How to LP and Earn $BACON on Sushiswap
We’ve launched liquidity incentives for Sushiswap in addition to our Liquidity Rewards Program on Uniswap.
10,000,000 $BACON tokens will be distributed to liquidity providers across Uniswap’s BACON-USDC pool and Sushiswap BACON-ETH pool over the next 12 months.
In this post, we will walk you through the process of creating a liquidity position on Sushiswap. Learn how to deposit into the Sushiswap BACON-ETH pool in order to earn extra $BACON tokens proportional to your percentage ownership of the pool. For example, if you own 1% of the liquidity pool, you’ll be distributed 1% of the weekly tokens allocated to that pool.
Before we begin you’ll need the following:
- A wallet to connect to the Sushiswap application
- $ETH for gas fees to create the LP
- $BACON and $ETH to use in the LP
- A side of real Bacon 🥓as a tasty reward
1. Head to the Sushiswap Analytics page for BACON-ETH
This will help ensure that you are entering the proper Sushi Swap pool that is part of the LP rewards program
2. Click on “Add Liquidity”
This will take you to the Sushi dApp and allow you to create your LP
3. Confirm the Pair is Correct and Enter the Amount to add to the Pool
The position will be ~50/50 between ETH and BACON
4. Click “Approve BACON” to allow Sushi to create the LP
5. Click on “Add Liquidity”
Once approved you can add the liquidity directly into the pool
6. Click on “Confirm Supply”
This will give you details on the amount of BACON and ETH deposited into the pool and confirm your share of the pool. This will tell you the percentage of total fees your position will accrue.
7. Click “Confirm” for the Transaction in Your Chosen Wallet
8. After submitting your transaction head over to the “Pool” section under “Liquidity"
9. Open up your Pool details
10. Check on your Position
This screen shows that your LP is active and is accumulating rewards. This is also where you can add more tokens to your LP or remove them.
Just like that you’ve helped make some Sushi (LPs) out of your BACON! Now you will be able to passively accrue more BACON tokens based on the amount of fees the pool gains based on trading volume. The more trades that happen between BACON-ETH, the more total BACON you get.
Now where's that plate of Bacon?
To stay up-to-date with Bacon Protocol, our LP rewards programs, or anything else we have cookin’ follow us on Twitter and join us on Discord!
About Bacon Protocol
Bacon Protocol is a decentralized platform for purchasing mortgages. We give consumers access to the same financial products banks, governments, and institutions use to preserve and grow wealth. Using a novel, asset-backed stablecoin, we help homeowners by giving them faster, more flexible, and more competitive loans while adding a new building block to DeFi and bridging the gap between the physical and Web3 worlds.
