To start yield farming with stFIRO, you will need equal values of stETH and stFIRO. If you haven’t gotten your stETH and stFiro, here are some resources for you to follow:
1. Get stETH
2. Get stFIRO through StakeHound (min. 1,000 CHF) or directly on SushiSwap (no min. but you’ll need stETH).
Why You Should Yield Farm on a Multi-staked Token Pool
The key benefit of providing liquidity to a multi-staked Token pool is the staking rewards that come with BOTH tokens = stETH staking rewards 7.87% APY + stFIRO (Masternode) staking rewards 10.55% APR, as of writing. On top of this, you can also earn additional fees by providing liquidity to a pool at 0.25% fees on all trades proportionate to your pool share, and by staking its Liquidity Provider (LP) token on the stFIRO-stETH Onsen Pool that was at 800% APY at its highest on 28th March (currently 156% APY, still pretty high).
In total, we’re looking at earning:
- Staking Rewards: 7.87% APY + 10.55% APR
- Trading Fees: 0.25% fee on all trades
- SUSHI Rewards: 156% APY
*Please note that rewards are not fixed and depend on the market activities. The numbers are as of writing.
Before you begin, you will need:
1. stETH and stFIRO at equal values
2. MetaMask Wallet
3. Some ETH for gas fees
1. Head to the stFIRO-stETH Pair on app.sushi.com or through this link directly.
2. Connect your MetaMask wallet (top left on the app.sushi.com UI). Approve by hitting “Next” and then “Connect“.
3. Click on “+ Liquidity” in the box on the right. Key in the amount of stFIRO you’d like to contribute to the liquidity pool. Bear in mind that you should have equal values by now. The other amount (of stETH) will be populated automatically).
4. After keying in, you will be asked to approve the stFIRO spend on the Sushi UI as well as on your MetaMask extension (wallet). Arppove by confirming the transaction after reviewing the details on your MetaMask pop-up.
5. Depending on the gas fees and network, it might take a while for the transaction to be confirmed. Head back to the stFIRO-stETH liquidity pool. You might need to refresh. At this point, click on “MAX” button on the “input” field for stFIRO balance to add the maximum liquidity you can provide for this pool. Please note that the screenshot below is not reflective of the actual transaction. At this point, you should see some balances in your stETH and stFIRO (above ticker and logo). During this step, you will only see one button to proceed – hit “Supply“.
6. Confirm your transaction on MetaMask again to confirm supply.
7. After confirming, it will take a while for the transaction to go through. Once approved, you will receive a verification message on the right of the SushiSwap page. Head to the Farm next. On this page, you will see a list of Farms – which is split into Farm and Onsen Farms. Onsen farms are where you will find most of the newly listed token pairings. You can do a quick search with the search bar (“filter pairs”). Click on “Onsen Farms” and search for “stFIRO“.
8. Click on ‘Approve Staking‘ to stake your SLP token. Connect your wallet again and approve the transaction twice. Afterwards, you will be able to view your SUSHI rewards on your portfolio (read Check Positions and Balances below), add and remove liquidity, and more.
9. Head to Onsen Farm. Under ‘Filter’, search for stFIRO pairing. You will see a stFIRO-stETH pairing. You can also have an overview of the ROI, liquidity of the pool, amount you have staked, and your total SUSHI earnings. On the right, you can quickly add liquidity or “Approve Staking” (which is staking your SLP). Once you already have your SLP by providing liquidity in part 1, you can proceed to stake your SLP here under ‘Approve Staking’. You will have to Approve Staking, and then click on “Staking” again. From here, you can proceed to check your balances in your portfolio every now and then on SushiSwap (read below sections).
Checking Positions and Balances
To know what your current positions and balances are, head to your SushiSwap portfolio. You have to connect your wallet to see the balances and positions. You can also access this page by heading to app.sushi.com, connect your wallet (just below Sushi’s logo on the left), and click on ‘Portfolio‘. On this page, you are able to look at the transactions you have made through Sushi and the connected wallet. At the same time, view the SUSHI rewards you would have accumulated (via yield farming, not included in this article), your liquidity pool positions, as well as the specific farms you have “staked” your SLP tokens on.
If for some reason you would like to remove liquidity from a pool, you can also do so via app.sushi.com. Connect your MetaMask wallet, go to “Pairs” and search for the pair you provided liquidity to. It will look similar to the screenshot below. Now, instead of “+ Liquidity”, select “– Liquidity” in the box on the right. You can then select the percentage of liquidity you would like to withdraw.
Just an additional note: Every transaction and confirmation will require ETH gas fees. Plan your movements in advance and watch the market to make the best of your stTokens.
Have Questions? Join our stFIRO community on Discord!