What is Onsen farm?

Onsen is a liquidity provision reward system for tokens that are relatively new. This means that tokens on the Onsen menu are another potential source of yield farming for users. Tokens selected to be on the Onsen “menu” are given an allocation of $SUSHI tokens per block to incentivize liquidity provision.

What is SushiSwap?

SushiSwap is an Ethereum-blockchain DEX founded by pseudonymous open-source developers Chef Nomi and 0xMaki and initially launched as a copy of Uniswap. As a clone of Uniswap, SushiSwap was a platform to swap tokens without the need for a middleman or intermediary.

Who are Liquidity providers?

Liquidity providers (LPs) are those people who add funds to a crypto liquidity pool. A liquidity pool is a large amount of money that traders can trade against. In exchange for providing liquidity to the protocol, LPs receive fees from trades that occur within their pool.

Questions

Show how users reacted to this change:

• How many funds has been moved from the old contract to the new one? How much is still left in the old one?
• How many unique wallets did already move their liquidity over? How many still have to switch?

Methodology

Using ethereum.core.ez_token_transfers table provided by FlipsideCrypto data base by filtering 0xef0881ec094552b2e128cf945ef17a6752b4ec5d, 0x3d3f13f2529ec3c84b2940155effbf9b39a8f3ecfor new contract and 0x3d3f13f2529ec3c84b2940155effbf9b39a8f3ec, 0xae1fc3947ee83aeb3b7fec237bcc1d194c88bc24 for old contract these analysis was gathered.

What is THORSwap?

A multi-chain DEX aggregator built on THORChain's cross-chain liquidity protocol and the #1 interface for all THORChain services such as THORNames and Synthetic Assets.

Insight on WETH

 Is used to make an offer to buy an NFT or bid on an auctioned NFT. WETH is a form of cryptocurrency that allows users to make pre-authorized bids,can be fulfilled at a later date.

Facts and related metrics about old contract.

[1]Discoveries

With the total of 25.1K SLP deposited in SLP compared to 24.5K withdrawn and 125 users having 154 transaction against 93 users having 107 withdrawing transactions, more users staked their assets rather than unstaking it.

Facts and related metrics about new contract (Onsen farm).

[2]Discoveries

• Users deposited the most(90deposits) on November1st 2021 and withdrawn the most(23withdraws) on December 6th 2021.
• In general there is more deposits(175M)55% than withdraws(142M)45%.
• Since November 2021 a total of 6.78M accumulated against 5.6M withdrawn.
• Total of 1.06M in USD remains on old contract.

[1]Discoveries

• The total of 1900 deposits worth 1.11M in USD is done.
• There is 28 new contract depositors.
• A total of 38K in USD was withdrawn.

[2]Discoveries

• The most amount of deposits(20) and most withdraws(8) happened July 25th 2022 around the time when Onsen farm was started.

• A total of 1.08M in USD was staked.

• Total of 1.89M deposits and 1.11M withdraws in SLP accumulated since Jul25th.

• In general there is more deposits (60%) than withdraws(40%).

• August 1st 2022 was the beginning of a upward trend of deposits and withdraws till august 22.

  \

Conclusion

• A total of 97 wallets haven’t switched to the new contract.
• 18 unique wallets made the switch from old contract.
• Total of 1.06M in USD remains on old contract.
• 125 users deposited 25.1K in SLP with 154 transactions compared to 93 users withdrawing 24.5K SLP with 107transactions on old contract, in total more wallets had assets staked.
• The most deposits happened on November 1st 2021 with the total of 90 deposits and the most withdrawn was on December 6th 2021 with 23 withdraws on old contract.
• A total of 6.78M accumulated against 5.6M withdraws on the old contract.
• The total of 1900 deposits worth 1.11M in USD is done and a total of 38K in USD was withdrawn on new contract.
• Most successful day for Onsen farm was on its opening announcement, July 25th 2022 with 20 deposits and 8 withdraws.
• 1.89M deposits and 1.11M withdraws in SLP accumulated since Jul25th 2022 And total of 1.08M in USD was staked on the new contract.

Overall with Onsen farm’s relatively short lifespan and the data gathered, transition from the old contract seems to happen slowly but surely and definitely smoothly, with users gravitating more toward depositing and staking their assets rather than withdrawing it, the future for staking pools in particular giants like, Sushiswap and THORchain is bright specially now that they’re collaborating.