Introduction

The Sushiswap Merkle Distributor contract holds SUSHI LP token rewards for early liquidity providers to started claiming on April 6, 2021 through six months with the full tokens vested on Oct 12, 2021.

However, 10.9 million (M) SUSHI tokens (SUSHI) still has not been claimed. Recently, the Sushi DAO submitted a proposal that seeks community sentiment towards implementing a clawback (i.e. add the token amount to the Sushi treasury) on the Sushi DAO's Vesting Merkle Tree Distributor contract.

Analysis

Scope

1. How much in total has been distributed so far?
2. How much is left to distribute today?
3. What percentage of eligible addresses have not claimed anything so far?
4. How many eligible addresses have not claimed anything so far?
5. What percentage of the eligible addresses are dead addresses (A dead wallet is a wallet that has not executed any transaction in the last 3 months)?

Method

Analyze data in ethereum.xxx tables for claimed rewards and ethereum_sushi.xxx tables for not claimed rewards and join them to get more insight about what has happened since the vesting period ended.

Data is updated on Apr 28, 2022.

Result

Claimed Rewards

• To date, 46.5M SUSHI have been claimed by eligible users.
• During the vesting period, there were multiple peak days when the claimed amount were significantly higher than the rest, and this happened approximately on a weekly basis. This is due to the claiming mechanism which the Sushi team calls Sushi Fridays.
• What is Sushi Fridays? Basically, every Friday, users are able to claim a portion of their rewards from the SushiSwap UI. And users that do not claim will have their balances rolled into the next week, so no need to spend gas every week if they don’t want to.
• Notably, on Sep 21, 2021, 5.1M SUSHI were claimed, which accounts for 10.9% of total claimed tokens. What happened on that day? Let's find out!

• Unlike other days during the vesting period, only one wallet claimed 5.1M SUSHI on Sep 21, 2021. And the transaction is to allocate rewards to the Sushi dev treasury.
• We have looked at the rewards claimed so far. Now let's look at the rewards not claimed today and the rewards balance since the vesting period started.

Not Claimed Rewards

• Since the vesting period started on Apr 6, 2021, the reward balance started with 2.5M, then peaked at 30.3M on Jul 21, 2021. When the vesting period ended on Oct 12, 2021, the reward balance were 13.9M. Since then, 2 millions more have been claimed and the reward balance has been around 10.9M for 2 months now.
• 10.9M SUSHI or $34M reward not claimed yet! Let's take a look at not claimed addresses to understand more this.

• It's been more than a year since the vesting started, and yet 76% of all eligible addresses still have not claimed any of their rewards.

• When the vesting period ended on Oct 21, 2021, number of addresses which had not claimed anything was 12200. It's been 6 months and on Apr 28, 2022, the number is 11621.
• Now let's take a look at what percentage of the eligible addresses (but not claimed anything) are dead addresses (A dead wallet is a wallet that has not executed any transaction in the last 3 months).

• Of 11621 addresses which haven't claimed any rewards, 43.6% are dead addresses. These addresses haven't been active on Ethereum network for at least 3 months, let alone claiming the rewards.

• Rewards of 43.6% dead addresses accounts for 53.5% of the total not claimed rewards on Apr 28, 2022.

Conclusion

• Of total rewards, 46.5M ~ 77% have been claimed, 10.9M 23% have not been claimed and is being voted in a clawback proposal.
• Of all eligible addresses, 70% have not claimed anything so far, of which 44% are dead addresses, which account for 54% of not claimed rewards.
• During the vesting period (6 months), 4308 addresses claimed their rewards. From when the vesting period ended till now (6 months), only 579 more addresses claimed their rewards.

Thank you for reading!