Sushi Extra Yield for Kashi Users

Introduction: Sushiswap is a decentralized finance platform with many products. Kashi is a lending/borrowing product on Sushiswap, where users can deposit tokens in various pools for others to borrow and earn yield. After lending tokens into a pool, the user will get a “KMP” token in return, which can then be staked in an Onsen farm for additional yield. The purpose of this analysis is to determine the usage of Onsen farms for Kashi lenders.

Methods:

• Evaluated Kashi/Onsen usage on Sushiswap for Ethereum only.
• Used the ethereum.core.ez_token_transfers table to determine total value locked across pools containing “km” in name. This query, which was in a winning dashboard, was used for inspiration.
• Tried using the ethereum.sushi.ez_lending table, but was getting weird numbers.
• Most pools reward in $SUSHI, so for simplicity, just evaluated rewards in $SUSHI.
• “Stake” and “farm are used interchangeably in this report.

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

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

3. Which farms are the most popular?

2. What percentage of kashi TVL is being farmed?

A lender is a wallet who has received “km” tokens and a staker has sent “km” tokens to the 0xc2EdaD668740f1aA35E4D8f227fB8E17dcA888Cd contract. The majority don’t stake, which is not surprising because there is not an option to stake if user lends from the Kashi lending tab, so some users might not know about it.

Total Value Locked (TVL) is the amount distributed from the pool address (deposit) - the amount sent to the pool address (withdraw) times the collateral price. Farmed amount is the amount of “km” tokens sent to the staking address 0xc2EdaD668740f1aA35E4D8f227fB8E17dcA888C- the amount taken out.

The xSUSHI/USDC accounts for the largest staked volume and over 85% of it’s TVL is staked. Interestingly the #2 and #3 pools in terms of TVL have low % farmed.

Conclusion:

• 58% of Kashi lenders do NOT farm on Onsen and <50% of Kashi TVL is farmed on Onsen.
• Follow-up analysis should be done on which screen the lenders who do NOT farm are lending from because if you lend on the Kashi tab in the app, it is not obvious that you can farm.
• The xSUSHI/USDC accounts for the largest staked volume and over 85% of it’s TVL is staked. However, the #2 and #3 pools in terms of TVL have low % farmed.
• There does not seem to be a relationship between total SUSHI rewards and TVL.

There does not seem to be a relationship between total SUSHI rewards and TVL.