Decentralized exchanges (or DEXs) have come a long way from being just another way to trade or swap assets. A new generation of DEXs have arrived and they are changing the way traders and savers alike are swapping and saving their Ethereum ERC-20 tokens.
One of the new generation of DEXs is Sushiswap. On top of making low cost trades without needing to trust an exchange, Sushiswap has some advanced features including liquidity farming that lets you earn a return in exchange for taking on some risk.
Join us as we go over Sushiswap – what it is, how it works, and what you need to be aware of before signing up.
Getting Started With Sushiswap
Using Sushiswap will be familiar to anyone who has used Uniswap. If you are new to both services there is a bit of learning curve. Whether you are making trades or want to participate in liquidity farming, you’ll need to connect an Ethereum wallet.
Currently the platform supports Metamask and WalletConnection-compatible wallets. Once your wallet is connected, you’ll be able to make trades by authorizing the individual transactions as they pop-up in your wallet.
Sushiswap has quite a few official web addresses. Always be careful and make sure you are visiting the correct site and not an imposter site. Currently, their primary site can be found at www.sushiswap.fi.
Once you’ve arrived, trades can be made from the Quick Swap menu option on the top left of the page. Next, choose the assets you want to trade. Typically this with be ETH for a token, tokens for tokens, or tokens for ETH. Since Sushiswap is a DEX, the number of assets it supports is enormous.
If you’re looking to participate in liquidity farming, you’ll need to deposit both coins from a pair of assets, such as USDT and ETH. Each liquidity pool is made up of a different asset pair. More instructions for this process can be found on the Sushiswap official page. It’s definitely not for beginners to cryptocurrency and online crypto apps.