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How To Use SushiSwap: A Step-By-Step Guide For Beginners

Publish by Charlie at 04 September 2021

In the DeFi world, everything is rapidly turning to a new leaf. Series of products are constantly emerging, offering investors numerous ways to make profits and generate income such as staking or farming. SushiSwap, a controversial version of Uniswap v2, was launched to meet the increasing demands of the crypto industry.

Step by step, SushiSwap is becoming a fast-moving giant of the crypto space by offering a wide range of products such as farming, staking, lending, etc. And this article will straightforwardly guide you on how to use SushiSwap.

SushiSwap vs Uniswap v3

SushiSwap Overview

SushiSwap is a Decentralized Exchange using an AMM protocol built on the Ethereum blockchain. In the beginning, Sushi was a forked version of Uniswap. However, it has maintained the worth-keeping features of Uniswap and added financial services to compete against other DEXs.

As time goes on, besides being a DEX, Sushi also provides users with other financial products claimed to be Michelin star-worthy that diversify its ecosystem, such as Kashi Lending/Leverage, BentoBox dApps, Miso - launching platform, Farm, etc.

Currently, SushiSwap is gradually growing to become one of the leading platforms with the highest TVL and incredible trading volume.

Sushi's website

Preparation for trading on SushiSwap

What are the prerequisites for trading on SushiSwap?

First, users need to download and create an account (optional) on Coin98 Wallet.

Coin98 Mobile Wallet version X is available for download at:

Read the detailed instructions about how to use Coin98 Wallet or watch the tutorial video below to install the Coin98 Mobile Wallet:

Coin98 Extension Wallet: Follow these steps to install the Coin98 Extension Wallet on Chrome:

Step 1: Find and select Coin98 Extension Wallet on Chrome Web Store;

Step 2: Click Add to Chrome;

Step 3: A pop-up notification will be displayed on the screen, please read it carefully. To approve, click Add extension.

Step 4: To use the extension, click the extension icon to the right of the address bar. This dropdown will show you Coin98 Extension Wallet is installed and enabled in Chrome

How to install the Coin98 Extension Wallet on Google Chrome

Create an Ethereum Wallet on Coin98 Wallet

Users can create an ERC-20 wallet or import an existing wallet from another platform into the Coin98 Wallet.

Since SushiSwap is built on the Ethereum blockchain, users need to create or import Ethereum Wallet to use Sushi’s services.

If users are currently using the Coin98 Wallet, they can re-import their multichain wallet to automatically update their own Ethereum (ERC-20) wallet as well as other new wallets available in the latest version!

Remember to transfer all assets to the ERC-20 wallet before trading.

In case users accidentally transfer money to the TRC20, BEP20, or SPL wallets, Coin98 Wallet’s Cross-chain Bridge function will support converting tokens to ERC20 directly in the app instead of transferring them back to Binance and then withdrawing ERC20 tokens to their wallet. This is one of Coin98 Wallet's technological improvements to make it easier to trade on SushiSwap.

Preparing ETH for the gas fee

Ethereum blockchain uses ETH tokens for gas fee. Therefore, in order to trade ERC-20 tokens on SushiSwap, users must have a sufficient amount of ETH in their wallets.

Currently, the transaction fee on SushiSwap is approximately 0.30% of the trading amount. Within this, Liquidity Providers receive 0.25% and the rest of 0.05% to SUSHI token holders who staked in the SushiBar (farm xSUSHI).

For you: What is Gas Fee? How to differentiate between Gas Price and Gas Limit?

How to trade on SushiSwap with Coin98 Wallet

Step 1: Open Coin98 Mobile Wallet and click Swap on the home screen.

Step 2: Select SushiSwap.

Step 3: Click the settings icon at the top right corner of the screen and choose between 2 interface options: the Basic UI (1) and the Pro UI (2).

Users must fill in the following information to complete the transaction:

  • Choose the trading pair from the list: For example, ETH & SUSHI. Users can choose other tokens as preferred.
  • For those tokens that haven’t been listed on Coin98 Wallet, users can still trade using their contract addresses.

Step 4: Slide the bar to reach the preferred trading amount. Click Approve, then Swap to complete.

Wait for the transaction to complete and click OK.

Note:

  • The default gas fee on the Coin98 Wallet has been set for the highest speed with the most reasonable cost.
  • Users can also adjust the gas fee and slippage by clicking the settings icon at the top right corner of the trading interface.
  • Slippage is one of the reasons that lead to failed transactions. Users can trade with the default slippage of 2%, or set to a higher rate for a better chance of success.
  • Users need to have an Ethereum wallet and a proper balance of ETH in this wallet to pay the gas fee before trading.
  • The Approval step only displays in the very first trade. In the following trades, users only need to click Swap to complete the transactions.
  • The arrow in the middle of the trading interface is used to switch between the buying and selling positions. Users need to check the tokens’ positions carefully before making any transaction.

After swapping successfully, users can access the Trade History from the swapping interface to view their transactions or go back to the home screen to check the traded tokens if needed.

