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How to stake and earn Sushi (SUSHI) in Australia

Earn up to 13.9% APY on your SUSHI. Compare rates on Sushi or learn how to stake SUSHI using a wallet.

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SUSHI is the native token of the Sushi platform and can be earned in several ways: through lending, staking and yield farming.

Lending your SUSHI

The easiest way to earn yield on your SUSHI in Australia is through an exchange or digital asset lending platform such as Binance Cryptocurrency Exchange, Gemini Cryptocurrency Exchange and Gate.io Cryptocurrency Exchange .

The highest return currently available on SUSHI from the products we compared is 13.9% through Binance Cryptocurrency Exchange with a lock-up period of 90 days.

Use the table to compare rates on SUSHI and use our calculator to forecast how much you could earn.

Staking your SUSHI

Alternatively, you can stake SUSHI on the Sushi platform in return for DeFi staking rewards. This method requires using a web 3.0 wallet on a blockchain like ethereum which is why we have put together a visual step-by-step explainer to help guide you through the process.

You can use our table to compare rates on SUSHI or skip to the staking section for a step-by-step guide on how to stake your tokens on the Sushi platform with a wallet.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Compare rates for lending SUSHI

1 SUSHI = $1.68036
Daily earnings

$0.00

0 SUSHI

Weekly earnings

$0.00

0 SUSHI

Monthly earnings

$0.00

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Yearly earnings

$0.00

0 SUSHI

Cryptocurrency prices provided by CoinGecko. Results are an estimate based on Finder internal data, provided on a best effort basis. Rate data may be delayed up to 7 days. Please check the provider website for the most current rates and information, and to verify any data provided by this calculator before applying for any product.
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Binance Cryptocurrency Exchange 5% 1.8% Flexible Variable Earn now
Binance Cryptocurrency Exchange 6.7% 6.7% 15-days Fixed Earn now
Binance Cryptocurrency Exchange 9.5% 9.5% 1-month Fixed Earn now
Binance Cryptocurrency Exchange 13.9% 13.9% 3-month Fixed Earn now
Gate.io Cryptocurrency Exchange 0.18% 0.8% 7-days Variable Earn now
Gemini Cryptocurrency Exchange 2.5% 2.4% Varies Variable Earn now

How to use the table and calculator

  1. Compare rates. The table and calculator display the annual yield (APY). Rates vary depending on a number of factors like the provider, term length and whether or not the rates are variable or fixed. Keep in mind that cryptocurrency yields fluctuate each day. For a more accurate overview, we've provided an average rate based on data from the past month.
  2. Choose a variable or fixed rate. To protect against fluctuations, some providers offer a fixed rate. These rates stay consistent over time and do not fluctuate with the market. Compare lock-up periods. Some accounts require you to keep your funds locked up for a set period, while others will let you withdraw at any time.
  3. Calculate your returns. Use the calculator to project how much you could earn with each provider.
  4. Start earning. Once you've made your choice, click on the green "Earn now" button to go to the provider's website and create an account or log in.

How to earn Sushi: Step-by-step guide to lending

The instructions below are for earning yield on Sushi using a cryptocurrency exchange for lending:

  1. Use the table to compare rates from various providers.
  2. Choose a provider to deposit your cryptocurrency with, then safely navigate to their website using the "Earn now" button in the table.
  3. Sign-up for an account using an email address and make sure to have some form of photo ID ready to complete the verification process.
  4. Look for the "wallet" or "deposit" tab on the provider's website, then transfer your funds from your existing exchange or wallet to the deposit address shown and make sure to double-check the address is correct before sending. If you do not own any SUSHI yet, then you can purchase it on the same exchange you plan to earn it on or view our list of local exchanges that sell it.
  5. Once deposited, move your funds into the yield-earning account. Remember to check back regularly to monitor your portfolio, collect rewards and ensure everything is working as intended.
  6. Most services will let you access your rewards without needing to withdraw your initial deposit. Keep in mind that some services require your deposit to remain locked for a certain period of time, while others are flexible and allow you to withdraw anytime (although be on the lookout for early withdrawal fees).
  7. Remember that while earning yield on cryptocurrencies can be easy and attractive, your deposits are not insured the same way cash deposits are with a bank. Deposits are used in a variety of ways, all of which carry varying levels of risk. Some services offer insurance policies, while some might not offer any insurance at all. Make sure to research the provider thoroughly before making a decision.

How to stake Sushi

To get started, ensure you have SUSHI tokens available on either an exchange or inside a personal crypto wallet. You can purchase SUSHI from most cryptocurrency trading platforms, including Binance and Coinbase.

Next, you will need to set up a Web3 compatible crypto wallet that is supported by the SushiSwap ecosystem. A common choice is MetaMask. A Web3 crypto wallet will act as a bridge between your cryptocurrency tokens and the SushiSwap application.

