It’s a Celo-bration!! How to Access Sushi on Celo

This post was originally published on SushiSwap

Sushi

Oct 13 · 7 min read

Sushi is excited to announce that Celo liquidity rewards will be live tomorrow, October 14th at 8PM UTC! In this tutorial, you’ll learn more about Sushi and how to start earning rewards with Celo.

Topics covered in this tutorial:

Introduction to Sushi
How are SUSHI rewards distributed?
How to earn with CELO
How to connect MetaMask with Celo
How to Add CELO to Your MetaMask
How to use the Celo Chain on Sushi with MetaMask
How to add Liquidity and participate Yield Farming

By the end of this tutorial, you’ll be able to use Sushi to deposit in liquidity pools and become a liquidity provider. This allows you to earn double rewards in SUSHI + CELO by providing liquidity to the network.

Introduction to Sushi

Sushi (SUSHI) is an automated market maker (AMM). An automated market maker is a decentralized exchange that uses smart contracts to create markets for any given pair of tokens.

You can learn more about Sushi, here.

biswap

How are SUSHI rewards distributed?

SUSHI is distributed through liquidity mining. If you don’t know what this means, read this yield farming article first to get familiar with the basics. SUSHI is distributed to those who provide liquidity to specific pools. Then, they can deposit their SLP tokens into the Sushi staking contracts to start earning SUSHI.

Earning tokens with CELO

You can earn tokens with CELO by providing liquidity for any incentivized pair. The following pairs will be incentivized to start:

Sushi users who deposit in liquidity pools will become liquidity providers. Liquidity providers can earn double rewards in SUSHI + CELO by providing liquidity.

Sushi on Celo

To start earning rewards, you’ll need to access a wallet, add CELO, and connect to the Celo chain using the Sushi app.

Note* Celo only supports MetaMask, CeloWallet.app, and CeloTerminal to start (via Wallet Connect v2). Valora is not supported. This tutorial will focus on getting you started with MetaMask, but you may use any supported wallet you prefer.

Connect Your MetaMask to Celo

Step 1: Navigate to metamask.io and download a wallet.

Step 2: Follow each of the steps provided by MetaMask to set up your wallet.
Step 3: Select Networks and choose Custom RPC to add Celo.
Step 4: Follow these steps to add the Celo network to your MetaMask wallet.

Network Configuration for Celo Mainnet

Network Name: Celo (Mainnet)
New RPC URL: https://forno.celo.org
Chain ID: 42220
Currency Symbol (Optional): CELO
Block Explorer URL (Optional): https://explorer.celo.org

*Note* You can learn more about connecting MetaMask to Celo in this video.

How to Add CELO Tokens to MetaMask

Step 1: Copy your Celo Mainnet account

Step 2: Purchase CELO from any available exchange (example Binance).

Note* Celo stablecoins (cUSD and cEUR) are available on BittrexGlobal, KuCoin, and OKCoin. You may also use wrapped.com to convert BTC and ETH to cBTC and cETH.

Step 3: Send CELO to your MetaMask Wallet.

How to use the Celo Chain on Sushi with MetaMask

When using Sushi on the Celo Network, it will look and feel like your regular Sushi interface, with some slight changes. For one, fees can be paid in ERC20 tokens, and not just the native token of the protocol, CELO. For instance, transacting with cUSD, fees can be paid in cUSD as well.

Swap Tokens

Step 1: Go to app.sushi.com/swap
Step 2: Switch your network to Celo.

Step 3: Select the token you wish to swap from and to.

Step 4: Input the amount you wish to swap or click MAX.
Step 5: Click “Approve.”
*Note* Your swap may not proceed if the price impact is too high. If this is the case, please lower the number of tokens you are trying to swap.
Step 6: Allow Sushi to spend your tokens by confirming in your wallet.
Step 7: After this approval processes, click Swap.
Step 8: Confirm the swap transaction fee from your wallet and done!

Liquidity & Yield Farming

You can also earn SUSHI rewards using the Celo-hosted Onsen. To participate in the Onsen program, you need to provide liquidity to the Sushi exchange with your held assets. For doing this, Sushi’s revenue-sharing program rewards its liquidity providers with 0.25% of the 0.30% fee that is charged for every swap on the platform.

The Onsen program also takes this a step further and adds more liquidity providing incentives by allotting participants with SUSHI token rewards. Let’s go through the steps together to step into Sushi’s Onsen on the Celo network.

Step 1: Go to app.sushi.com
Step 2: Switch your network to Celo.
Step 3: Click the Yield tab to check which farms are available on the Celo network that you would like to join.

Note* In order for you to join an Onsen pair and start earning rewards, you need to add liquidity first, which we will outline next.

Step 4: Click the Pool tab.

Step 5: Select the tokens for a valid token pair you wish to add liquidity to.

*Note* When adding liquidity to a pair, both sides of the pair need to have an exact monetary value.

Step 6: Add the amount of tokens you wish to add to the pool of the first token. Our platform will automatically calculate the equal monetary value of liquidity to the second asset, given there is sufficient balance.
Step 7: Approve Sushi to access your tokens from your wallet.
Step 8: Click Supply, then Confirm Supply in the popup.

Step 9: Approve the transaction and relevant fees from your wallet, you will now receive your liquidity pair or LP tokens.
Step 10: Once the transaction approves, click the Yield tab and click the yield farming pair you wish to join. You should see your Wallet Balance now displays your received LP tokens.
Step 11: Input the amount of LP tokens you wish to add to the farm or click MAX.
Step 12: Click Approve.
Step 13: Allow Sushi to spend your SLP tokens from your wallet.
Step 14: Click Deposit.
Step 15: Confirm the transaction and the relevant fees from your wallet.

Once the transaction completes you will now be a SUSHI farmer on the Celo network. When you refresh the Yield tab on app.sushi.com, you will see your assets in farming away 24/7 under the subheading: Your Yields.

Click Harvest whenever you want to withdraw your SUSHI to your wallet.

How to Remove Liquidity & Exit Onsen

So what if you want to hang up your hat and call it a day from being a farmer? Well, follow these simple steps to reverse what we just did above.

Step 1: Go to app.sushi.com
Step 2: Switch your network to Celo.
Step 3: Click the Yield tab to check which farms you are in — they will show at the top of the page under the subheading: Your Yields.
Step 4: Under the Deposited section, input the amount of LP tokens you wish to remove from the farm or click MAX.
Step 5: Confirm the transaction and their relevant fees from your wallet.
Step 6: On the same page, click Remove Liquidity and select the percentage you wish to remove. Slide the cursor to Max to remove it entirely. Once selected, click Approve.
Step 7: To remove, you need to sign the SLP token agreement from your wallet. Click Sign from your wallet.
Step 8: After the signing processes, click Remove, then Confirm in the popup.
Step 9: Confirm the transaction and their relevant fees from your wallet.
Step 10: Click Pool and you should see your liquidity position under the tab Your liquidity. If you cannot see it, please give it some time to load or refresh the page.
Step 11: On the liquidity pair you wish to withdraw click Manage, then Remove.
Step 12: Slide the cursor to the amount you wish to remove or click MAX to remove your position entirely, then click Approve.
Step 13: Sign the transaction in your wallet.
Step 14: After signing processes, click Remove, then Confirm in the popup.

Your assets should appear back in your wallet shortly.

Celo-brate with Sushi x Celo!!

We hope you found this tutorial helpful and we hope you enjoy taking advantage of Sushi benefits through the Celo network!

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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