transaction fees go to SUSHI stakers. The redeployment of limit orders will have all fees allocated to xSUSHI holders and with the introduction of the BentoBox & Kashi, fees accrued from these lending services will also go to xSUSHI holders.
Once per day or more, the liquidity provider rewards contracts are closed and all LP tokens are swapped for SUSHI tokens, which are sent, proportionately, to xSUSHI holders. At this time, xSUSHI would have a greater value than the bought SUSHI tokens.
Many people also wonder if it’s better to farm $SUSHI on other platforms in lieu of staking. One of the benefits of staking SUSHI over using it to farm is that you can use your staked SUSHI in other DeFi protocols. For instance, you can lend your xSUSHI on CREAM as collateral, use that to borrow ETH, then use that borrowed ETH to farm another asset with an even higher APY. It can really be used to maximize token yield potential.
Users can unstake at any time and there is no vesting period associated with xSUSHI tokens.
Step 1: Head over to sushi.com and enter the app. Step 2: Connect your wallet to SushiSwap (make sure you have some Ethereum to cover gas fees!). Step 3: Click the “SushiBar” tab. Step 4: Input the amount of SUSHI tokens you wish to unstake or click “Max,” then click “Confirm Withdrawal.” Step 5: Approve the transaction in your wallet and you’re all set!