Introduction and methods

Since the UST depegging event occured with Terra stablecoin and the bad amrket conditions over the past weeks/months, the crypto market experimented an increase on the volatility.

The goal of this dashboard is to analyze if this situation also affected the overall activity of Sushi on Ethereum mainnet. To do that, the main features to be analyzed are:

• Daily swaps since May
• Daily swappers since May
• Volume inflow and outflow swapped since May
• Daily lenders since May
• Netflow lending actions since May
• Volume inflows and outflows of lendings since May

Results

In terms of swap activity, it is clear that the main volatility was done during the week of May 8th, when the UST depegging took place. In this case, both swaps and swappers were doubled during those days. Another important volatility occurred on the week of June 12th. For the rest of the days and weeks since May 2022, the activity was lower.

The same occurred with the volume swapped. In both aforementioned weeks, the volatility also increased and both inflows and outflows increased cosniderably at that poins. The netflow was positive on that periods.

On the other hand, regarding lending activity, we can see how again, the major activity was developed during May 8th and June 12th weeks.

In those weeks, more lenders were active and more lending actions took place. However, in that cases, the unlending actions were higher than the lending actions and then, more users exited.

In terms of volume, the situation is more clear. During that days, the netflow volume lended was so negative. Despite May 15th, when the netflow lended was positive, for the rest of the days when activity was registered the netflow was negative. It is to say that in June 27th a big volume were unlended.

Conclusions

In this dashboard we have explored the recent crypto volatility effect on the Sushi activity on Ethereum in terms of swap and lending. Analyzing different metrics since May, the insights extracted from the analysis were the following:

• The main volatility was done during the week of May 8th, when the UST depegging took place. In this case, both swaps and swappers were doubled during those days. The same occurred with the volume swapped.
• During the same week, more lenders were active and more lending actions took place. However, in that cases, the unlending actions were higher than the lending actions and then, more users exited and consequently, more volume was unlended.
• In June 27th a big volume were unlended.