How to use SushiSwap with Coin98 Extension Wallet

Connecting the Coin98 Extension Wallet to SushiSwap

This is the SushiSwap exchange's interface, which looks identical to other DEXs such as PancakeSwap on BSC and UniSwap on Ethereum. Therefore, all the processes are relatively similar.

Step 1: Go to app.sushi.com/swap

Step 2: Click Connect to a wallet at the top right corner of the screen to unlock the wallet.

Choose Injected to connect to the Coin98 Extension Wallet and enter the password to log in to the Coin98 Extension Wallet.

Click Connect to confirm and let’s start trading.

Trade on Sushiswap

Step 1: Choose the token to Swap and enter the trading amount.

Step 2: Carefully check the information and click Swap to continue.

Step 3: Double-check the information and click Confirm Swap to conduct the transaction.

Step 4: Click Confirm on the pop-up window to approve the transaction.

Add liquidity to Sushiswap

As described in the following picture, Liquidity Providers earn 0.25% of all trades as fees on the pair to your share in the pool.

To start adding liquidity, follow these steps:

Step 1: Go to https://app.sushi.com/add

Step 2: Choose the pair of tokens you prefer to add liquidity. For example, ETH and USDT.

Note: Users must provide the same value as in the following picture.

Step 4: Carefully check the information and click Approve.

Step 5: Click Confirm on the pop-up window to approve the transaction.

Users can retrieve their assets at any time by canceling the added liquidity.

Check the liquidity positions here: https://app.sushi.com/pool

Farm on Sushiswap

When adding liquidity, users receive Sushi Liquidity Pool tokens (SLP tokens). In short, SLP tokens are used to stake in farms.

At the moment, SushiSwap provides 3 main types of farms: Kashi Farms, SushiSwap Farms, x2 Reward Farms. SLP token holders can select the preferred farm to stake.

To start farm tokens, follow these steps:

Step 1: Go to https://app.sushi.com/farm

Step 2: Choose the farm. For example, DUSD/WETH.

Note: Users can choose Max if preferred.

Step 4: Carefully check the information and click Stake.

Step 5: After a while, click Harvest to claim the reward on the farm.

Users can Unstake their assets at any time.

Stake SUSHI on Sushiswap

Every trade executed on Sushiswap is charged 0.3% fees of total trading value: 0.25% go to LPs, and 0.05% of the swap fees are distributed to xSUSHI farmers. xSUSHI holders have voting rights and can interact with other protocols.

To start staking SUSHI token for xSUSHI, follow these steps:

Step 1: Go to https://app.sushi.com/stake

Step 2: Enter the staking amount.

Note: Users can choose Max to quickly stake the maximum amount if preferred.

Step 3: Carefully check the information and click Stake.

Users can Unstake their assets at any time.

How to use SushiSwap with Coin98 Wallet dApp browser

Swap

Step 1: Open the Coin98 Mobile Wallet. Select Browser and search SushiSwap.

Step 2: Choose Swap to trade tokens.

Step 3: Select the trading pair, insert the trading amount.

Step 4: Check all the details and confirm to complete the transaction.

You have successfully swapped with SushiSwap on the Coin98 Wallet.

Add liquidity

Step 1: At the SushiSwap’s main screen, click Pool to provide liquidity

Step 2: Select the token you prefer to provide liquidity and enter the adding amount.

Step 3: Click Approve.

Step 4: Check all the details and click Send then confirm the transaction.

You have successfully provided liquidity to Sushi’s pool.

Farm

Step 1: At the SushiSwap’s main screen, click Farms.

Step 2: Select the preferred farming pool.

Step 3: Select Max to deposit all your stake into the farming pool if preferred. And you can Unstake at any time.

Step 4: Click Stake and confirm the transaction.

You have successfully participated in Farms.

Stake SUSHI

Step 1: At the SushiSwap’s main screen, click Stake.

Step 2: Enter the number of SUSHI tokens you want to stake.

Step 3: Click to confirm the transaction.

FAQ about SushiSwap

How much do users pay when swapping on SushiSwap?

Trading fees on SushiSwap are 0.3% of the trading amount, the same amount as Uniswap. 0.25% goes to Liquidity Providers and the rest of 0.05% goes to xSUSHI holders. And by 2023, the number of SUSHI tokens will be 250 million and the SUSHI rewards will end.

How much is the ETH gas fee on SushiSwap?

“Fast” Gas Fee. Detailed information here.

Benefits of xSUSHI?

First, when staking SUSHI for xSUSHI, users earn 0.05% fees of all trading values. That means you Serve in the Sushibar with an average APY of 8.30%.

Where is the official documentation of Sushi?

All related documents can be found here: https://docs.sushi.com/

Where to buy SUSHI tokens?

  • Users can buy Sushi (SUSHI) tokens on Coin98 Exchange.
  • Besides Coin98 Exchange, SUSHI can be bought on major exchanges:
    • CEXs: Binance, Coinbase OKEx, FTX, etc.
    • DEXs: Uniswap, 1inch, etc.

Conclusion

We’re glad to have you through the article on how to use SushiSwap with the Coin98 Wallet. Hope it contains the useful information you need for self-explanatory. If there are any questions, please feel free to comment here or join Coin98 Community for further discussions!

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Charlie

Charlie

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