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How to be a Liquidity Provider in SushiSwap on Celo Network to Earn Sushi Free Tokens
Learn how to be a liquidity provider in Sushi on Celo network an earn those juicier free Celo and Sushi liquidity tokens as airdrops. Celo’s aim provide access to financial services, send money to phone numbers, and pay merchants -- on a decentralized platform that is operated by a community of users.
To achieve this, Celo is a complete stack of new blockchain software, core libraries that run on that blockchain, and end user applications including a Wallet app that communicate with that logic.
Celo enables a family of stablecoins that track the value of any asset, including fiat currencies, commodities, and even natural resources. Stablecoins supported include the Celo Dollar (cUSD) and the Celo Euro (cEUR), which track the value of the U.S. Dollar and Euro respectively. CELO and a basket of other assets including BTC and ETH serves as the collateral for these stablecoins. These stablecoins are redeemable for CELO, ensuring that transactions can occur quickly, cheaply and reliably on-chain. Celo's stability mechanism allows users to create a new Celo Dollar by sending 1 US Dollar worth of CELO to the reserve, or burn a Celo Dollar by redeeming it for 1 US Dollar worth of CELO.
In Celo, transaction fees can be paid in stable cryptocurrencies. A user sending Celo Dollars will be able to pay their transaction fee out of their Celo Dollar balance, so they do not need to hold a separate balance of CELO in order to make transactions. The protocol maintains a list of currencies which can be used to pay for transaction fees. These smart contracts implement an extension of the ERC-20 interface, with additional functions that allow the protocol to debit and credit transaction fees.
I purchased my celo Tokens from Bittrex exchange in the US. Bittrex did not have those restriction that Binance.com has for US users. Binance.US does not even carry Celo tokens. I used USD funds in my Bittrex account and purchased via CELO/USD trading pair. I paid like $5.30 per Celo token at the shooting of this video. I had copy the metamask Celo address from to Bittrex. I had to whitelist metamask Celo address so I can withdraw my 4.4 Celo tokens into Metamask Celo address. Bittrex charged 0.01 Cello or 5.3 cents as fees for withdrawal. That is very small fee to pay compare to withdrawing ETH or BTC, you have to pay like $30 to $40 in fees. My Celo tokens appeared in Metamask Cell wallet under 2 minutes.
When using Sushi on the Celo Network, it will look and feel like your regular SushiSwap interface, with some slight changes. Fees are paid in Celo tokens. Fees in SushiSwap is very small in order of less than 10 cents.
First, since I am trying to provide liquidity for cUSD and cEUR pairs, I had to swap Tokens.
Step 1: Go to app.sushi.com/swap
Step 2: Switch your network to Celo.
Step 3: Select the token I wish to swap from and to. I swap half of my Celo tokens into cUSD. In my case, 2.2 Celo into cUSD
Step 4: Input the amount I wish to swap or click MAX. I paid as usual less than 10 cents in gas fees in Celo tokens.
Step 5: Click “Approve.” I repeated that for cEUR. Because I need equal amount of cUSD and cEUR to provide to the liquidity pair.
Step 6: Allow SushiSwap to spend your Celo tokens by confirming in your wallet.
Step 7: After this approval processes, click Swap.
Step 8: Confirm the swap transaction fee from your wallet and done!
SushiSwap's revenue-sharing program rewards its liquidity providers with 0.25% of the 0.30% fee that is charged for every swap on the platform. Onsen program adds more liquidity providing incentives by allotting participants with SUSHI token rewards. Here is the step for becoming a SushiSwap’s Onsen on the Celo network.
Step 1: Go to app.sushi.com
Step 2: Switch your network to Celo.
Step 3: Click the Yield tab to check which farms are available on the Celo network that you would like to join.
Step 4: Click the Pool tab.
Step 5: Select the tokens for a valid token pair you wish to add liquidity to.
Note: Both sides of the liquidity pair need to have an exact monetary value of tokens.
Step 6: Add the amount of tokens you wish to add to the pool of the first token in my case is cUSD. Sushiswap will automatically calculate the equal monetary value of liquidity to the second asset in my case is cEUR, given there is sufficient balance.
Step 7: Approve SushiSwap to access my tokens from your Metamask's cell wallet. You need to provide Celo a gas for approval for cUSD and again for cEUR. As usual gas in Celo for each transaction is less than 5 cents.
Step 8: Click Supply, then Confirm Supply in the popup. Finally, I confirm supplying to cUSD/cEUR liquidity pair in Celo gas. I provided 11 cUSD and 10 cEUR to this liquidity pair. My share of liquidity pool is less than 0.01%. After you confirm, you can see your liquidity pair. You can follow similar step is reverse to pull money out of the Sushiswap Celo network based cUSD / cEUR liquidity pair. You will be paying gas to pull money out.
Step 9: Approve the transaction and relevant fees from your wallet, you will now receive your liquidity pair or LP tokens.
Step 10: Once the transaction approves, click the Yield tab and click the yield farming pair you wish to join. You should see your Wallet Balance now displays your received LP tokens.
Step 11: Input the amount of LP tokens you wish to add to the farm or click MAX.
Step 12: Click Approve.
Step 13: Allow Sushi to spend your SLP tokens from your wallet.
Step 14: Click Deposit.
Step 15: Confirm the transaction and the relevant fees from your wallet.
Ubeswap is a decentralized exchange and automated market maker protocol for Celo assets. Ubeswap is based on elements from Uniswap, Sushiswap, Synthetix, and Compound. This is to ensure that the Ubeswap ecosystem can support as many existing tools and projects from the Ethereum ecosystem as possible. Ubeswap seeks to bring in liquidity from all of DeFi by harnessing the fast transaction times, high block gas limit, and stablecoin system of Celo.
Moola is a non-custodial liquidity protocol built on the Celo blockchain that is democratizing access to yield and credit. It is based on Aave V1 protocol. Depositors actively earn yield which is paid for by borrowers who are able to take over-collateralized loans in perpetuity or under-collateralized flash loans.