> # Sushi is offering extra incentives for people who are depositing capital for lending on Kashi. > > # The depositor can not only earn APY from lending, but they can also earn extra APY by staking their lending position into an ONSEN farm.

> # Lets have a look and analyze the behavior of Kashi lenders! > > #

Topics Explored:

• What percentage of kashi TVL is being staked?
• Which farms are the most popular?
• What percentage of lenders farm their lending position for extra yield?
• Is there a relationship between Kashi farm rewards and TVL for Kashi pools?

To explore these topics we will:

• Take pool addresses from ‘ethereum.sushi.ez_lending’.
• Find mints and burns of pool tokens on ‘'ethereum.core.ez_token_transfers’ to find TVL using pool tokens.
  • Pool tokens are used in place of USD values as some inconsistencies were discovered calculating TVL with respect to etherscan values.
• Find user transfers to MasterChefV2 staking pool ‘0xc2EdaD668740f1aA35E4D8f227fB8E17dcA888Cd’ to calculate staking.
• And calculate rewards by finding SUSHI transfers from MasterChefV2 back to our users.

🔗 Links:

➡️ Visit SushiSwap

📜 Read the Docs

🐦 @SushiSwap

What percentage of kashi TVL is being staked? …Which farms are the most popular?

• Current TVL is calculated as the sum of mints - burns of pool tokens. Staked amounts are all deposits - withdrawals of tokens into MasterChefV2.
• An overall number is given, representing the sum of all pools. Additionally, pools are broken out individually as token/USD values can vary by pool.
• Popularity is identified as the total number of deposits into the pool in relation to % staked. Additionally, popularity is identified overall as the percent of unique pool users / all unique kashi users.

What percentage of lenders farm their lending position for extra yield?

> An issue encountered in determining this is users who transfer their position to other users. One such Tx is identified below. However, looking through results, it was not common and will be considered a ‘casualty of analysis’.

To determine the answer the dimension of ‘user’ was added to the initial queries, and is calculated across all pools. A user having tokens in multiple pools, but only staking in one is still calculated as a ‘staker’.

TX 0xae6770e2db2f8430a2b2047ff6ffc8848a8ba51edb675e95ba78f1c7f407415c

• The above presents the distribution of stakers by the number of pools they have staked with.
• We find the vast majority only staking in one pool.

• Above, we answer our core question about TVL staked and offer additional insights into staking by pool.
• We find out of all kashi pools, a number have no tokens staked in masterchef.
• We also find 14 pools having greater than 90% of issued tokens staked (and earning additional yield).

• To gain insight into popular pools with high amounts of staking, the chart above indicates the relationship between overall pool deposits and percent of pool tokens staked.
• Here we discover that a large number of pools with low deposits have high staking.
• We also find kmxSUSHI/USDC and kmxSUSHI/USDT are likely the most popular given their high deposit numbers and large percent staked.

• The chart and indicators above are meant to give a more precise view by removing the pools where no staking has occurred.

  \

• The chart and table above provide additional insight into determining pool popularity.
• Here we find pools ranked by taking the number of unique users per pool out of all pool users, giving us a percent of all users in the pool.
• Additional metrics are given regarding the pools including pool TVL.
• We note that kmxSUSHI/USDC is leading in popularity on this metric with a high staking amount of 80%
• However, kmWETH/USDT has only 28% staked, indicating that they may not be as encouraged as other users to stake.

• The above graph and table is similar to our other on all pools, however, we asses in terms of stakers.
• Again we find kmxSUSHI/USDC in first position (distinct stakers/all stakers %)

Is there a relationship between Kashi farm rewards and TVL for Kashi pools?

To determine the answer, we will use our staking query but add SUSHI transfers from Masterchefv2 to our stakers addresses to determine rewards. Then we can look for a relationship in terms of TVL and Pct TVL staked.

No clear relationship emerges when examining rewards in terms of TVL metrics. What we do notice is that of our lend/collateral pairs, xSUSHI is frequently the lent token when rewards are high.

We do find some pairings outside the norm which are easily identifiable in the charts.

Recap:

• Percentage of kashi TVL is being staked: 43.2% (based on pool tokens) with varying percentages by pools.
• Most popular farms: kmxSUSHI/USDC and kmxSUSHI/USDT in terms of deposits and rewards and kmxSUSHI/USDC and kmWETH/USDT in terms of largest percent of distinct users.
• Percentage of lenders staking for extra yield: ~ 41.3%, with consideration for transfers between users.
• Relationship between Kashi farm rewards and TVL for Kashi pools: Not clearly identifiable based on TVL, but xSUSHI as the Lend part of the pair is common in high reward pairs.