Firstly, before we start studying the sushi tokens which are transferred to the sushi bar, let me make a few brief introductions to the sushi bar.
By providing liquidity to SushiSwap pools, you receive SLP tokens and earn trading fees, as well as SUSHI tokens when you stake your SLP tokens. Staking your SUSHI tokens for xSUSHI offers you a chance to earn a portion of trading fees when you remove your liquidity from SushiSwap pools.
So to get a xSUSHI we need to follow the below mechanism ,
- You receive xSUSHI as a token of voting rights and a token that can be used with other protocols if your SUSHI is staked into the SushiBar.
- Users who make trades on SushiSwap Exchange will be charged a 0.3% fee. As part of this fee, 0.05% of the fee goes into the SushiBar pool as LP tokens.
- In the rewards contract, each LP token is exchanged for Sushi (on the SushiSwap Exchange) at least once every day, and the new Sushi is divided up proportionally among the respective xSushi holders, meaning that their xSushi is now worth more Sushi than when it was originally purchased.
- Until you withdraw you won’t be able to see how much you’ve gained. Originally, 1 Sushi was equivalent to 1 xSushi, but like LP tokens, the price of xSushi changes over time depending on how many Sushi rewards are present.
- Upon unstaking, you will get back all the xSUSHI and any fees you incurred.
From the below graphs we can see the tokens that are transferred into the Sushibar, as well as the number of transfers made daily on the Sushibar, and the number of wallets to which transfers are made on a daily basis to the Sushibar in the past six months.
As can be noticed in the below graph, USD tokens have been transferred to Sushibar over the past six months. We can see that initially a large number of tokens were transferred, but later it has greatly decreased. There was a Tokens(usd) maximum recorded on November 5, 2021. Tokens (USD) are showing a downward trend.
In the graph below, you can see the number of transfers to the Sushibar each day. Also here we see initially that the transfers are more later gradually they decreased, but suddenly on Dec 26th 2021 again they increase. Once again, the daily transfers to the Sushibar are in a downward trend. The maximum number of transfer was recorded on December 26, 2021. Transfers are trending downward.
In the below graph, you can see the number of wallets to which Sushibar transfers are made. In the beginning, there were more wallets being transferred to Sushibar. As time went on, we noticed a decline in wallet transfers. It appears that wallet transfers are decreasing
As we can see from the above analysis, the tokens that are transferred to Sushibar are decreasing in number. Likewise, the number of transfers to Sushibar and the wallets to which transfers are made to Sushibar are also declining. We might think all this is due to the volatile crypto markets, and also because the price of SUSHI token is continuously decreasing. Therefore, we can say that the price of SUSHI token is decreasing, and because of this, the Staking of SUSHI has decreased and the transfers of tokens to the Sushi bars have also decreased dramatically. We look forward to seeing the tokens rise again in the future.