Try Quests to earn cryptoSushi Activity on Ethereum
Has the recent downturn affected the sushi ecosystem? In this dashboard, we examine the sushi ecosystem over the past 60 days.
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What is sushi?
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SushiSwap and its associated Sushi coin are two of the big talking points in the world of crypto. In less than a year, SushiSwap has become one of the biggest decentralised exchanges in the world – and has also generated a fair amount of controversy.
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Before we get into the ins and outs of what Sushi coin is and does, let’s take a look at decentralised finance, or DeFi for short.
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The idea behind decentralised finance is to create a modern, fairer alternative to financial services that can be accessed by anyone via the internet. The World Bank says there are 1.7 billion people who do not have a bank account. As roughly two-thirds of them own a mobile phone, advocates of decentralised finance hope that by reaching these people, DeFi will promote financial inclusion.
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Sushi coin is linked to SushiSwap, which is a decentralised exchange, or DEX for short. This is like a regular currency exchange, except that it allows people to exchange crypto via a smart contract (a computer program that automatically executes sales and other agreements when the right conditions are met), using the Ethereum blockchain.
The SushiSwap exchange
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SushiSwap was set up in 2020 by an anonymous individual, or possibly a group of individuals, who went by the name of Chef Nomi. In order to fund the exchange, users tie up their assets into smart contracts to create liquidity pools. Traders then swap their tokens and coins in and out of the liquidity pool, meaning they can buy and sell on the DEX.
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If a pool does not exist, users can create one and set their rates of exchange, although this can be corrected further down the line. If you trade against an asset that is locked in then you have to pay a fee, which is distributed across all contributors to the liquidity pool, based on how much the individual contributor has put in.
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There are other rewards for people who help create the liquidity pools. They get protocol fees, as well as a share of the 100 Sushi coins that are minted every day. Users can, at least in theory, take out the money they have put in at any time, as well as claim the ‘harvest’, or Sushi, that they have earned.
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Contributors who want to earn more Sushi than their share of the harvest pays them can download the SushiBar app, which allows them to stake the Sushi they hold to obtain the xSushi token, which is made up of Sushi bought on the open market combined with a proportion of the fees generated by the SushiSwap exchange.
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You can read here for more information
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- > To solve this question I like sushi tables
- ethereum.sushi.ez_swaps
- ethereum.sushi.ez_lending
- ethereum.sushi.ez_borrowing I used .
- > I checked the information in these tables and selected the number of transactions and the number of users and the dollar volume for my analysis. I chose the last 60 days. The market crash started on May 5th
- The chart above shows the number of transactions and the number of unique users who have swapped in the last 60 days.
- The market downturn was in two stages, one on May 5 and one on June 10
- In both dates, observations show that the number of swaps and the number of unique users on these two dates have been increasing.
- The chart above shows the 20 swaps that most users have done in the last 60 days.
- Observations show that the USDC-WETH SLP pool Sushiswap, with a volume of $ 1.17 billion and 70,000 transactions in the last 2 months, had the highest volume among other pools.
- The WETH-USDT SLP pool also has high figures. $ 413 million has been swaped and more than 40,000 transactions have been made.
- The chart above shows us landing in sushi.
- Deposits for landing are very low.
- Due to market declines and rising fear index, the desire to withdraw is much higher than the deposit.
- As you can see, more than $ 2 million or 91% of the total volume in Landing has been withdrawn in the last 2 months and less than $ 200,000 or 8.62% has been deposited.
- The chart above shows the volume of borrowing and repayment.
- There is a jump in the chart that has occurred since the first drop. In this jump, the repayment rate has reached its highest volume in the last 2 months. On May 12, nearly $ 470,000 was repaid
- As you can see, more than $ 1.2 million or 78.9% of the total volume in Borrowing has been Repay in the last 2 months and less than $ 340,000 or 21.1% has been Borrow.
- In the days when the market has fallen, on May 5 and June 10, the number of transactions and swaps of unique users has increased.
- Most volume in the USDC-WETH SLP pool is swaped with a volume of $ 1.17 billion and 70,000 transactions
- more than $ 2 million or 91% of the total volume in Landing has been withdrawn in the last 2 months and less than $ 200,000 or 8.62% has been deposited.
- more than $ 1.2 million or 78.9% of the total volume in Borrowing has been Repay in the last 2 months and less than $ 340,000 or 21.1% has been Borrow.