Background:

• Sushi Swap provides a suite of comprehensive financial services on a decentralized platform
• Community built, the treasury is managed by a multi-sig wallet and governed by a DAO

Objective:

• What are the in-flows and outflows from sushi treasury?
• Are there any trends?

Methodology:

• Data: Ethereum mainnet
• Weekly time-frame
• Utilize Token Transfers (native values/no conversion to USD)
• Contract addresses:
  • Treasury: 0xe94b5eec1fa96ceecbd33ef5baa8d00e4493f4f3
  • Sushi House: 0x7b18913D945242A9c313573E6c99064cd940c6aF

🔗 Links:

➡️ Visit SushiSwap
📜 Read the Docs
🐦 @SushiSwap

🔎 Observations:

• Three large peaks are observed within the data.
• We will filter these in the next graph to observe regular activity.

🔎 Observations:

• Inflows are trending down
• Beginning Aug '21, we observe additional tokens added to the treasury.
• More recently, we observe USDC being added.

🔎 Observations:

• Weekly outflows are sporadic, and do not seem to follow any defined structure.
• The last 3 outflows totaled ~ 400k

🔎 Observations:

• We again observe several peaks in the data.
• In April '21 we observed combined monthly outflows exceeding 20MM
• Additional and similar amounts are again observed in June and July of the same year.

🔎 Observations:

• As expected the Treasury's most held token is SUSHI.
• We also observe the amounts of USDC and TOKE accumulated, somewhat insignificant given the current USD value of the SUSHI tokens is 18MM+.

🔎 Observations (🤷 Where'd the tokens go?):

• 0xcbe: SushiSwap: Merkle Distributor
  • Distributor holds SUSHI rewards for early liquidity providers to claim.
• 0x19b: SushiSwap: Operation Multisig
  • Enables the platform to be community run.
• 0xa7b: SetJoiner: SetJoiner
  • This contract was used to transfer funds to Sushi DAO House.

🤔 Summary:

• We observed several high value SUSHI flows which represented underlying administration and changes to the protocol.
• Otherwise we observed a general downward trend in inflows.
• Lower value outflows have shown to be sporadic.
• The treasury and 'house' have begun diversification into other (principally stable) assets.

🔎 Observations (🤷 Where'd the tokens come from?):

• 0xc2e: SushiSwap: MasterChef LP Staking Pool
  • Tokens staked by wallets.
• 0xxf7: SushiSwap: Dev Fund
  • A single transaction.
• 0x000: Represents token mints

Sushi House

Sushi House provides treasury management and diversification of the treasury into multiple assets.

Learn More

🔎 Observations:

• In the two graphs above we observe the in and out flows of the Sushi House contract. The first graph shows the outflow of SUSHI tokens which were swapped into other assets. Currently we see a diversification into DAI, WBTC, WETH and YAM tokens. The 33.5 WBTC currently represents ~ $720,000, leaving DAI in the top position.
• The 'In' SUSHI tokens do not reflect the resulting swaps and have not been deducted from this amount. The actual current amount of SUSHI (In - Out) would be ~ 40.5k after deducting the outflow.