YIELD App has teamed up with leading decentralized exchange SushiSwap to offer an Onsen liquidity pool that gives YLD holders the opportunity to stake YLD-ETH Sushi LP tokens for high-APY farming of SUSHI tokens!
As we continue our work to widen the reach and deepen the liquidity of the YLD token, YIELD App is thrilled to announce the launch of a YLD-ETH Sushi Onsen liquidity pool, a featured pair on the SushiSwap platform that provides our community with the ability to farm SUSHI tokens in return for staking YLD and ETH on the main SushiSwap platform.
Since its launch in mid-2020 SushiSwap has grown to become one of the biggest decentralized exchanges (DEXs) in the world, with a daily trading volume of more than $350 million. Introduced in December 2020, Sushi’s Onsen pools allow projects to bring new liquidity to SushiSwap for a period of around 60 days, decreasing slippage and expanding SushiSwap pool offerings.
YIELD App has added US $1 million of liquidity to a YLD-ETH pair on SushiSwap. This allows SushiSwap users to stake YLD and ETH on the main SushiSwap platform in return for Sushi LP tokens. These LP tokens can then be staked in the YLD-ETH Sushi Onsen pool in return for SUSHI tokens.
Commenting on the addition of YLD-ETH liquidity to the SushiSwap platform, CEO of YIELD App Tim Frost says: “Making YLD widely available to SushiSwap users has always been a goal of ours and we are pleased that this has now become a reality. We are thrilled to be working with the Sushi team and hope that our partnership will continue to grow and evolve into the future.”
The addition of the YLD-ETH Onsen pool with SushiSwap marks an important milestone for YIELD App as we continue to expand throughout the world of DeFi. The YLD token is a function of our overall product offering, with our focus on providing market-beating APYs of up to 20% for our platform users on their stablecoins and ETH.
To this end, the YIELD App platform continues to expand, with more than 20,000 users now registered on the platform while our AUM growth is well-in-line with our expectations. This is not least thanks to the launch of our Ethereum Fund, which has met strong demand from thousands of users.
We will continue to seek listings and partnerships throughout the crypto-economy, with recent announcements including partnerships with Avalanche, Chainlink, DeFi Go, Finxflo, Launchpool and Constellation.
How to stake YLD-ETH LP tokens on Sushi Onsen
- Go to https://sushi.com and connect your Web3 wallet, such as Metamask
- Click on the “Home / Beginner” button on the left side of the screen
- Select “+ Liquidity” and then “Select Token” and choose YLD
- If YLD is not listed as a token, add it by entering the YLD token address: 0xf94b5c5651c888d928439ab6514b93944eee6f48
- For the second token, click “Select Token” and choose ETH
- Click “Approve YLD” — when your Web3 wallet opens, confirm the approval
- Provide the appropriate amount required for the YLD-ETH pair — the ratio will be 50:50
- Click “Supply” and confirm the transaction with your Web3 wallet
- Now that you have supplied liquidity, click on the “Onsen” button on the left-hand side of the page
- Select “Filter Pairs” and search for YLD
- Double-check you have found the correct pair by choosing “View Pair”, as there is a different token with a “YLD” ticker
- On the right side, click “Approve Staking”, confirm the transaction, then click “Stake”
- A window will pop up — select how many SLP you want to stake, or click “Max”
- Click “Confirm” and approve the transaction with your Web3 wallet
- Congratulations, you are now farming SUSHI with the YLD-ETH Onsen pool!
About Sushi Onsen Pools
Sushi Onsen pools are meant to stay active for longer than pools on the main platform, around 60 days, and more projects are featured (58 pairs max). Onsen aims at bringing new liquidity to SushiSwap, decreasing slippage, expanding pool offerings, and fostering exciting synergistic partnerships with other DeFi projects. You can see the full list of Onsen pools at: https://app.sushi.com/farms/special