SushiSwap is a decentralized exchange based on Uniswap which has managed to reach hundreds of millions in trading volume, placing itself among the top DEX’s. If you have never used a decentralized exchange before, here you can find a complete and simple guide on how to use SushiSwap.
What you need
In order to use any decentralized exchange, you will need an Ethereum address and an extension to connect to the website. SushiSwap supports MetaMask, WalletConnect, Lattice, Coinbase Wallet, Fortmatic and Portis.
In this guide, we will use MetaMask. If you don’t have MetaMask installed, navigate to this link https://metamask.io/ and download it. It can be used on most browsers as well as on mobile for iOS and Android.
Once you have your MetaMask installed, you will need to create a new Ethereum address or import an existing one using your Private Key.
Simply click on your MetaMask extension and then on the top right icon. Now select ‘Import Account’ and paste or type your private key. Now you will have access to your Ethereum account through MetaMask.
How to Use SushiSwap
The main function of SushiSwap is to swap cryptocurrencies. Navigate to https://exchange.sushi.com/#/swap and click on Connect to a wallet on the top right.
You will have several options to choose from. Select MetaMask and the Ethereum address you want to use and click on Connect. Once connected, you will be able to check your current tokens and swap them. If it is your first time using SushiSwap, you will need to approve the token you want to swap first, but you only need to go through this process once.
Additionally, you can also add liquidity on SushiSwap by going to https://app.sushi.com/swap. Here you can find several options, including the ability to lend coins, farm, Onsen, and SushiBar.
What is the Farm Feature on SushiSwap
SushiSwap offers incentives to users providing liquidity by paying them in SUSHI tokens. The ‘Farm’ option shows permanent LP pairs. However, the Onsen feature, is not permanent but can yield far higher APY depending on the pairs.
On top of that, users that hold SUSHI also have the ability to participate in the governance of the project by voting on new features or changing previous ones.