SUSHI step 1

Next, transfer SUSHI tokens to your Web3 crypto wallet address. Your Web3 wallet address can usually be copied and pasted from the wallet's extension window. In the case of MetaMask, it is accessible directly below your wallet account name.

Notes: ensure you are transferring SUSHI tokens via the Ethereum network. You will also need to have a little bit of ETH in your wallet to pay for gas fees.

SUSHI step 1

Once you have transferred SUSHI tokens across to your Web3 wallet, connect your wallet to Sushiswap's staking page. Follow the pop-up prompts from your wallet's browser extension.

Finally, head over to the staking page of the SushiSwap application. This can be found by clicking 'Explore' in the menu tabs, followed by 'xSUSHI'.

Within the staking window, input the number of SUSHI you wish to stake. Select approve and verify the transaction via your Web3 crypto wallet. Once the transaction has been confirmed you will begin passively earning rewards for staking your SUSHI tokens.

SUSHI step 1

You can unstake at any time by heading back to the same page of the SushiSwap application and clicking the 'Unstake' tab.

How much can I earn from staking SUSHI?

Staking via SushiSwap comes with an extremely volatile rewards rate. Over the course of a one-month period, the APY can range from sub-10% up to over 45%.

The volatile APY rate is because SushiSwap's staking mechanism is based on the platform's daily transaction volume. 0.05% of the day's total trading volume (a portion of the collected fees) is redistributed to those staking SUSHI. Rewards are distributed as xSUSHI tokens.

Staking on the SushiSwap DEX comes with a process called 'rewards vesting'. This basically means that two-thirds of the total rewards you've earned by staking cannot be accessed for at least 6 months after they've been attributed to your account. One-third of your rewards can be harvested immediately.

It's worth noting this does not affect your initial staking deposit. This can be unstaked and withdrawn at any time.

Safe storage

You can improve the security of your staked SUSHI by using a hardware wallet to store your private keys offline – check out our guide to learn how.

Risks of lending and staking Sushi

Risks involved with lending Sushi include:
  • Lack of regulation. Just because you're earning yield on your SUSHI like you would with a bank account, that doesn't mean you have the same protections. Cryptocurrency exchanges and lenders are largely unregulated and consumer protection laws in your country are unlikely to apply. As such, if something happens to your deposits you are unlikely to have many options for legal recourse. Fortunately, some lenders such as Nexo offer insurance on deposits to help bridge this gap.
  • Lack of insurance. While earning yield on cryptocurrencies can be easy and attractive, your deposits are not insured the same way cash deposits are with a bank. Deposits are used in a variety of ways, all of which carry varying levels of risk. Some services offer insurance policies, while some might not offer any insurance at all. Make sure to research the provider thoroughly before making a decision.
  • DeFi and smart contract risk. This guide only compares CeFi platforms, but if you choose to use a DeFi platform for lending SUSHI, then you are taking on the additional risk associated with that platform. DeFi lending uses software called smart contracts which automates the process and pairs lenders with borrowers. These smart contracts can be exploited and user funds stolen. Look for a protocol with a long history of security, such as Compound or Aave.
  • Scams. Be wary of platforms that offer rates several times higher than the competition. While legitimate services may do this as a promotion or way to attract users, some may be scams waiting to steal user funds.
Risks involved with staking Sushi include:
  • Slashing. When you stake cryptocurrency through an exchange or wallet, you are usually doing it as a delegator. This means you are giving permission for someone else to act (vote on blocks) on behalf of your assets. If the node operator makes a mistake or intentionally does the wrong thing, then they may suffer a slashing penalty. A slashing penalty may result in the loss of funds which may be shared amongst all of the delegators, yourself included.
  • Lock-up period. Some platforms will require you to lock-up your funds for a set period of time before you can access them again. This could be several weeks, months or years. Doing so will prevent you from selling until the lock-up period is over. Some cryptocurrencies or staking services will let you unstake early for a fee.
  • Using an exchange. A feature of staking is voting. By staking your coins or tokens, you usually get a say on what happens on the network. If you use an exchange for staking, then you are assigning your voting rights to the exchange operators who may not act in your best interests.
  • Rewards based on platform success. SushiSwap is one of the most actively-used decentralised exchanges. This means it typically offers very competitive APY rates. However, the platform is no stranger to controversy, having suffered from a million-dollar hack and a massive organisational restructuring in 2021. If incidents like this keep happening and SushiSwap were to lose a large portion of its clientele, the rewards rate (AND the value of SUSHI tokens) could potentially fall.
  • Rewards vesting. The inability to access two-thirds of staking rewards for 6 months poses a potential risk for high-volume stakers. Those with a large amount of capital tied up in the SushiSwap platform will be unable to react to hacks or massive market downswings.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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