66 [SUSHI] Sushibar Servings

    Intro to Sushibar

    One of the incentives Sushiswap offered to LPs to migrate from Uniswap was the possibility of revenue sharing from protocol fees generated by Sushiswap. Like other DEXes, Sushiswap charges a 0.3% swap fee. 0.25% of this is returned to the LPs while 0.05% is returned to SUSHI stakers in Sushibar.

    Methodology

    In this analysis, we're looking at how the popularity of Sushibar has fared over time.

    Observation

    1. The popularity of Sushibar has decreased over time.
    2. At its peak, 30-40M SUSHI were being deposited into Sushibar daily.
    3. These days, less than 500K SUSHI are being deposited into the Sushibar.
    4. In $ value terms, at its peak $445M worth of SUSHI tokens were deposited into Sushibar on March 12, 2021.
    Loading...
    Loading...
    1. Changing the timeframe of analysis, we can see that Jan 2021, nearly $1B worth of SUSHI tokens were deposited.
    2. In terms of SUSHI tokens, November 2020 with almost 400M SUSHI tokens deposited was the busiest month.
    3. Last month (March 2022), only 9M SUSHI tokens worth $31M were deposited.

    Conclusion

    The returns on Sushibar have been lacking recently which is why we're seeing the deposits drying up. As we can see from Sushiswap analytics, the daily APY has come down from the highs of late 2020-early 2021. Most recently the swap fees generated on Sushiswap have also decreased. This is reflected in the demand for SUSHI staking.

    db_img