Sushi and the Merge

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    The Merge was the joining of the original execution layer of Ethereum (the Mainnet that has existed since Genesis ) with its new proof-of-stake consensus layer, the Beacon Chain. It eliminated the need for energy-intensive mining and instead enabled the network to be secured using staked ETH. It was a truly exciting step in realizing the Ethereum vision—more scalability, security, and sustainability.

    On Sept. 15, a few minutes before 3 a.m. Eastern time, Ethereum switched from using energy-intensive technology to a more sustainable system in a major update called "the merge."

    The SushiSwap DEX is a type of automated market maker (AMM) that provides liquidity for traders while offering financial incentives to liquidity providers (LPs). SushiSwap lets users deposit assets into liquidity pools to receive LP rewards.

    SushiSwap pays out 0.25% swap fees to liquidity providers. Meaning if you stake two tokens in a liquidity pool let's say ETH and BOND then that liquidity pool will earn 0.25% swap fees in its token pair. You then earn rewards in real-time paid out in Sushi Tokens proportional to your share of the pool.

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    from ethereum.core.fact_hourly_token_prices
    where hour::date >= '2022-09-01' and hour::date < '2022-10-01'
    

    Add Liquidity

    EVENT_INPUTS:amount0/pow(10,d.decimals)*d.avg_price as volume_0,
    EVENT_INPUTS:amount1/pow(10,c.decimals)*c.avg_price as volume_1
    from ethereum.core.fact_event_logs join ethereum.core.dim_dex_liquidity_pools
    where a.origin_to_address = lower('0xd9e1ce17f2641f24ae83637ab66a2cca9c378b9f')
    and a.event_name = 'Mint' or a.event_name ilike '%addl%'),
    

    Remove Liquidity

    EVENT_INPUTS:amount0/pow(10,d.decimals)*d.avg_price as volume_0,
    EVENT_INPUTS:amount1/pow(10,c.decimals)*c.avg_price as volume_1
    from ethereum.core.fact_event_logs a join ethereum.core.dim_dex_liquidity_pools
    where a.origin_to_address = lower('0xd9e1ce17f2641f24ae83637ab66a2cca9c378b9f')
    and a.event_name = 'Burn' or a.event_name ilike '%removel%' )
    

    Daily Overview

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    Number of transactions

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    Number of users

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    USD Volume

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    Add liquidity pool

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    Removal Liquidity pool

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    The total volume of liquidity pools Before and After merge

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    • The highest number of transactions on Sushi liquidity pools was on September 15th, the exact date when the merge happened. On this day, 193 transactions were to remove liquidity, and 250 transactions belonged to add liquidity activity.
    • The total number of added liquidity transactions was 4253, and the total number of removal liquidity transactions was 4366.
    • The highest number of users on Sushi liquidity pools was also on September 15th, the exact date when the merge happened. On this day, 160 users had removal liquidity activities, and 221 users belonged to add liquidity activity.
    • In total, the number of users who had removal liquidity activities was more than those who had added liquidity activities. The total number of users of removal liquidity was 2868, and the total number of users who had added liquidity activities was 2621.
    • The highest USD volume was also on September 15th. On this day, the USD volume of removal liquidity was 17.4 million, and the USD volume of added liquidity was 28.9 million.
    • In total, the USD volume of removal liquidity pools was more than the added ones. The total USD volume of removed liquidity pools was 91.6 million, and the USD volume of added liquidity pools was 64 million.
    • The top added liquidity pool based on the number of transactions is the ILV-WETH pool which had 459 transactions.
    • The top added liquidity pool based on the USD volume is the USDC-WETH pool which had 42.8 million.
    • The top removal liquidity pool based on the number of transactions is the ILV-WETH pool which had 329 transactions.
    • The top removed liquidity pool based on the USD volume is the USDC-WETH pool which had 42.5 million.
    • The total volume before the merge was negative, which means the USD volume of removal liquidity activities was more than the added liquidity activities.
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