Enzyme is excited to announce that $MLN has been added to the SushiSwap Onsen Menu
Liquidity pool providers of the $MLN/$ETH pair on SushiSwap will now be receiving $SUSHI rewards!
The $MLN/ETH Onsen pool is live on Sushiswap. This exclusive DeFi liquidity farming program run by SushiSwap will assist in fostering liquidity in $MLN by reducing slippage and increasing liquidity.
As with all Onsen pools, providers of liquidity on Sushiswap for the $MLN/ETH pair who stake their LP tokens on Sushiswap will receive $SUSHI rewards on top of the liquidity provider trading fees.
The $MLN/ETH pool on SushiSwap Onsen is just the beginning of what we see as a greater collaboration between SushiSwap and Enzyme. As we write, our team is currently exploring a native integration with Sushiswap on Enzyme so that Vault Managers can deposit into the various incentivized pools and benefit from all the various Onsen programmes and $SUSHI rewards.
How does Onsen work?
SushiSwap Onsen hosts various external protocols to their very own hot springs (liquidity pools) to actively encourage users of these external protocols to stake their native tokens as liquidity. To participate in the MLN Onsen pool, users must provide $MLN and $ETH to the pool.
As a reward for users adding $MLN tokens and $ETH as liquidity to the MLN/ETH pool, Onsen rewards users who are supplying liquidity to their Onsen pools with continual rewards, in the form of their own native token: $SUSHI.
Before adding liquidity, please make sure you understand the risks around impermanent loss.
How to get started providing liquidity with SushiSwap Onsen?
The first step is to add liquidity to the $MLN/ETH Pair:
- Head over to the SushiSwap $MLN/ETH token page on SushiSwap.
- Select the “Add Liquidity Button”
- Select the $MLN token amounts you would like to add.
- Confirm your choice by pressing Supply.
- A notification box will appear confirming the amount of Pool tokens you will receive. Press confirm supply when ready.
- Confirm transactions using your Ethereum wallet.
- Once confirmed you will be supplying liquidity to the Sushipool, and you will receive a corresponding LP pool token balance in your wallet.
Once you have successfully received your LP tokens, the next step will be to stake your LP pool tokens.
Thanks to the Onsen program, LP providers on SushiSwap multiply their earnings and earn additional $SUSHI token rewards by staking their $MLN/ETH Pool Tokens which they received for adding pool liquidity:
- To get started, visit http://sushiswap.fi/farms/special and find the $MLN pool
- On the right hand side, press Approve Staking. Confirm the choice with your Ethereum wallet.
- Following a successful transaction, you will be able to stake your $MLN/ETH SLP Tokens.
- On the right hand side again, press Stake.
- A popup box will appear, where you select the amount of SLP tokens you want to stake.
- Upon confirmation of the transaction, you will now be staking your $MLN tokens entitling you to a $SUSHI Onsen reward.
- Visit sushiswap.fi/farms/special to view/confirm your staked balance.
- To unstake, press Unstake and enter the amount of tokens to unstake.
To track your rewards, visit sushiswap.fi/portfolio. On this page you will be able to view your total wallet balance, your $SUSHI balance, liquidity positions and more.
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