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. In this post lets analyze the average balance of users using Sushiswap on Ethereum blockchain to exchange tokens. The following chart shows the average ERC20 tokens balance of users who interacted with the top 10 liquidity pools of Sushiswap.
At a glance it looks like users of BIT-WETH SLP are rich compared to several other popular pools USDC-WETH. But if you look closely you observe that the number of users who ever performed swaps on BIT-WETH pool is just a fraction of users interacted with USDC-WETH – 37K vs 27.52 Millions! I think it is tricky to derive some meaningful conclusions on wealth of users based on the pool they interacted unless we narrow down to recent users. Let us check the average amount in wallet for user who performed swaps on these top 10 pools yesterday.
This chart shows a different picture all together. DAI-WETH users are wealthiest with average balance of over 273K in their Ethereum Wallet. But, we observe a similar pattern between this chart as well as the chart above. The number of users interacted with the pool has a major impact on average wallet balance value.
From the chart below, you see that OHM-WETH pool attracted around 104 users, which skewed the average balance compared to BIT-WETH pool users, who were around 5K!