The purpose of this article is to show Sushiswap’s most popular pools’ performance over time in Ethereum Blockchain. As well as displaying Sushi’s market share of swap volume in the Ethereum blockchain.
SushiSwap? How does it work?
SushiSwap is an automated market maker that uses UniSwap’s code. Users can swap cryptocurrencies, borrow, and receive rewards on a platform that runs on Ethereum.
With SushiSwap, users can buy and sell different cryptocurrencies between themselves, like on a traditional exchange.On SushiSwap, tokens are supported by smart contracts rather than a single central entity, and users lock crypto on the software which traders can then access.It should be noted that traders who trade locked assets pay a fee, which is then shared proportionately among all liquidity providers.
Liquidity Pools in Sushiswap
The purpose of liquidity pools is to pool tokens (also known as liquidity) so that users can use them to make trades in a decentralized way. These liquidity pools are created by users and DApps (Decentralized Apps) who want to benefit from their usage. The SushiSwap liquidity pools allow anyone to provide liquidity, and in return, they receive SLP tokens (SushiSwap Liquidity Provider tokens). For example, if a user deposited $SUSHI and $ETH, they would receive SLP tokens for the SUSHI-ETH pool.A user can reclaim their tokens from the LP pool at any time, which represents their share of the pooled assets. Every time another user uses the pool to trade between $SUSHI and $ETH, a 0.3% fee is taken, with 0.25% going to the pool.
Since Uniswap helps to provide liquidity only when it’s active, liquidity providers only earn revenue when they’re actively supplying liquidity. Once they withdraw their portion of the pool, they stop earning passive income.
But with Sushiswap, SUSHI tokens can also be issued for providing some liquidity into a pool. While SUSHI tokens will not give you a stake in the protocol, they will also give you continued access to a portion of the protocol’s fees, accumulated in SUSHI, even if you decide not to participate in the liquidity provision.
Approach
This dashboard discusses Sushiswap’s top pools. In this section, we will look at the top 10 pools’ Swap volume, their number of swappers, and the number of swaps they generate. Additionally, we can see Sushiswap’s Ethereum blockchain market share value.
- The top 10 pools in terms of swap volume, unique swappers, and number of swaps made on a monthly basis, as well as their percentages
- The Top Ten Pools – Revenue generated by traders/miners, swaps, liquidity providers and Sushi on a monthly basis, and their percentages.
- Last but not least, we can see Sushi’s Market Share Swap Volume on Ethereum each month
Swap volume,Swappers And Swaps Made By Sushiswap’s Top 10 Pools In Ethereum
The following table shows the Sushiswap’s top 10 pools in terms of swap volume in Ethereum blockchain on a monthly basis. Over the period of September 2020 through November 2022, the total swap volume reached $111.43 billion. The maximum Swap Volume was $20.82B in May 2021 and the minimum Swap Volume was $206.73M in October 2022. Between September 2020 and October 2022, the total swap volume decreased nearly 80%. Swap volume is higher than normal in May 2021 and January 2021.
The USDC-WETH SLP Top 10 Pools contributed 27.26 percent of the total Swap Volume, while the Top 3 contributed 57.5 percent. In terms of total Swap Volume, AAVE-WETH SLP generates the lowest amount and USDC-WETH SLP generates the highest amount.
Based on the graph below, there were 1.52 million unique wallets between October 2020 and November 2022. Total USDC-WETH SLP Wallets contributed 32.9% to the Top 10 Pools and 56.89% to the Top 2 Pools. MATIC-WETH SLP has the lowest number of wallets (48.38K), and USDC-WETH SLP has the highest number of wallets (501.07K). Wallets with a maximum of 126.03K were observed in December 2021 and Wallets with a minimum of 492 were observed in October 2020. The trend for unique wallets is downgrading. Perhaps the bear market in crypto is the cause of this downward trend.
