SUSHI Governance Token’s Swap Activity Across All Popular DEXs

image credit medium/sushiswap

Distributed Exchanges(DEX) spearheaded the Defi Movement on Crypto blockchains by allowing users to swap their tokens without any third party or centralized intermediary. 

Sushiswap is one of the most prominent DEXs (or AMMs) on the Ethereum protocol. Due to the Vampire Attack on Uniswap, it attracted a lot of attention on its initial launch. As with Uniswap V2, Sushiswap uses smartcontracts and 50%-50% paired token liquidity pools to facilitate distributed swaps.
SUSHI is an ERC-20 token from Sushiswap, primarily used for governance, staking, and earning rewards. When a user performs a swap on Sushiswap, 0.05% of the transaction fee is distributed to holders of xSUSHI (acquired by staking SUSHI).


XSUSHI tokens are also used as utility tokens in the governance process. By voting on upgrades and changes to the Sushiswap protocol, the XSUSHI holders can influence these decisions.  

Let us explore the volume of SUSHI tokens being swapped on all popular Distributed Exchanges like Uniswap, Sushiswap and Curve. The following chart shows the total volume of SUSHI tokens swapped starting Nov 21. Since November 21 the maximum number of SUSHI tokens, around 6.2 millions, were swapped on Dec 13 & Dec 28th of 2021.

While Dec 21 recorded most amount of total volume, Feb 22 is relatively quiet period with most of the days recording 1 million or less SUSHI token swaps with occasional more than 1 million swap days.

The following chart shows the daily volume of SUSHI tokens swapped in vs tokens swapped out. As you see in the chart, the volume was very high during November & December relative to January and February. The trend suggest that the volume is thinning as the crypto market enter in to uncertain bear market.

This chart shows the net volume of SUSHI tokens swapped per day! It is good to see most of the days more tokens were swapped in compared to swapped out.

Leave a Reply