$THOR Sushi Onsen farm goes live! 🍣
$THOR-$ETH Liquidity Providers can now stake their SLP tokens and stack $SUSHI + $THOR rewards 🔥
We’re pleased to announce that THORSwap has partnered with SushiSwap to launch an Onsen Farm for very own protocol token $THOR! ♨
Check it out at 👉 https://app.sushi.com/farm?chainId=1
With the launch of our new $THOR Onsen farm, users who are providing THOR-ETH liquidity on SushiSwap can stake their SLP tokens to receive additional liquidity mining rewards — in the form of both $SUSHI and $THOR — whilst maintaining their exposure to THOR/ETH. Don’t miss this chance to stack more yield!
What is SushiSwap Onsen?
On SushiSwap, yield farms are known as menus. Onsen Menu in particular allow Liquidity Providers to stake their existing LP tokens for bonus rewards.
THORSwap’s Onsen farm has no due date and will reward both $SUSHI + $THOR. The size of rewards will be decided based on pool TVL and transaction volumes. Our TVL puts us amongst the Top 28 on Sushi Onsen (just behind xSushi). These pool are between 1%-8.57% APR. Based on previous trading history, we’ve seen consistent volume due to arbitrageurs from THORChain pool.
How to provide $THOR-$ETH liquidity on SushiSwap
LPers can provide pool liquidity on SushiSwap to improve $THOR market efficiency and earn token rewards. Liquidity providers receive a portion of trading fees corresponding to their “pool share”.
Previously, we hosted our own LP farming contract for additional $THOR rewards. This will be deprecated and replaced by the new $THOR Onsen Farm where LPer’s can earn additional $THOR and $SUSHI staking rewards.
NOTE 📣: If you have existing SLP token staked, unstake from v1 farm: https://v1.thorswap.finance/stake
…and restake on SushiSwap 👉 https://app.sushi.com/farm?chainId=1
Here are the steps below:
Step 1. Connect your Ethereum wallet to SushiSwap and head over to the THOR-ETH Onsen Farm
Step 2. Click THOR-ETH Onsen, under Liquidity, make sure Add Liquidity toggle is selected.
Step 3. Approve THOR token if necessary. Select the THOR and ETH token amounts you would like to add to the liquidity pool. Note you must provide 50/50 THOR and ETH.
Step 4. Select Confirm Adding Liquidity
Step 5. Check the amount of THOR/ETH Pool Tokens (SLP) you will receive. Press Confirm Deposit when ready and sign transaction in your Eth Wallet.
Step 7. Once confirmed you will be supplying liquidity to the THOR/ETH pool, and you should see a corresponding THOR/ETH SLP Token balance in your wallet.
To Remove Liquidity, visit the THOR SushiSwap Onsen menu once more and choose ‘- Remove Liquidity’ toggle.
Please note that your tokens must be unstaked before you are able to remove them from the THOR/ETH liquidity pool.
How to stake $THOR-$ETH LP in Sushi Onsen Farm
Here comes the fun part! Now that you have successfully provided LP, it’s time to stake that SLP for even more yield:
Step 1. Visit the THOR/ETH Onsen Farm and select the Staking tab. Select your SLP tokens and Approve them for staking.
Step 2. After the transaction to approve SLP is confirmed. Revisit the Staking tab and choose to Stake your SLP Tokens into the farm by entering the amount you wish to add or by selecting “Max” and then clicking “Confirm Deposit.”
Step 3. Approve the relevant fees and start growing your $SUSHI and $THOR! Farming will happen immediately once the transaction completes.
Step 4. See your rewards grow in real time by visiting the Rewards page. You can also harvest your reward here at any time.
To withdrawal your staked SLP tokens, simply reverse the process (by using the Unstake toggle on the Staking page and Remove Liquidity toggle on the Liquidity page).
By launching the THOR/ETH Onsen Farm we are boosting rewards for LP’ers and decreasing slippage for trading $THOR on SushiSwap.
If you are a THOR/ETH liquidity Provider on SushiSwap and would like to participate, simply head over to Sushi Onsen, follow the instructions above, then sit back and enjoy the additional yield! 💪
(Please be aware of the risks involved, namely impermanent loss.)
Composability is the future of Web3. We’re honored and excited to partner with SushiSwap to push the boundaries of DeFi. To learn more about THORSwap’s $THOR Token, visit our docs here.
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