The competition between Uniswap and SushiSwap continues to be a catalyst for two of the most talented teams in DeFi to compete to offer the most innovative AMM (automated market maker) in the world. SushiSwap boasts $500M in daily trading volume any given day, recently peaking above $860M a few days ago. It’s worth mentioning SushiSwap also recently launched on other blockchains including Polygon, BSC, Fantom, xDAI, Harmony, Avalanche, HECO, and OKex.
One of SushiSwap’s newest products is called BentoBox! BentoBox provides extra yield on deposits with flash lending, strategies, and fixed, low-gas transfers among integrated dapps, like their new Kashi markets, where you can deposit collateral and borrow liquidity without selling. Your borrow limit depends on the amount of deposited collateral and you can borrow up to 75% of your collateral and repay it at any time with accrued interest.
I recently saw a great tutorial on SushiSwap’s YouTube on “Triple-Stack Yields” for SushiSwap on Ethereum that seemed to fly under the radar with only about 500 views and thought this is a good opportunity to highlight.
Today, I’ll walk through how to earn “Triple-Stack Yields” that allow one to earn substantially larger rewards with stablecoins like USDT.
- Deposit into BentoBox
- Instead of waiting for BentoBox to deploy your tokens, one can choose a Kashi market pair earning higher APR
- Lastly, deposit the liquidity token from Kashi in the Yield tab to earn even higher APR
The end result is lending stablecoins for 50-60% APR, based on estimated yields for USDT.
How to Earn Up to 50-60% APR with Triple-Stacked Yield in SushiSwap
Before we get started, please be aware of a few major risks.
- Smart contract risk is always a risk.
- Oracle failure could also contribute to a loss of funds.
- The quoted 50-60% APR is likely to change by the time one hops into this tutorial.
- If you do purchase Nexus cover for SushiSwap in the future, just be aware at this time, Nexus doesn’t cover assets exposed to the new Kashi markets in SushiSwap. It’s likely to be covered in the future though.
- As always, this is not financial advice.
Here’s how to get started!
1 – In case USDT APRs drop, I might suggest first checking which pairing offers higher APR on both the SushiSwap Yield tab and the SushiSwap Kashi lend markets. For example, I’m expecting to earn 32.23% APR depositing kmSUSHI/USDT in Yield after I lend USDT to the USDT/SUSHI Kashi market for 22.46% APR.
2 – Depending on one’s stablecoins and the updated APRs in Yield and Kashi markets, go to SushiSwap BentoBox and search a stablecoin like USDT to lend.
3 – Click Approve and after one MetaMask confirmation, you’ll be able to then Deposit with a second MetaMask confirmation.
4 – Then go to the Kashi Lend option and find a pairing with USDT like USDT / SUSHI, click on it, and you’ll be brought to this screen to deposit USDT from your BentoBox balance. Be sure you flip the option below from Wallet to BentoBox to be able to deposit from your BentoBox balance. Follow the prompts to Approve Kashi and then Deposit USDT.
5 – Once tokens are deposited into this Kashi lending market, go to the Yield tab and search for the kmSUSHI-USDT pairing or whichever one you chose to lend to. Click on it and there should be a Wallet Balance of KMP to deposit. Follow the…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
