Introducing PEFI/SUSHI.e: the first SushiSwap LP Yield Farm on Avalanche
The recently announced Avalanche Rush Incentives program has brought thousands of new users to the Avalanche Ecosystem while also attracting some of the biggest projects within the DeFi ecosystem. Amongst them: Curve, Aave, and SushiSwap.
The incentives program will allow selected projects to distribute AVAX incentives for certain dApps, yield farms, and other activities. This will not only increase the APY and thus attract even more capital, but it will also attract long-term investors to Avalanche.
As it has happened to many of us, after using Avalanche for some time, you simply can’t go back to Ethereum. You get so used to the instant confirmations and low gas fees that hopping back over the bridge feels dated and expensive. Furthermore, as amazing as Ethereum may be, it hasn’t scaled to meet the exponentially accelerating demand. This is where Avalanche becomes the # 1 challenger to becoming the Layer 2 of the world’s transactions.
Where do Penguins play into all of this?
Penguins like to be first, and for a good reason. Nobody likes someone’s old scraps; we’re all after that fresh piece of tuna. This is why we’ve been able to stay ahead of the curve and ensure our smart contracts are always one step ahead of what’s the norm.
The PEFI/SUSHI.e pair will be the first on Avalanche to use Sushiswap’s LP tokens to create a yield strategy. Once the Avalanche Rush program goes live, this Igloo will be upgraded from double rewards to Quadra rewards! That means you’ll earn PEFI, iPEFI, SUSHI, and AVAX by simply depositing, laying back, and watching your LP work for you.
PEFI/SUSHI.e LP: How-to Guide
This guide will walk you through the step-by-step process of depositing LP into Penguin Finance’s PEFI/SUSHI.e Igloo which uses LP tokens from SushiSwap also known as Sushi LP. This new Igloo will be the first to integrate SLP (Sushi LP) into yield farming within Avalanche.
This Igloo will start off by providing PEFI and iPEFI rewards. Once AVAX incentives go live for SUSHI/SWAP, we may see Triple, Quadra or even Penta (5 rewards per pool). There’s absolutely no limit as to how many tokens can be added as rewards to an Igloo. This really opens the door for very creative strategies with a lucrative APY.
Step 1. Important Information
Before creating your LP tokens (supplying liquidity), you must have already purchased your SUSHI.e tokens. You must either purchase it on Pangolin or Trader Joe.
Proceed to your favorite exchange:
Liquidity is provided as an equal 50/50 split in terms of $ value. For example, if you want to provide $5000 of SUSHI.e in LP tokens, you must also provide $5000 in PEFI. Once you’ve purchased the SUSHI.e and have the PEFI you’ll be staking in your wallet, you can proceed to Step 2.
Step 2. Getting the PEFI/SUSHI.e LP tokens
Once you have your beautiful PEFI and SUSHI.e in your wallet, you can go to the following link inside SushiSwap’s website to add LP and get your LP tokens.
Go to the following link and deposit your liquidity:
Be a DeFi Chef with Sushi. Swap, earn, stack yields, lend, borrow, leverage all on one decentralized, community driven…
Once you have received your LP tokens, we can proceed to the final step.
Step 3. Final Step
Now that we’ve acquired the SUSHI.e/PEFI LP tokens from SushiSwap, we’ll simply deposit them on the Igloos V2 page at: www.penguinfinance.org/farms
Simply look for the SUSHI.e/PEFI pair and hit “Stake”
You’re all set! Once SushiSwap introduces SUSHI and AVAX incentives to Avalanche, we’ll negotiate the best deal for our penguins. In the meantime, earn some sweet, sweet PEFI by farming here.
About Penguin Finance
Penguin Finance is a platform powered by Avalanche, building an innovative set of decentralized applications, financial products, and documentation for technologically savvy individuals and those with absolutely no knowledge of cryptocurrency.
We’re bridging the gap between DeFi and mass adoption by offering ultra-low fees, an intuitive UX design, and the best documentation/tutorials. PeFi is made for penguins by penguins.