Introduction

THORSwap has partnered with SushiSwap to launch an Onsen Farm for very own protocol token $THOR.

With the launch of the new $THOR Onsen farm, users who are providing THOR-ETH liquidity on SushiSwap can stake their SLP tokens to receive additional liquidity mining rewards in the form of both $SUSHI and $THOR whilst maintaining their exposure to THOR/ETH.

Since last year, $THOR holders provided $THOR and $ETH liquidity on SushiSwap

to improve market efficiency and earn token rewards. Previously, we hosted our own LP farming contract for additional $THOR rewards. This has been deprecated and replaced by the new $THOR Onsen Farm.

Now LPers can stake their Sushi LP token for even more yield, whilst maintaining their exposure to THOR/ETH.

How can they do that?

• Step 1: un-stake from v1 farm:
• Step 2: re-stake on SushiSwap :

Methodology

The intention of this dashboard is to 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? "

Looking at the Flipside Crypto data, I have considered those transactions who involved the contract address of Sushiswap SLP WETH/THOR pool, which is: 0x3D3F13F2529eC3C84B2940155EffBf9b39a8f3Ec buy filtering the event name by Mint or Burn, referring to staking and unstaking actions.

The results shown that only 4% of the older Loopers have switched to the new version so far, while there are still more tha 300 wallets remaining on the old farm version.

Regarding the funds, there is still 2M USD of funds remaining on old farm, while only 12k has been switched to the new farm, represtning a total of 0.63%.

If we take a look at the contract staking pool over time, we can see how the major activity was registered just after the launch of the pool. However, the activity has decreased over time, registering null values at some point just after the new version release.

As it can be seen at the two first chart, the number of stakers and unstakers decreased from the beginning of the pool to May. Afterthat, the activity was so low but has increased again since the new farm version, when some farmers migrated to the new version. But the activity has not reached the previous volume of activity.

The same occurs with the number of transactions in both cases, staking and unstaking actions.

Finally, regarding the volume deposited and withdrawn to the farming pool, we can see how again, the major activity was during the first days after the launch of the pool. Then, the activity decreased. Here, it can be seen how the new farming pool are not generating so enthusiasm between old farmers because of the activity not experimented any change.

Key insights

• Only 4% of the older Loopers have switched to the new version so far, while there are still more tha 300 wallets remaining on the old farm version.
• There is still 2M USD of funds remaining on old farm, while only 12k has been switched to the new farm, represtning a total of 0.63%.
• The major activity was registered just after the launch of the pool. However, the activity has decreased over time, registering null values at some point just after the new version release.
• The number of stakers and unstakers decreased from the beginning of the pool to May. Afterthat, the activity was so low but has increased again since the new farm version, when some farmers migrated to the new version.
• Regarding the volume deposited and withdrawn to the farming pool, we can see how again, the major activity was during the first days after the launch of the pool. Then, the activity decreased.