What is SushiXSwap ?

With XSwap, Sushi now lets you bridge and trade tokens across the following chains [1]

Ξ Ethereum,

🔴 Optimism,

💙 Arbitrum,

🟦 Fantom,

🟡 Binance Chain and

🔺 Avalanche

∞ Polygon

Why is SushiXSwap needed ?

As the number of chains and rollups continues to balloon across Web3, one of the largest pain points that has reared its ugly head is a horrific UX; partly due to the complex nature of DeFi itself and partly due to our own choices made so far as a community, the UX across the board has fallen by the wayside. From clunky UI’s to moving assets across chains, the user experience is just simply not all it can be. It is widely believed that this is Web3’s greatest hurdle to mainstream adoption, and it’s one that we take very seriously here at Sushi, since our DeFi apps can be found across numerous (fourteen!) different chains and ecosystems.

To help combat this, SushiXSwap: one of the first ever crosschain AMMs, built upon LayerZero’s Stargate protocol. SushiXSwap is a unified, multichain UI for swapping tokens across any of the major chains, with support for more in the pipeline. The two main challenges for crosschain bridges so far have been an implementation-oriented one and a liquidity-based one - it’s tough to keep the UX friction free when numerous bridges each have their own standardizations, while simultaneously trying to find enough liquidity for both sides of the swap. [2]

Benefits of SushiXSwap ?

Bridge and swap any token, with minimal slippage at best prices A challenge for crosschain bridges so far has been finding a path with sufficient liquidity on both sides of a swap. We solve this problem by plugging into our own Sushi liquidity pools, which are currently deployed on 14 chains. Being able to use this liquidity guarantees our users to always receive the best price for any pair across all the chains.[3]

Sushi’s swap routing finds the cheapest, fastest and most secure route for any user to get from point A to point B by plugging into Layer0’s Stargate bridge infrastructure. Stargate bridges chains securely without compromising on decentralization, which allows SushiXSwap to scale to any number of chains in the future.

Sushiswap Revenue

• In the past 60 days Sushiswap has had 1.2K $USD in revenue.
• The highest revenue in a single day was 619 $USD on Aug 30.
• On a daily basis the revenue has been below 100 $USD for the past few weeks, however Aug 30 was quite a spike.

Stargate Revenue

• In the past 60 days Stargate has had 931 $USD in revenue.
• The highest revenue in a single day was 103 $USD on July 28.
• On a daily basis the revenue has been below 20 $USD for the past few weeks.

Conclusion

• SushiXSwap solves a lot of problems with the number of L2 chains growing and makes swapping easier with a consistent UI and low fees and low slippage.
• As time passes we should see a lot of revenue for Sushi via SushiXSwap.

Methodology

• We look at all the transactions for the SushiXSwap Contract 0x011e52e4e40cf9498c79273329e8827b21e2e581 that have token transfers from

  0x011e52e4e40cf9498c79273329e8827b21e2e581 -- SushiXSwap to address 0xdf0770df86a8034b3efef0a1bb3c889b8332ff56 -- Stargate Finance: S*USDC Token

  • Example Transaction -

• Fee paid per transaction we look at all the SushiXSwap transactions and join with ethereum.core.fact_transactions table to find the Transaction Fee Paid.

• Stargate Fee, we look at all the SushiXSwap transactions with the following filters

  and eth_from_address = '0x296f55f8fb28e498b858d0bcda06d955b2cb3f97' -- Stargate Finance: Bridge 
  and eth_to_address = '0x66a71dcef29a0ffbdbe3c6a460a3b5bc225cd675' -- LayerZero: Ethereum Endpoint 
  

• For Sushi revenue we look at all the SushiXSwap and join with ethereum.sushi.ez_swaps to find the sushiswap swap component. The revenue for Sushi is the sum(amount_in_usd - amount_out_usd) as sushi_revenue_usd

• We look at the past 60 days of data, that can be configured via the parameters.

Transaction Fee

• In the past 60 days SushiXSwap users have spent 4.5K $USD in fee.
• The highest fee spent in a single day was 351 $USD for 12 transactions on July 28.
• Average fee spend per swap has been around 10 $USD for most days.