How do I acquire Sushi SLP tokens?
Follow these steps to acquire a Sushi Liquidity Pool (SLP) token. You will need a wallet, such as MetaMask and some ETH.
If you only have ETH you need to convert some ETH to USDT. This needs to be completed on the Swap tab. There are a couple of steps that will be involved:
- 1.Approve ETH for usage on Sushi
- 2.Swap ETH for USDT
Once you have decided how much ETH to swap for USDT, click Swap. At that point, Sushi will ask you to confirm the transaction, as per below.
Congratulations! You now have both ETH and USDT which will enable you to create an ETH-USDT SLP. Click on "Liquidity", as shown on the image below.
To create an ETH-USDT SLP, choose ETH or USDT from the top drop down that says "Select a Token" and USDT or ETH from the lower drop down so that it looks like this image..
To create an SLP, you will need equal parts of both assets. Sushi will work this out for you. You may need to approve your USDT for this transaction if you are a new user to Sushi. This is a one time activity and once its approved you should not have to approve again.
Now that your USDT is approved for use in adding liquidity, finalize the process by click on "Supply".
Once your supply is confirmed, you’ve made an ETH-USDT SLP and can see your liquidity on this tab and can add or remove liquidity.
Now that you are ready to place your ETH-USDT SLP into the vault, there are a few steps to finalize your position.
- Authorize each SLP to be deposited into the vault
- Deposit the SLP into the vault.
After the token is deposited into the strategy you will receive your xETH-USDT and be able to see your position on the Dashboard
And now you are all set! Harvest of rewards happens every couple of days and your earnings will be updated once that happens. Happy investing!