The Ethereum merge brought some uncertainty to DEFI markets.

It got many market makers (MM) to remove liquidity from defi to lower their risk.

After the merge, some have redeployed the liquidity, and some haven't.

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Analyze the behavior of Sushi MMs 2 weeks prior to and after the merge.

How much capital did they withdraw?

which pools/chains got affected the most?

Have they redeployed back their capital?

Can we say anything about their identity (Tokemak, etc)?

Approach

I have used ethereum.core.ez_token_transfers table to find the amount transferred to/from sushi pools.

to identify sushi pools, I have used the following query

select 	
  POOL_ADDRESS 
  from
  ethereum.core.dim_dex_liquidity_pools
  where PLATFORM ilike 'sushiswap'

and also, to identify LPing actions, I used the following query

tx_hash in (SELECT tx_hash
  		
  	FROM ethereum.core.fact_event_logs
  	WHERE contract_address IN (SELECT pool_address FROM sushi_pools)
  	  AND event_name IN ('Burn') --for withdraws 
and ('Mint) -- for deposits

Items provided

• daily deposit and withdraw amount $
• Daily deposit and withdraw amount $ by daytype
• total : Amount $, Number of Txs, Number of unique users, $ per user
• total/cumulative withdraw amount $ share by pool name // pre-merge
• total/cumulative withdraw amount $ share by pool name // post-merge
• total/cumulative deposit amount $ share by pool name // pre-merge
• total/cumulative deposit amount $ share by pool name // post-merge
• Full List of Sushi pools + wihdraw and Deposit amount during studdied period
• pools count by status
• amount by status

Conclusion

• According to the obtained results and presented graphs, the amount of withdrawals in the days before September 15 was much higher than the days after it. The amount of deposits was much less in the days before the merger. The amount of withdrawals in the two weeks before the merger was about 120 million dollars and in the two weeks after that it was 92 million. The amount of deposits in the two weeks before the merger was about 6.5 million dollars and in the two weeks after that it was 98.5 million.
• The amount of withdrawals in the two weeks before the merge for USDC-WETH SLP POOL was the highest amount compared to the others with 40 million dollars or 39%. The cumulative graph shows that since September 12, the amount of withdrawal from this pool has increased significantly.
• The amount of withdrawals in two weeks after the merger was also the highest for USDC-WETH SLP POOL with 23.4 million dollars or 45.5% compared to others. MULTI-USDC and OHM-DAI LP are ranked next.
• The amount of deposits in the two weeks before the merger was also the highest for USDC-WETH SLP POOL with 25.2 million dollars or 60%. FXS-WETH and SYN-WETH are ranked next.
• The amount of deposits in the two weeks after the merger was also the highest for USDC-WETH SLP POOL with 49.5 million dollars or 69%. FXS-WETH and SYN-WETH are ranked next.
• A total of 308 Pools out of 354 Pools, or 87%, have not yet fully recovered. The total capital deficit is 60 million dollars.

withdraws

Deposits

Overview