Sushi was the first project Techtipsnreview analyzed On-chain data, at that time, SUSHI was being withdrawn from the exchange continuously, and SUSHI holders were mostly holding on.
After 2 months, Sushi has changed a lot, especially with the launch of 2 new products, Kashi and Miso. Let’s take a look at the On-chain data of SUSHI token, see what changes the project has made in the past time.
What is sushi?
SushiSwap was originally an AMM fork from Uniswap, but over time the project is growing, and then sometimes surpassed Uniswap, now the project is the DEX with the 3rd largest TVL in the market today.
The development direction of SushiSwap is to expand the business market, besides the main product is AMM SushiSwap, the project has been developing many new integrated products/features such as Lending, Leverage, IDO, Yield Optimizer ,…
In addition, Sushiswap also aims to develop Multichain, expanding to Chains other than Ethereum such as BSC, Polygon, Fantom.
This article will provide you with On-chain data about SUSHI products and tokens. At the end of the article, I will have a summary to make it easier for you to grasp the project situation. Please refer to it for more investment perspectives.
On-chain data analysis of Sushi products
Sushi currently has 3 main products:
- Sushiswap.
- Kashi Lending.
- Miso.
We will analyze the On-chain of these 3 products in turn.
On-chain data of AMM Sushiswap
Sushiswap is the first and most focused product of Sushi, I will talk about the On-chain data of this product in detail.
In the past time, AMM Sushiswap has been very developed.
About keyed value (TVL)
TVL surged before that, peaking at $5.6B TVL in Sushi, and at one time TVL in Sushiswap surpassed Uniswap.
The last correction has greatly affected Sushi, but in general, TVL is showing signs of recovery and Sushiswap is still the AMM with TVL ranked 3rd in the market, after Curve and Uniswap.
About Transaction Volume
During the last correction, even though TVL was withdrawn by nearly 1/2, the trading volume on Sushiswap still increased sharply, from $1 B – $3 B of trading volume per day.
TVL decreased but the transaction volume increased sharply, which led to many positive things such as:
- Increase capital efficiency in Sushiswap: Same amount of money but LP will get more money.
- Strong increase in revenue: Coming from high transaction volume.
According to revenue data from Token Terminal, Sushiswap’s revenue in the past week has reached $ 5 M / day, up 5 times compared to the beginning of May.
Although Sushi prices plummeted during that time, On-chain data shows that a volatile market is a good thing for Sushi AMM, increased revenue will split and compensate for LPs and xSushi- holder.
SushiSwap on other platforms
Currently, Sushiswap has expanded and developed on more than 15 Chains. Most prominently on Polygon, Sushiswap’s TVL and transaction volume surpassed Quickswap – the first AMM on Polygon.
The project cooperated with Polygon to have a super Incentives program, LP received both SUSHI and MATIC tokens. That greatly spurred the growth of Sushi on Polygon. In the future, Sushi can completely apply this strategy on other Chains.
Read more about the article analyzing the operation model of SushiSwap to know how meaningful and beneficial Sushi’s business model is to SUSHI holders?
On-chain data of other products: Kashi, Miso
1. Kashi
Kashi is BentoBox’s first product in the Lending segment, opening an upcoming set of DeFi products of the Sushiswap ecosystem. The current TVL on Kashi is around $8 M, with the most borrowed and lent tokens being Stablecoins like DAI, USDT, USDC, TUSD.
Kashi Lending is also available on some other Chains such as BSC, Polygon, but similar to Ethereum, the product has not been promoted yet. Kashi’s TVL level on other Chains is quite low, less than $1 M.
2. Miso
Miso is an IDO platform on Sushiswap, this is a product that is highly expected from the community. Recently, there was the first IDO project on MISO, which is Sake – a project on tokenized sake.
It can be seen that even though it is the first project to be IDO on Sushi, the number of people attending IDO is not too high, only 108 people participated. And after 5 days, there are still a lot of unsold SAKE. Perhaps partly because the price of SAKE is already quite high 1 SAKE = 376.5 SUSHI ~ $5,000, many investors are also quite shy in this IDO deal.
IDO projects on Sushiswap will be very beneficial, because they will be integrated into Sushi’s ecosystem and enjoy Incentives from Onsen Program, so I believe this product will definitely continue to develop. Let’s wait for the next IDO of Sushiswap.
Ending
To summarize, after analyzing the On-chain data of SushiSwap’s products, we can draw the following main points:
- Although the market corrected sharply, it is a good thing for AMM Sushiswap, revenue has increased sharply recently.
- Sushiswap has since expanded to other Chains and achieved some success on Polygon and Fantom.
- Kashi and Miso are the 2 newest products, currently nothing outstanding.
Next, we will come to the SUSHI token On-chain data analysis.
On-chain data analysis of SUSHI token
Distribution of SUSHI Tokens
Can be seen in the image below:
- SUSHI distribution on the floor is increasing, now 74% of SUSHI is lying on the floors, most of which are on AMM Sushiswap.
- Meanwhile, the amount of SUSHI in the hands of DEX traders tends to be less, currently holding only about 11% of the total SUSHI supply.
From the above data, we can draw 2 things:
- Selling is increasing.
- Some DEX Traders gave up and sold SUSHI tokens.
SUSHI balance fluctuations on exchanges
Now we will dive into the analysis of SUSHI balances on exchanges.
Looking at the image above, we can see:
- The amount of SUSHI withdrawn on AMM is not too much, only about 500,000 SUSHI has been withdrawn ⇒ The number of SUSHI Staking and SUSHI used to provide liquidity has not been withdrawn much, which shows that genuine SUSHI-holders have not given up. As I analyzed above, it may be because the increased revenue has partially compensated for these two objects.
- SUSHI was pushed to the floor a lot. Especially on Coinbase exchange, more than 2.5 M SUSHI has been pushed to the exchange ⇒ That shows that the amount of SUSHI available for sale is still high.
Balance fluctuation in TOP 10 SUSHI Holder in the past 7 days
The data on balance fluctuations in TOP 10 SUSHI holders are quite clear:
- 8 holders don’t buy or sell anything.
- 1 holder sells more than 330K SUSHI.
- 1 holder buy 14K SUSHI lighter.
In total, the TOP 10 holders are currently holding about 4% of SUSHI mostly inactive and still watching.
Epilogue
Summarizing the data analysis of the Sushi project (SUSHI), we can draw some main points as follows:
- Regarding products, Sushiswap’s AMM is still doing very well, revenue increased 5 times in the last adjustment.
- Other products of Sushi are still in the early stages and have not had much breakthrough.
- Sushi has now developed products into Chains with some success in Polygon and Fantom.
- Regarding the SUSHI token, the selling force is still strong, which is clearly shown by the sharp increase in the number of SUSHI sent to CEX exchanges in the past week,
- TOP SUSHI holders are mostly still observing and taking no action.
Sushi is one of the innovative AMMs in the recent period, the project chose a different direction of expanding its business market instead of focusing on one segment like other AMMs. So the development potential of Sushi is huge.
Above is the analysis of On-chain data of project Sushi (SUSHI) – one of the leading AMM in the market today. After reading the article, SUSHI holders, will you continue to hold or sell in this price round? Please leave your comments in the comment section so that we can exchange and discuss.
See you guys in the next “On-chain Analysis” issues.
Disclaimer: All information contained in this article is intended to provide readers with the latest information in the market and should not be considered investment advice. Crypto investment is a very risky form of investment, readers need to learn carefully before investing and should only participate with capital that can be lost.
Source: Analysis of On-chain Sushi #2 – Sales increase sharply when the market fluctuates
– TechtipsnReview
