Farm SUSHI & RLC by providing liquidity on SushiSwap [GUIDE]
Note: The RLC farming on SushiSwap is now finished. Follow the iExec’s twitter account to ensure you won’t miss any new incentive program!
A new RLC-WETH liquidity pool has been added to the SushiSwap Onsen menu. You can now provide liquidity to the RLC-WETH pool to receive liquidity mining rewards in the form of SUSHI & RLC tokens. This guide will walk you through how to:
- Add liquidity to the RLC-WETH pool on SushiSwap Onsen to earn fee rewards
- Stake your received ‘SLP’ tokens to farm additional SUSHI & RLC rewards
TL;DR summary:
- Provide liquidity in the Onsen RLC-WETH pool to earn fee rewards
- Receive and then stake your liquidity tokens to earn additional rewards in the form of SUSHI & RLC tokens
- Retain your RLC/WETH exposure
- Remove stake at any time
What is SushiSwap Onsen?
Sushiswap Onsen was introduced to bring new liquidity to upcoming token pairs on SushiSwap: decreasing slippage, expanding pool offerings, and fostering exciting synergistic partnerships with other DeFi projects. This increased liquidity allowing for efficient token swaps with low slippage.
Following the addition of the RLC/WETH pair to the SushiSwap Onsen program, RLC holders can now provide liquidity to the pool and start to receive trading fees as well as SUSHI & RLC token rewards.
1. How to provide liquidity with SushiSwap Onsen
By providing liquidity on the RLC/WETH pair, you will be able to earn trading fees.
- Go to https://app.sushi.com and click on “Connect to a wallet”
2. Make sure you have RLC tokens in your wallet (if not, see available markets here)
3. Make you have ETH in your wallet (if not, see available markets)Go to this page to wrap you ETH into WETH (Select SushiSwap Menu list if asked)
5. Go to the Sushiswap Onsen page and search for RLC.
6. Click the “Add Liquidity” button (on the right side).
7. Select the RLC and WETH token amounts you would like to add to the liquidity pool. You must provide a 50/50 equal amount of both (in $ value).
8. Confirm by clicking ‘Supply’. A notification box will appear confirming the amount of RLC/WETH “pool Tokens” you will receive. Click Confirm Supply to continue and validate using your Ethereum wallet (Metamask).
2. How to stake your RLC/WETH Pool Tokens (SLP)
By staking your SLP tokens, you will earn additional $SUSHI & $RLC token rewards.
- Go to https://app.sushi.com/farms/special and find the RLC pool.
2. On the right, click on Approve Stake. Confirm the choice with your Ethereum wallet.
3. Following a successful transaction, you will be able to stake your RLC-WETH SLP Tokens. On the right, press Stake.
4. A pop-up box will now appear — enter the RLC-WETH SLP amount you want to stake and press Confirm. Confirm the transaction in your wallet.
5. Upon confirmation of the transaction, you will now be staking your RLC-WETH SLP Tokens entitling you to a token fee share as well as $SUSHI & $RLC tokens.
6. To track your $SUSHI rewards, visit the portfolio page.
$RLC rewards will be distributed to LPs at the end of the month, based on the same rules as $SUSHI rewards.
Conclusion
iExec believes in the future of decentralized finance made possible by Ethereum and is happy to collaborate with SushiSwap, a leading DeFi swap, liquidity and farming service. Happy RLC farming!
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