Question

How did the recent spike in market volatility affect the overall activity of sushi on Ethereum? Analyze both swaps and lendings?

Data Analysis

According to the chart below, the average price of BTC in each period gradually decreased, so that in period 4, the price of Bitcoin was at the lowest level compared to previous periods.

• In this dashboard, the following tables have been used to extract data.

  • flipside_prod_db.ethereum.token_prices_hourly

  • ethereum.sushi.ez_swaps

  • ethereum.sushi.ez_lending

  • ethereum.sushi.ez_borrowing

• Time frame provided in this dashboard: From the beginning of April onwards.

The chart below shows the volume of swaps and the number of swaps performed on Sushiswap in each of the 4 periods. According to the chart below:

• Maximum swap volume ---> May 12 ---> 385.4M $USD
• Maximum swap count ---> May 11 ---> 21,951
• Minimum swap volume & minimum swap count ---> Jun 5 ---> 3,615 swaps & 13.7M $USD

The charts below show the average swap volume per period and the average number of swaps per period.

• The above charts show that the average swap volume and the average number of swaps in the period 2 (May 1 to May 12) had the highest value.
• The average volume of swaps and the average number of swaps in the last period (recent days) were 31.4M USD per day and 8,598 swaps per day, respectively.

The chart below shows the volume and number of lending in each period.

• Maximum amount of lending ---> Apr 7 --->85.6k $USD
• Maximum number of lending ---> Apr 25 ---> 5

• According to the chart below, the volume of lending has increased in each period and the chart has had an upward trend.
• The average lending volume in period 4 is 11k USD per day.

Unlike the swap volume, in which period 2 had the highest average swap volume per day, in this part, the average lending volume in period 2 has the lowest amount.

Methodology

• Due to the price fluctuations of Bitcoin, from the beginning of April onwards, we have considered 4 time periods. There has been a significant drop in the price of bitcoin in each time period. In fact, the goal is to analyze the status of swap volume, number of swaps, lending volume and borrowing volume in each of these time periods on Sushiswap.
• According to the chart below, these periods are:
  • Period 1: Apr 1 to Apr 30: During this period, the price of Bitcoin fell from 45.5k $USD to 38.5k $USD.
  • Period 2:May 1 to May 12: During this period, the price of Bitcoin fell from 38k $USD to 28.4k $USD.
  • Period 3: May 13 to Jun 19: During this period, the price of Bitcoin fell from 30.1k $USD to 19.2k $USD.
  • Period 4: From June 20 onwards: At the beginning of this period, the price of BTC was equal to 20.2k $USD.

The chart below shows the volume and number of borrowings per period.

• Maximum borrowing volume ---> Apr 22 ---> 194k $USD
• Maximum number of borrowing ---> May 11 ---> 5 (totally 141k $USD)

According to the chart below, in period 2, on average, users received the most loans. In Period 2, users borrowed an average of 27.5k $USD per day.

Conclusion

According to the above results, we understood the importance of period 2, ie from the beginning of May to May 12. During this period, the price of Bitcoin fell by about 10k $USD. On the other hand, it was during this period that the stable coins faced challenges, including the fact that the Terra project bubble burst and the stablecoin UST went out of the peg value, and finally this stable coin was destroyed. In the same period we see that:

• The average volume of daily swaps on Sushiswap in this period was the highest.
• The number of daily swaps on Sushiswap in this period was the highest compared to other periods.
• The volume of daily lending on Sushiswap in this period was the lowest compared to other periods.
• On the other hand, in the same period, the average loan received by users per day had the highest amount.