Oh My xDai! How to Unlock New Incentives with Sushi on xDai, Tutorial

This post was originally published on SushiSwap

Sushi

Jul 22 · 6 min read

Sushi has deployed on several chains now, and we are very much excited to heat things up even more this summer by including support for xDai. To incentivize usage, an additional $2M in liquidity will be provided for select trading pairs!!

Detailed instructions follow. If you are familiar with trading on xDai and want to get started right away, go to https://app.sushi.com and select xDai from the dropdown network list.

xDai Incentives on Sushi?? Yummy!

How to Get Started

1) Bridge Assets to xDai

To start trading on xDai, move your assets (from Ethereum, BSC, Fantom, Polygon) using a bridge. You can move a single asset and then convert to multiple assets on xDai using SushiSwap or other DEXs, or move multiple assets to xDai for use. There are several bridges available for moving assets. Fees vary based on the origination chain.

  1. xDai Bridge. This bridge is used to convert Dai on Ethereum to xDai on the xDai chain. See the Moving Dai to xDai tutorial for more information.
  2. OmniBridge. For transferring any ERC20 tokens on Ethereum or BSC.
  3. xPollinate: State channel bridge for stable asset transfer between xDai, Polygon, BSC and Fantom.

How to Swap Assets on Sushi

Step 1: Go to app.sushi.com/swap
Step 2: Connect to xDai in the dropdown chain menu. If connected through MetaMask, a notification will ask if you want to switch chains (or add xDai chain if not in your MetaMask).

Step 3: Select the token you want to exchange and the token you want to receive. Exchange amount will auto-populate for the trade. Clicking on an asset brings up the Select a token menu for available assets.

Step 4: Swapping requires 2 confirmations with your connected wallet.

biswap
  1. Press Approve to begin. You will sign a transaction in MetaMask to proceed.
  2. Once Approve is confirmed, press Swap to complete the transaction. For both transactions, it is possible to set Gas Price to 1 Gwei (unless network is congested — check slow, average and fast gas prices by hovering over the xDai Gas Tracker on BlockScout).

Step 5: Check your transaction(s) in BlockScout to verify. https://blockscout.com/poa/xdai/tx/0xdb3f16bf528266f9525fc9923906b96a006e7a8bfe4dd152739b181567fcb087

How to Add Liquidity for LP Tokens

Once you have the required assets you can provide liquidity for a trading pair. You will need 50% of each asset to fund a pair. For example if you provide $100 worth of xDai you will also need to provide $100 worth of STAKE at current prices, or the corresponding 50/50 amount for any other pair you chose.

Step 1: Go to the Liquidity tab and select the assets you will provide.

Step 2: Enter the amount of the first asset. The second asset will auto-populate based on the amount provided. Click Confirm Adding Liquidity to proceed.

Step 3: Confirm Supply. You will see the amount of LP tokens you will receive for providing liquidity. Note that you adjust gas price for this transaction as well.

Step 4: Check your transaction in BlockScout to verify. https://blockscout.com/poa/xdai/tx/0xcf6d9dcc4544dd263a424856cb4d7791c260d3e306b5aa0479d457645b5d5178

xDai was converted automatically to wxDai when adding liquidity to the pool

Step 5: You can add additional liquidity or withdraw all or some LP tokens from pools you have funded. With your xDai account connected, go to the liquidity tab and press View your Liquidity Positions.

Step 6: Click Manage to find buttons to Add or Remove liquidity, and follow the MetaMask prompts to confirm these transactions as you normally would.

Add LP Tokens to MetaMask

It’s easy to add custom tokens to MetaMask with BlockScout.

Step 1: Find your LP transaction in BlockScout and click on the SLP token.

Step 2: On the token page, click on the MetaMask icon next to the token address.

Step 3: Add Token in MetaMask. The token will appear in your list of assets.

Add token to MetaMask

LP Tokens and Incentives

Providing liquidity to some pairs will provide additional incentives for SushiSwap on xDai users. xDai has provided $2M in incentives for Sushi farms and Sushi has commited to the same!

Currently incentivized pairs are as follows:

USDC-WXDAI
WETH-WBTC
STAKE-WXDAI
WETH-WXDAI
LINK-WXDAI
USDT-WXDAI
USDT-USDC

Please go to app.sushi.com/yield for more information. Make sure you switch your network to xDai to see farms and APYs.

Lend and Borrow with Kashi

Anyone can create markets for lending, borrowing, and collateralizing assets on Kashi. Kashi users can leverage Chainlink price feeds on xDai to get accurate pricing info.

Learn more about Kashi in the following docs.

Step 1: Select either Lend from the main menu. You will be directed to https://app.sushi.com/lend

Step 2: Once in the Kashi interface:

  1. Use the submenu to switch between the lend, borrow, and create functionality.
  2. From the lend tab, select an existing pool to add collateral.
Example uses lending pools on Ethereum as xDai pools are just starting

Step 3: Click the button to sign and approve Kashi. This is a free transaction that gives Kashi full access to funds in (and approved to) BentoBox.

Step 4: Enter the amount you want to lend and approve the asset for transfer. Here we approve Dai.

Note that the default is to provide unlimited amounts for transfer. This allows you to skip this step (and not pay for additional transactions of this type) in the future for this asset, but can introduce security risks. If you prefer to approve only for the amount you are lending, go to Edit Permission and select a custom amount for approval, then click Save.

Step 5: Confirm the transaction. This transaction can be expensive on Ethereum (note the gas fees in this example) but not on xDai! Once you confirm your funds will be included in the protocol.

We hope you enjoy the new Sushi incentives on xDai chain and look out for more multichain madness to come!!!

Sushi is building a comprehensive DeFi ecosystem with AMM, leverage & margin trading platform, token launchpad and NFT artist platform. Follow our socials to keep up with our product launches and find out more on how you can make the most of your cryptocurrency assets with Sushi’s secure and powerful DeFi tools!

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