As a little experiment, I dabbled in SushiSwap. To make it happen, here’s what I did. I’m going to pretend I used 10 ETH, just for round numbers.
- Deposited 10 ETH in metamask. Reasonable gas fee.
- Went to Uniswap and swapped for 3 ETH worth of AMPL tokens.
- At this point, I MetaMask has 7 ETH and 3 ETH worth of AMPL.
- Went to Uniswap to deposit liquidity. I had a really hard time figuring this out. I didn’t realize that to add liquidity, it’s necessary to deposit equal parts ETH and AMPL. So I finally deposited 3 ETH and the equivalent of AMPL. These transactions take forever and when I did this, gas fees were insane. Probably $200.
- Pro Tip: Even though it costs a tiny bit extra, I highly recommend editing the metamask transaction to use the fastest gas price. I had a lot of failed transactions, but when I used the fastest path, it always seemed to work.
- Once all of this was complete, my METAMASK wallet has about 1.something ETH (after gas fees), 0 AMPL and a new UNI LP AMPL-ETH token. That UNI LP token represents the liquidity stake.
- I then headede over to SushiSwap, clicked the AMPL menu item and deposited the max of my UNI LP AMPL-ETH tokens. This took a little while, too, and was expensive. Can’t recall the amount.
- It was fun seeing the intrest in SUSHI accrue.
I started this a week ago and have cashed in enough Sushi tokens to pay for the gas and make a nice little profit. From the sounds of things, SUSHI is a bit of a disaster, but it seems in the past 2 days, they’ve replaced their lead dev and seem to be making the right moves. So my big question is. . . . .should I continue to let the LP tokens earn the 1000%+ interest or should I get the heck out. From what I understand, my only loss risk is the SUSHI tokens I’ve accrued. I can unstake my LP at any time.
Anyway, I’d love to hear some thoughs. Sorry for the long post. Just wanted to share the process as it was a difficult one (and fear filled).