Introduction

SushiXSwap

In this dashboard, I analyzed a new product Sushi called SushiXSwap. SushiSwap announced the launch of SushiXSwap, a cross-chain AMM based on the cross-chain bridge Stargate, allowing users to bridge and trade tokens across chains, currently supported by networks including Ethereum, Optimism, Arbitrum, Fantom, Polygon, BNB Chain and Avalanche. In this Dashboard, I Only checked Ethereum, Avalanche, Arbitrum, Optimism and Polygon. I examined these parameters:

• Daily Swaps and Users
• Daily Volume
• Sushi Fees
• Stargate Fees

Analyzed by Hess - Reading Time Almost 10 Min

Sushi and Stargate Fees

From Ethereum, Avalanche, Optimism, Arbitrum and Polygon blockchain, Sushiswap gained around 5.6K US dollars in the last 45 days and Stargate from bridging gained 2.3K US dollars.

Method

In This analysis, I analyzed 5 networks together. For All networks, I’ve used Fact log tables. But how do I approach the question?

First, I Read the Medium article on SushiXSwap and found how much Sushi gets for Fees. Almost 0.3%. Then, I found the Deployment contract addresses of SushiXswap for each chain.

Source: https://docs.sushi.com/docs/Developers/Deployment Addresses.

Second, In order to understand how SushiXSwap works, I did a transaction on Sushi.

Third, I followed my transactions and understand sushi uses Stargate for the bridge part.

Fourth, Finding the Stargate Fees was a little complicated. I needed to decode the tx message to extract fees. I’ve used the Herotat Decode code to extract fees. Now, I have every needed Data.

I calculated total swap, total users, and total volume per chain. In the end, I answered the mentioned question about Sushi and Stargate Fees per chain.

Daily Swaps Per Chain

Swap:

• SushiXSwap is a new feature on Sushi. Almost July 21st launched by Sushiswap. Before we examine the Sushiswap fees and Stargate fees, Let’s take a look at how Sushixswap worked in the last 45 days.
• As you can see, Most swaps happened from the Arbitrum chain. Especially in the last 10 days.
• The second popular chain is Polygon and the Third one is Ethereum.
• The highest number of swaps happened on August 26th with almost 200 Swaps.

Users:

• The number of swaps is almost like the number of users. Most users have used Arbitrum to swap their assets.
• Almost Arbitrum has a 48% share of total users.
• The second Popular chain is Polygon with a 22% share of users and the third one is Ethereum with a 14% share.

Volume:

• The highest volume went from Arbitrum. Later we will see the sushi fees, But we can say Sushi gain the highest amount of Fees from the Arbitrum chain. Nearly 1.2M US dollars were swapped from Arbitrum.
• The second chain is Ethereum with nearly 400K Volume.
• Most Volumes swapped from August 12th until August 14th.

Popular Destination Chain:

:diamond_shape_with_a_dot_inside: Based on the Total Number of Swaps, Polygon is the most popular chain that users transferred or swapped to this chain.

:diamond_shape_with_a_dot_inside: Based on the Tota Swap Volume, Ethereum is the most popular chain.

• We already know that the highest swap volume happened on August. So the highest Sushiswap Fees gained that time from Arbitrum chain.
• The second one is Ethereum with 21% share of total fees.

You don’t need to read all repeated data Again. Stargate Gained like Sushi but with lower amounts.

SushiXswap has launched at the end of July. We are at the middle of September, So Sushiswap and Stargate gained the highest fees in August.

Conclusion

Short Summary of Most Important Findings:

• The Highest number of swaps happened from the Arbitrum chain and went through Polygon.
• The highest swap volume went from the Arbitrum chain and went through Ethereum.
• Sushiswap and Stargate gained the highest Fees from the Arbitrum chain.
• August was the best month for Sushi and Stargate.
• Sushi gained nearly 5.6K US dollars and Stargate gained nearly 2.2K US dollars in the last 45 Days.
• SushiXSwap launched on July 21st.

> # THANK YOU FOR READING!

ALL CODES AND CONTENTS WERE WRITTEN BY HESS. I USED Herotat Dashboard for Decoding Part.

Twitter: hessaminanloo - Discord: hess#0890

ANALYZE Date: 2022/SEP/07