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

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 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.

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 Super App. SushiSwap is now available on Coin98 Super App and Coin98 Extension. 

Coin98 for download at: https://coin98.com/wallet

Coin98 Extension Wallet for download at chrome.coin98.com.

Create an Ethereum or Polygon Wallet on Coin98 Super App 

Users can create an ERC-20 wallet, PRC20 or import an existing wallet from another platform into the Coin98 Super App.

If users are currently using the Coin98 Super App, they can re-import their multichain wallet to automatically update their own wallet as well as other new wallets available in the latest version!

Remember to transfer all assets to the corresponding wallet blockchain before trading. 

Preparing ETH or MATIC for the gas fee

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

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).

Read more: How to differentiate between gas price and gas limit

How to trade on SushiSwap with Coin98 Super App

How to trade PRC20 token 

Step 1: Open Coin98 Super App and click Swap on the home screen.

Step 2: Select SushiSwap MATIC. 

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

Users can also adjust the gas fee and slippage in this section.

• Slippage Tolerance: This is one of the most common reasons for swap failure. You can trade with the default slippage rate on the wallet (2%), or customize it higher to ensure the highest success rate.
• Transaction Deadline: the maximum transaction time that you can specify to avoid the case of long waiting time without any matching orders.
• Unlimited Approval: a feature that enables users to grant platforms and smart contracts the permission to spend tokens/ coins on your behalf without limit.
• Default Pair: the default tokens for each trading pair.

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 Super App, 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 Super App has been set for the highest speed with the most reasonable cost.
• 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 trade ERC20 token 

Step 1: On the home page of Coin98 Super App, click Swap.

Step 2: Select SushiSwap Ethereum.

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

Step 4: Select Swap → Click Swap to finish.

How to use SushiSwap with Coin98 Extension

You can use SushiSwap natively on the Coin98 Extension. Those steps are the same as the ones on Coin98 Super App. 

Here is what you can follow: 

Step 1: Choose Swap tab on the home screen. 

Step 2: Select SushiSwap on the AMM list. 

Step 3: Choose your desired tokens and start swapping! 

Add liquidity 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 and enter the password to log in to the Coin98 Extension, click connect to confirm.

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

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 Super App dApp browser

Swap

Step 1: Open the Coin98 Super App. Select Browser and search SushiSwap.

Step 2: Choose Swap to trade tokens.

Step 3: Select the trading pair, insert the trading amount. Then click Swap.

Step 4: Read the transaction information carefully,  if you agree, click Confirm Swap.

The system will charge a very small network fee to Swap, if you agree, click Send.

You have successfully swapped with SushiSwap on the Coin98 Super App.

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?

In addition to the network fee and the fee for LP, Coin98 Native Swap will charge a fee of 0.8% on the token swap for each transaction. This fee will be used for buying back C98 and supporting the continuous development of making Coin98 better in the future.

How much is the ETH gas fee on SushiSwap?

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.