Have you been farming yields on SushiSwap and thinking it is time to cash out your earnings?
You’ve been providing liquidity and farming yields on SushiSwap for a while, generating some nice earnings and now you’re thinking it is time to enjoy your SUSHI rewards for some real-world products. Now what?
Let’s have a look at the scenario that you have have earned your SLP (Sushi Liquidity Pool) tokens thanks to your contribution to the liquidity, deposited them into a yield farm and earned rewards in SUSHI at SushiSwap. Now you are thinking about what you can do with your SUSHI rewards. One way to earn more is to stake your SUSHI for additional staking derivatives like XSUSHI. But what if you need that cool PC monitor you’ve been thinking of buying for a while and looking for ways to do it with your SUSHI earnings.
In this guide, we will explain how to use your SUSHI earnings from yield farming on SushiSwap and spend them for real world goods and services at CryptoRefills.
At CryptoRefills, you can buy gift cards with your cryptocurrencies and use these gift cards to buy real-world goods and services from thousands of brands. If you’re new to CryptoRefills head to learn how CryptoRefills work.
Not Yield Farming on SushiSwap and Earning SUSHI Yet?
Sushi has one of the most effective systems in DeFi for stacking yields. If you are not farming yields on SushiSwap yet, you can start providing liquidity by entering a pool. Providing liquidity is incentivized by $SUSHI token as a reward. Read this guide on how to add liquidity to SushiSwap so you can start earning, or head over to sushi.com and enter the app to get started.
Let’s have a look at the likely scenario with Bob. Bob provides liquidity on SushiSwap for ETH-SUSHI pair on the Swap Pool. He collects his swap fees (SLP tokens ) and stakes them on the Farm and earns some $SUSHI token as reward.
Now that Bob has earned some nice amount of SUSHI, he thinks he can afford that PC monitor he has been thinking of buying for a while.
What are the next steps for Bob? Here is where CryptoRefills comes in.
Bob now can spend his SUSHI reward at CryptoRefills on a Network like Arbitrum after converting his SUSHI into one of the accepted coins such as USDT or USDC at CryptoRefills in exchange for gift cards from hundreds of top retailers or brands, and spend his gift card on any product he wants at the retailer or brand store.
Let’s see how this works exactly.
How to Spend Your SUSHI on Real-World Products
Time needed: 10 minutes.
Here is how to transform your SUSHI rewards on SushiSwap into real-world goods and services. In this example, we will make use of the swap feature on SushiSwap to convert your SUSHI into USDC, USDT first as they are coins accepted by CryptoRefills as payment and Arbitrum as the payment network that will carry the transaction thanks to its fast transaction finality and reduced transaction fees.
Note that you should already have MetaMask installed, and you need to make sure Arbitrum Network is configured into MetaMask. If not installed already, we recommend taking a look at our guide on using Metamask.
- The first step is to swap your SUSHI for a stablecoin supported by CryptoRefills
CryptoRefills is accepting USDT, USDC, and DAI for payments over Arbitrum Network. SushiSwap’s swap feature can be used to swap your SUSHI into stable coins easily. Let’s use USDC.
Go to swap on SushiSwap. Connect your MetaMask wallet by clicking the Connect Wallet button on the top right. MetaMask will ask your permission to switch networks.
Select USDC to swap, enter the amount (check how much USDC you would need to buy the gift card you need at CryptoRefills) and click “Swap”. Wait for the transaction to complete and see your new tokens automatically appear in your wallet.
- At this moment you will see your freshly swapped USDC appear on your Metamask wallet
Check the progress and make sure that your Metamask is connected to the Arbitrum Network.
- Now it’s time to buy some real world goods and services at CryptoRefills
When you are on the CryptoRefills website or the CryptoRefills Android or iOS app, you will see categories and hundreds of brands or mobile top ups under them. For instance, if you want to buy something at Amazon, you will find it under “Ecommerce” category or if you want to buy a headphone from Mediamarkt or Curry’s PC World, you will find the brand under “Electronics” category and so on.
- Select Arbitrum as your payment network
After adding the product that you want to buy in your shopping cart, simply select the pricing in “USDC” and “Arbitrum” as your network.
- Pay via Arbitrum network
First make sure Arbitrum Network is selected in your Metamask wallet. On the payment page you will now see an option to pay with Metamask wallet. Click “Open Metamask” and connect your Metamask wallet. Confirm your payment.
After a few minutes, you will receive a gift card code by email. The delivery of the code can take a minute or two, but you might need to wait 5 or 10 minutes depending on the product supply. Check also your spam/junk folder.
- It’s time to spend your gift card on real-world products
Once you have the gift card in the form of a QR code or barcode, it means you can get it scanned by the cashier at the time of purchase on the store. If you have a gift card number and associated PIN and are paying online, at checkout on the website of the brand, select Gift Card as your payment type and enter the gift card number and PIN when prompted. You will be able to pay for your purchase with your gift card.
This is all you need to know about transforming your SUSHI earnings from yield farming at SushiSwap into real world goods and services.
For any questions, contact us at firstname.lastname@example.org.
Happy earnings and keep shopping with your crypto!
Disclaimer: This post is for informational purposes only, and none of the information above is intended to be legal, investment, financial, or other advice.