Introduction

Kashi is the Lending & Borrowing product of SushiSwap. It is different from other lending platforms in that it creates isolated pools which decrease the risk of cascading liquidations since every pool is independent of other pools even with similar assets. Each Kashi Pool is called a Kashi market in which you can:

1. Put collateral and borrow another asset against it.
2. Lend your idle asset to other people who want to borrow it and earn yields.

What is Onsen Menu?

> Onsen is a liquidity provision reward system; Tokens selected to be on the Onsen “menu” are given an allocation of $SUSHI tokens per block to incentivize liquidity provision.

Onsen menu consists of Pools which are additionally incentivized to earn more yields by staking the SLP token. For regular SushiSwap trading pools, these are mainly new tokens that attract more traders and have a decent volume. But it is a bit different For Kashi markets, in which most Onsen menu pools are those with the highest TVL and lending/Borrowing activity. ==Don’t worry, it will be much clearer as we proceed.

Data & Analysis

Ok, Let’s start with the broadest concept.

A lender is a user who lends his/her idle asset, not one who put asset as collateral or provide liquidity to sushiswap pools.

• 2460 distinct Users have lent their assets on any Kashi market at least one time. This doesn’t rule out those who withdraw their assets.
• You can also see the most popular assets to lend, which are stable coins pioneered by USDC.
• Stablecoins together make up almost 85% of all Lenders’ Meaning that almost 2100 out of 2460 lenders have lent a stablecoin at least one time.
• Among Non-stable assets, Sushi token and xSUSHI have the most lenders.

Now is the time to get more specific on the Onsen menu Kashi Markets. I extracted their names and addresses for you if you are interested. You can also view them here on sushiswap UI.

1. 0x6eafe077df3ad19ade1ce1abdf8bdf2133704f89 >> kmxSUSHI/USDC-LINK

2. 0xff7d29c7277d8a8850c473f0b71d7e5c4af45a50 >> kmWETH/USDT-LINK

3. 0x561770b93d0530390eb70e17acbbd6e5d2f52a31 >> kmLINK/DAI-LINK

4. 0x77f3a4fa35bac0ea6cfac69037ac4d3a757240a1 >> kmxSUSHI/DAI-LINK

5. 0x0ea032decbfbea581d77d4a9b9c5e9db7c102a7c >> kmAAVE/DAI-LINK

6. 0x17fb5f39c55903de60e63543067031ce2b2659ee >> kmxSUSHI/USDT-LINK

7. 0x668edab8a38a962d30602d6fa7ca489484ee3224 >> kmWBTC/USDC-LINK

8. 0xf678b4a096bb49309b81b2a1c8a966ef5f9756ba >> kmWBTC/USDT-LINK

9. 0x3485a7c8913d640245e38564ddc05bfb40104635 >> kmxSUSHI/TUSD-LINK

10. 0x5f92e4300024c447a103c161614e6918e794c764 >> kmWETH/DAI-LINK

11. 0x418bc3ff0ba33ad64931160a91c92fa26b35acb0 >> kmWBTC/DAI-LINK

This is how the mechanism works:

Users deposit (lend) their assets into these pools and receive KMP (Stands for KashPairMeduim) equivalent to their share of total assets available to borrow. Then they are able to stake that KMP to receive extra rewards. Such an option is only available for Onsen menu pools.

To get more specific on the farmers statistics, You can see the chart for Onsen menu market with their number of depositors and KMP stakers.

• The first and second seat in the number of KMP stakers belongs to xSUSHI markets.
• In a case like WBTC/DAI or WETH/USDT you can see that their number of depositors are more than xSUSHI/USDT but KMP stakers of the latter is more. These are people who are bullish on SHUSHI and accruing more using every opportunity.

It’s not easy to calculate Dollar based TVL of Kashi market; I attempted and got unreasonable amounts that weren’t valid. So, as I keep working on that aspect, ==the closest concept in which we can estimate the amount share of these pools compared to the total Kashi market is the balance of KMP in different wallets.==

There are two charts in front of you:

1. The first chart shows how much the KMP token each of markets has available.
2. The second chart shows how much of these KMP tokens is staked at Sushi Staking LP contract.

• Is there any pattern between higher rewards and highest amount of KMP staked? Yes, there is. But more complicated that what you see in first chart.
• Almost 70% of the total available KMP token is in Stake contract, which can be fairly translated into ~ 70% farming of total Kashi TVL.

Conclusion

• If you take a look at the dynamic APR of each market on the Sushi website, you can see that the more the TVL gets, the lesser the reward gets. So if you want to choose which market to farm, you better go with those with lower KMP staked.
• ~ Two third of Onsen menu Kashi TVL is being farmed.
• xSUSHI pools are the most popular so the least interesting pools to farm.
• Stablecoins pioneered by USDC are the most favorite assets to lend and farm.