Try Quests to earn cryptoFees on Kashi Markets
Outline
In this report, we are taking a look at the total fees generated by Kashi’s lending pools. Kashi is a platform based on Sushi that lets users lend and borrow any assets that they desire on Ethereum and Polygon blockchains. Because of the market conditions in the past few months, the stable coins were among the top desired token, which lets users save the current value of their assets and prevents loss.
Notes:
Our first observation for each blockchain was (day/month/year):
- Ethereum: 24/03/2021
- Polygon: 06/06/2022
Total Fees Generated by Kashi Markets
In the first section, we want to take a look at the total fees generated on each blockchain. Note that the fees on Ethereum are in ETH and the fees on Polygon are in MATIC.
We can see that the Ethereum blockchain was able to generate much higher fees than Polygon. It might have two reasons. One, the Ethereum block chain has a longer history on Kashi, and two, there are more varieties of lending pools on Ethereum blockchain, which can lead to more lending/borrowing and concretely more paid fees.
Market Fees on Ethereum
Now, we want to look at the total fees generated by each market on Ethereum blockchain. The table on the left shows the total fees generated by each lending pool of Kashi on Ethereum.
We can see that in total, there are 125 lending pools, and the fees are distributed among them in a non-uniform manner. Meaning different pools generated different fees based on their popularity.
The figure on the right show the distribution of generated fees among the top 10 pools.
Our observations:
- The top 10 lending pools have generated 54.3% of the total fees.
- An interesting fact is that all of the top 10 pools have an stable coin as their second pairs. Meaning users were more inclined to lend or borrow stable coin.
- The top 3 pools, with over 25% fee share, are all xSUSHI base.
- 7 out of 10 pools are either WETH or xSUSHI paired with an stable coin.
Market Fees on Polygon
Now onto the Polygon network’s generated fee. Since Polygon is a new player in Kashi markets, and because it has lower fees, we do not expect to see high fee volumes. But we are now interested in the popularity of each pool. The table on the left shows the 23 active Kashi pools on Polygon. Once again, the distribution of fees are not uniform among different pools. It is also worth mentioning that because of the reasons mentioned above, the top lending pool of Polygon generated about 2.16 MATICs, which considering today’s price of MATIC as $0.57, it generated about $1.23.
The figure on the right shows the distribution of generated fees among the top 10 pools of Polygon.
Our observations:
- The top 10 pools generated about 95% of the whole fees!
- The top 5 pools are based on stable coins.
- The top 3 pools are responsible for 66.8% of the total generated fees.
Conclusions
- Ethereum blockchain generated about 209 ETH while the Polygon was able to generate 8.48 MATICs, which in today’s price are about $248,000 and $4.8, respectively.
- Ethereum’s lending pools are more versatile than Polygons, and that might be because of the Ethereum’s longer history.
- On both blockchains, the stable coin-based pools are among the top performers.
