WETH/THOR Pools On Sushiswap

Source: Twitter

On the Ethereum Mainnet, Thorswap x Sushi Onsen Farm has been launched. The Dashboard explores how users stake their liquidity on this new farm.

  • What is the amount of funds that have been transferred from the old contract to the new contract? Is there any remaining in the old one?
  • Has the liquidity of many unique wallets already been moved over? What is the number of people who still have to switch?

The Onsen Farm: An Overview 

There are a number of cryptocurrency yield farming pairs available through Onsen. Investing in this is an excellent way to gain an income from idle tokens you’ve been hoarding. Liquidity providers who decide to farm their liquidity are rewarded with $SUSHI tokens.

The Onsen service offered by Sushiswap aims to provide liquidity to certain pools by incentivizing participation.  A special feature of Onsen Menus is that Liquidity Providers can stake their existing LP tokens for bonus rewards. Therefore, depositing and staking tokens to the platform is an effective way to earn rewards and fees. SushiSwap’s THOR-ETH liquidity providers can stake their SLP tokens in THORSwap’s Onsen farm to receive additional liquidity mining rewards – including both $SUSHI and $THOR.There is no due date for THORSwap’s Onsen farm, which rewards both $SUSHI and $THOR. Transaction volume and pool TVL will determine rewards size.We are increasing rewards for LP’ers by launching the THOR/ETH Onsen Farm and decreasing slippage on SushiSwap when trading $THOR.  

On July 26th, Thorswap x Sushi Onsen Farm was launched on Ethereum mainnet for the $THOR token, according to the tweet below.

How does SushiSwap provide liquidity between $THOR and $ETH?

In addition to earning token rewards, LPs can improve $THOR market efficiency by providing pool liquidity on SushiSwap. Each liquidity provider receives a share of the trading fees. The $THOR rewards were obtained via our own LP farming contract previously. We will deprecate this and replace it with the new $THOR Onsen Farm, where LPers can earn additional $THOR and $SUSHI staking rewards.

Approach

This dashboard shows how Thorswap x Sushi Onsen Farm has performed since it was launched on the Ethereum Mainnet, as well as the way users have staked their liquidity. In that process,

  • We can see here the growth of users which are interacting with WETH/THOR Liquidity pool by comparing with Legacy pool vs Onsen pool
  • WETH/THOR Pool – Interactions With Legacy Contract vs Onsen Contract
  • ETH/THOR Legacy Pool – Net Balance and Daily Change Overtime
  • ETH/THOR Onsen Pool – Net Balance and Daily Change Overtime
  • ETH/THOR Wallets Transferred Liquidity From Legacy Pool to Onsen Pool

In the below graph, we can see how users are interacting with WETH/THOR Liquidity Pool by comparing it with Legacy pool and  Onsen pool. We considered the legacy pool of Sushiswap, initially there was not much growth with new users, but later it appears that growth is increasing. Nevertheless, here we can see that the legacy pool has been trimmed of the complete growth in users after July 2022. The number of users has been increasing on the Onsen pool since July. 

WETH/THOR pool interaction numbers with Legacy contract and Onsen contract, shown in the graph below, and also here we can see that the full legacy contracts were not there from July 2022. We can therefore consider that this happened after the Onsen pool was launched. While initially we can see that there were more interactions on Legacy pool, we can see that they are trending downwards. Due to the volatility of the crypto market, not many users interact with the pools. From July 2022 on, ‘THOR-ETH Liquidity Providers can stake their SLP tokens into a liquidity mining pool to receive both $SUSHI and $THOR’. The interactions have increased again since the launch of Onsen Farm.

On the following graph, we can see the Net balance and daily changes of the ETH/THOR legacy pool over time.  Observed maximum Daily Change of 11,130.07 in November 7, 2021, and minimum Daily Change of -5,845.46 in May 6, 2022. From 11,130.07 in November 7, 2021 to 12.78 in July 29, 2022, the total daily change decreased by 100%. Maybe it’s because of the volatility of the crypto market. 

We can see the Net balance and daily changes of the ETH/THOR Onsen pool in the graph below.   From July 26, 2022 to August 27, 2022, there was a total daily change of 1.87K. Initially, we can see the maximum daily change, then it went down, and then it is again becoming an increasing trend. The total Net Balance between July 26, 2022 and August 27, 2022 was 7.81K. July 26, 2022, had a minimum Net Balance of 981.67 and August 27, 2022, had a maximum Net Balance of 1.87K. Between July 26, 2022 and August 27, 2022, the total net balance increased. 