From the top 10 pools unique swappers, USDC-WETH SLP Pool Names accounted for 32.9% of wallets, and the top 2 pools accounted for 56.89% of wallets. The lowest number of wallets is 48.4K (MATIC-WETH SLP) and the highest number is 501K (USDC-WETH SLP).
It was estimated that there were 3.38 million swaps between November 2020 and November 2022. USDC-WETH SLP accounted for more than a quarter of total swaps, while the Top 3 Pools accounted for 62.6% of total swaps. Total Swaps are highest for USDC-WETH SLP. Maximum Swaps of 288.2K were observed in May 2021 and minimum Swaps of 74.28K were observed in April 2022. Swaps are decreasing in total. Perhaps it’s due to the volatility of the crypto market. It is unusually high in May 2021 to have so many swaps.
On a monthly basis, the following graph shows the revenue generated by miners/stakers of the top 10 pools. A total of $198.21M was generated between October 2020 and October 2022. The USDC-WETH SLP Top 10 Pools contributed 27.71% of total revenue, while the Top 3 Top 10 Pools contributed 62.92%. AAVE-WETH SLP reported the lowest total revenue of $8.12M, while USDC-WETH SLP reported the highest revenue of $54.93M. The highest revenue was recorded in May 2021 and the lowest revenue was recorded in October 2022. There is a downward trend in total revenue.
We can see the revenue generated by swaps of top 10 pools on Ethereum blockchain from the graph below. A maximum amount of revenue can be generated by swapping top 10 pools in May 2022. Here we can also see a decreasing trend of revenue by swaps. The declining trend here is a result of the bear market of cryptocurrencies.
As can be seen from the graph below, USDC-WETH SLP pool contributed for over a quarter (27.26%) of total revenue, and the top 3 pools contributed for 57.57%. In total, AAVE-WETH SLP generates the least revenue, and USDC-WETH SLP generates the most.
On May 2022, LPs generated a peak amount of revenue. Later, the revenue trend decreased. A total of $278.57M was generated by liquidity providers from September 2020 to November 2022. In terms of total Revenue Of Liquidity Providers, USDC-WETH SLP Top 10 Pools contributed almost 30 percent (27.26%). Revenues from AAVE-WETH SLP are the lowest, while USDC-WETH SLP pools are the highest. A maximum revenue of $52.05M was observed in May 2021, and a minimum revenue of $516.81K was observed in October 2022. From September 2020 to October 2022, liquidity providers’ total revenue decreased.
Using the graph below, we can see USDC-WETH SLP accounts for over a quarter (27.26%) of total revenue generated by Sushis from the top 10 pools in Ethereum blockchian. AAVE-WETH SLP pool generates the lowest total Revenue, while USDC-WETH SLP pool generates the highest total Revenue. The maximum revenue was observed in 2021, and the minimum revenue was observed in 2020.
Sushi’s Market Share On Ethereum
In this section , we can see the Sushi’s market share swap volume on Ethereum blockchain on monthly basis. Between May 2020 and November 2022, the total swap volume (usd) was $1,834.32B. Out of the 4 platforms, Uniswap contributes the most to the Swap Volume (USD) (70.06%). (Balancer) has the lowest total Swap Volume (usd) and Uniswap has the highest total Swap Volume (usd). It was observed that the maximum swap volume (usd) in April 2022 was $188.09B. In the period between May 2020 and October 2022, the total swap volume (usd) increased. We can see that there is a large increase in total Swap Volume (US Dollars) in April 2022 as compared to a normal month.
Observations
- Based on the analysis above, we can see that USDC-WETH SLP has the most swap volume, shapers, and swaps in the Ethereum blockchain out of all top 10 pools.
- The USDC-WETH SLP Top 10 Pools contributed 27.26 percent to the total Swap Volume, while the Top 3 contributed 57.5 percent. Total Swap Volume is generated by AAVE-WETH SLP the lowest and USDC-WETH SLP the highest.
