Sushiswap × Indexed

Indexed Finance is delighted to announce our partnership with Sushiswap, and the beginning of a transition to using it as our primary source of liquidity.

To begin this process, Sushiswap is introducing the ETH pairs for both the NDX governance token and the DEGEN index to their Onsen program, which provides SUSHI rewards to liquidity providers. Pending a smart contract review, we’ll soon be able to add NDX to the SUSHI rewards using their MasterChef V2 contract, at which point we will begin shifting our rewards from Uniswap V2 LP tokens to Sushiswap LP tokens.

If you’re a liquidity provider, here are the immediate need-to-knows:

  • Starting today, you will be able to stake ETH-NDX and ETH-DEGEN on Sushiswap.

We’ve also created what we’re calling Narwhal — a combined router for Uniswap, Sushiswap and Indexed Finance — to take advantage of the liquidity on both exchanges and ensure Indexed users get the best prices when trading, minting or burning index tokens.

How will this migration look in practice?

Our UI will now show Sushiswap’s ETH-NDX and ETH-DEGEN pairs on the Portfolio and Staking tabs, and you’ll be able to stake these LPs in Sushiswap’s Masterchef directly through our site. You’ll also be able to see how much SUSHI you’re earning on the staking cards as well as the staking APR.

These pairs are initially launching with SUSHI rewards only; however, once they’re added to Masterchef V2, we will migrate the NDX rewards for ETH-DEGEN from Uniswap to Sushiswap to enable dual rewards. Current rewards for the Uniswap pair will continue until then.

As additional Indexed product liquidity pools (e.g. DEFI5-ETH, FFF-ETH) are migrated over, we will repeat this process on a case-by-case basis until they’re — hopefully — all sitting comfy in a dual rewards setting. You’ll hear more about these gradual shifts via our Twitter (and follow-up posts here on Medium).

Note that it is currently not our intent to offer NDX rewards against NDX-ETH —avoiding the introduction of a pool2 is a decision we made early on, and one that we’re sticking with for the time being.

Why the move to Sushiswap?

Sushiswap is attractive to us as a platform for several reasons. Foremost among them is the fact that Sushiswap is moving towards becoming a whole suite of products rather than simply an exchange: as a result, building a relationship alongside tighter technical integrations will allow us to do more with our indices. More specifically:

  • The Kashi platform is a big motivator: with good liquidity for our largest products on Sushiswap, tokens such as DEFI5 and FFF (which are both full of components that are already used as collateral) could become candidates for the native Sushiswap lending market.

“Wait, weren’t you going to migrate liquidity mining to Uniswap V3?”

Yes, when we announced our extended liquidity mining program, we stated that our intent was to migrate our pools towards V3. Quote:

We’ll eventually be migrating to Uniswap V3 once there’s a “standard” way of issuing fungible V3 LP tokens.

However, such a standard fungible liquidity token exchange process does not yet exist, and frankly we can afford to be impatient given that Maki and the wider Sushiswap team are far more interested in establishing partnerships.

Moreover, the UX for Uniswap V2 — where we currently are — has been placed on the back-burner in favor of shunting everyone towards V3, making liquidity provision for Uniswap V2 harder to do if you’re not already familiar with the process. This makes sense for them — it’s their latest version, after all — but makes it trickier for us to help out newcomers to liquidity provision.

Nonetheless, a shift to Sushiswap for DEGEN is something that we announced back on March 1, so it’s a promise kept albeit slightly delayed!

Okay, so how do I migrate my liquidity?

Please read this section bearing in mind that we won’t have moved NDX rewards over for DEGEN by the time this article is released. We’ll let you know on Twitter when that’s happened!

Sushiswap has made the process of moving liquidity across from Uniswap very easy with a single Migrate tool, if you’re not familiar with the process of doing so yourself.

First up, if you’re a UNIV2:ETH-DEGEN staker, and you want to migrate bearing in mind the above then go here, make sure your wallet is connected to the Indexed UI, and then click — you guessed it — Exit.

That one.

After that — or if you only have UNIV2:ETH-NDX liquidity, head over to the Migration tool at, connect your wallet, select your relevant liquidity position, pick how much you want to move over, and then click Migrate.

I, uh, only have FFF liquidity on this wallet. Same principle applies, though!

After that, you can take your newly minted SLP tokens and restake them in the appropriate pool via the Indexed UI.

If you want to do this manually rather than trust the Migrate tool (or if your liquidity isn’t showing up there for whatever reason), here are the relevant links for you:


We’re very happy that Sushiswap has agreed to onboard Indexed: we’ve got a lot more room to grow with them as our primary liquidity platform going forward. There’s no point in us being coy: we want to eventually see our products on Kashi and cross-chain beyond our presence on Polygon, and we see this partnership as a way to putting some mileage towards that goal.

By introducing the Narwhal router and moving our liquidity across, Sushiswap will also benefit from increased TVL and volume courtesy of the Indexed platform.

Our sincerest thanks to Maki, Jiro Ono and Amanda for being so readily available to answer our questions and provide resources!

So… 私たちと一緒にお寿司を食べに来るのは誰?



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