Stake Sushi in SushiBAR ( An investigation )
Here is my investigation of the Sushi staking trend in the past months
Q66. Draw charts showing sushi tokens transferred to the Sushibar. Do it at different frequencies and describe the trends if any.
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Sushiswap is a famous DEX on multi blockchains
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$SUSHI is its governance token with more than 660 million in market cap
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Like most decentralized platforms out there, $SUSHI holders can stake their tokens too
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Staking takes place on SUSHIBAR, where Sushi will be staked and stakers in return receive XSUSHI
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$XSUSHI can be yield farm and makes earning too
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All XSUSHI stakers gain a % of fees from the exchange.
This chart shows the amount of daily staked Sushi in the sushi bar. The first thing we notice when we look at this Chart is the initial hype and then the chart went down near zero.
In other words, sushi swaps governance token in recent months has not been a very good option for users to earn staking rewards.
In my opinion, the most important reason for this is the decrease in the price of sushi currency.
Let's compare the price of sushi and the chart above:
As you can see until it is a bull market for Sushi token, Staking is attractive for investors. The highest amount of staked sushi on daily basis belongs to NOV 2020, That's when the Sushi token was launched a few weeks before and the price was just warming up to start its bull run. It was that period of time which most sushi has been staked. by increasing the price of sushi until ATH, the sushi staking amount was still high and attractive for investors but A little decreased because people were Unstaking sushi and selling it at high prices. But after ATH, the real downtrend of staked sushi tokens begins and until today no solid uptrend for sushi price occurred so as a result staking amount remained low.