- In the top 10 pools, USDC-WETH SLP Pool Names accounted for 32.9% of wallets, and the top 2 pools accounted for 56.89%. The lowest number of wallets (MATIC-WETH SLP) and the highest number (USDC-WETH SLP) are 48.4K and 501K respectively.
- Based on the above analysis, USDC-WETH SLP pool contributed over a quarter (27.26%) of total revenue generated by swaps, and the top 3 pools contributed 57.57%. SLP AAVE-WETH generates the least revenue, while SLP USDC-WETH generates the most.
- LPs generated a peak amount of revenue in May 2022. As time went on, the revenue trend decreased. The USDC-WETH Top 10 Pools contributed almost 30 percent (27.26%) to total Revenue Of Liquidity Providers.
- Based on the above analysis, USDC-WETH SLP accounts for over a quarter (27.26%) of total revenue generated by Sushis from the top 10 Ethereum pools.
- Based on the above analysis, USDC-WETH SLP is the pool that generates the most revenue out of Sushiswap’s top 10 pools in Ethereum blockchain in various ways.
- Last but not least, when we examine the Monthly Sushi’s Market Share Swap Volume on Ethereum, we see that almost 70% of it is issued by Uniswap.
- Thus, based on the analysis above, we can decide that among the top 10 sushiswap pools, the USDC-WETH Pool is the most important contributor and playing a significant role in Ethereum’s blockchain.
Reference Query
1.
with swaps as (
select
tx_hash,
block_timestamp,
origin_from_address as wallet,
pool_name,
blockchain,
CASE
when amount_in_usd is not null and amount_out_usd is not null then least(amount_in_usd, amount_out_usd) -- to handle scenarios like 0x817d872cab4d985c1f902a7c6da0dd6d66adcba751e2fb2fc95b11ca70062a0b on BSC (amount in trillions!!)
else NVL(amount_in_usd, amount_out_usd)
end as amount_usd
from flipside_prod_db.crosschain.ez_swaps
where platform ='sushiswap'
and amount_usd > 1
),
top10_pools as (
select
blockchain,
pool_name,
sum(amount_usd) as swap_vol
from swaps
group by blockchain, pool_name
qualify row_number() over(partition by blockchain order by swap_vol desc ) <= 10
),
weekly as (
select
date_trunc({{frequency}}, block_timestamp) as date,
blockchain,
pool_name,
count(tx_hash) as txns,
count(distinct wallet) as wallets,
sum(amount_usd) as swap_vol_usd,
swap_vol_usd * 0.003 as tot_revenue_usd,
swap_vol_usd * 0.0025 as lp_revenue_usd
from swaps
inner join top10_pools using (blockchain, pool_name)
group by date, blockchain, pool_name
--qualify row_number() over(partition by date, blockchain order by swap_vol_usd desc) <= 10
)
SELECT * FROM weekly
-----------------
2.
with swaps as (
select
tx_hash,
block_timestamp,
origin_from_address as wallet,
pool_name,
blockchain,
CASE
when PLATFORM ilike 'uniswap%' then 'Uniswap'
else Initcap(platform) end as platform,
CASE
when amount_in_usd is not null and amount_out_usd is not null then least(amount_in_usd, amount_out_usd) -- to handle scenarios like 0x817d872cab4d985c1f902a7c6da0dd6d66adcba751e2fb2fc95b11ca70062a0b on BSC (amount in trillions!!)
else NVL(amount_in_usd, amount_out_usd)
end as amount_usd
from flipside_prod_db.crosschain.ez_swaps
where amount_usd > 0
and blockchain ='Ethereum'
),
aggregate as (
select
date_trunc({{frequency}}, block_timestamp) as date,
platform,
count(tx_hash) as txns,
count(distinct wallet) as wallets,
sum(amount_usd) as swap_vol_usd
from swaps
group by date, platform
)
SELECT * FROM aggregate