As you can see in the graph below, ETH/THOR has only one wallet that has moved its liquidity from Legacy pool to Onsen pool. The following graph shows from Legacy pool on 27th July 2022 at 7:01:12 the wallet ‘0xbe61359a90eea3be6b8169ac2a098b0945e1d55’ withdrew an amount of 12.70 and again on 27th July 2022 at 7:02:08 the same wallet has deposited 12.78 amount into Onsen pool. That means from this analysis we can say a single account transfers was happened from Legacy pool to Onsen pool . Since crypto volatility is causing a reduced number of stakes, we can presume that staking wasn’t happening much on the market. 

Observations

  • If we look at the new user growth on Sushiswap’s legacy pool, initially there wasn’t much growth with new users, but later it appears that growth has increased. Nonetheless, we can see in this screenshot that the legacy pool has been trimmed of the entire growth in users after July 2022. The number of users at the Onsen pool has increased since July.
  • We can see from the above analysis that Sushiswap Legacy Pool’s wallet growth stopped after the launch of the Onsen pool. 
  • The number of interactions on Legacy pool initially appeared to be higher, but they are trending downward. Cryptomarket volatility has resulted in few users interacting with pools.
  • Furthermore, we can see that the number of interactions has increased again since the launch of Onsen Farm. In this Onsen farm, we are able to see this growing number of interactions due to the advantage of ‘THOR-ETH Liquidity Providers can stake their SLP tokens into a liquidity mining pool to receive both $SUSHI and $THOR’. 
  • The total daily change on Sushiswap legacy pool has also decreased by almost 100%, which may be a result of the volatility in the crypto market. 
  • At first, we could see the maximum daily change, then it fell, and then it began to increase again on Sushiswap Onsen pool. Stakeholders might be exploiting this opportunity because if they mine into this pool, they will receive both $SUSHI and $THOR. 
  •  In this analysis, we find that from Legacy pool, in a time frame of 7:01:12 on 27th July 2022, the wallet ‘0xbe61359a90eea3be6b8169ac2a098b0945e1d55’ withdrew an amount of 12.70, and again in a time frame of 7:02:08 on 27th July 2022, the wallet has deposited 12:78 into Onsen pool. Based on this information, we can conclude that only one account was transferred from Legacy pool to Onsen pool. Crypto volatility has caused a reduced number of stakes, so we can assume staking was not happening much. 

Reference Query

WITH onsen as (
SELECT 
  tx_hash,
  block_timestamp,
  FROM_ADDRESS as wallet
FROM ethereum.core.fact_transactions 
WHERE tx_hash IN (
	SELECT 
		tx_hash
	from ethereum.core.fact_event_logs
	WHERE origin_to_address = '0xef0881ec094552b2e128cf945ef17a6752b4ec5d'
    	and contract_address = '0x3d3f13f2529ec3c84b2940155effbf9b39a8f3ec'
)
AND STATUS = 'SUCCESS'
QUALIFY row_number() over(partition by FROM_ADDRESS order by block_timestamp asc) = 1
),
onsen_growth as (
  SELECT 
  	'Sushiswap Onsen Pool' as pool,
  	date_trunc(day, block_timestamp) as date, 
  	count(wallet) as new_users
  FROM onsen
  GROUP BY date 
),
staking as (
SELECT 
  tx_hash,
  block_timestamp,
  FROM_ADDRESS as wallet
FROM ethereum.core.fact_transactions 
WHERE tx_hash IN (
	SELECT 
		tx_hash
	from ethereum.core.fact_event_logs
	WHERE origin_to_address = '0xae1fc3947ee83aeb3b7fec237bcc1d194c88bc24'
    	and contract_address = '0x3d3f13f2529ec3c84b2940155effbf9b39a8f3ec'
)
AND STATUS = 'SUCCESS'
QUALIFY row_number() over(partition by FROM_ADDRESS order by block_timestamp asc) = 1
),
staking_growth as (
  SELECT 
  	'Sushiswap Legacy Pool' as pool,
  	date_trunc(day, block_timestamp) as date, 
  	count(wallet) as new_users
  FROM staking
  GROUP BY date 
)
SELECT * FROM staking_growth
UNION 
SELECT * FROM onsen_growth

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