Introduction

The Bentobox is token vault that generates yield for the capital deposited into it. It tracks the user's deposits via artificial balance, which is accounted for their idle funds, while the same funds, while the same funds are simultaneously applied to strategies. The Bentobox creates yield for these funds without incurring any loss. The vault uses low-risk strategies to earn more sushi.

In a sense, Bento is like the fractional reserve system. It enables users to record an artificial balance for their tokens while they're in reserve, so they can be actionable in more than one way at the same time. It can lend and borrow more than they have, and earn yield by taking calculated risks with their borrowed capital. Like the fractional reserve system, the BentoBox retains a reserve of capital that can be used for different purposes simultaneously, without incurring losses to the principle.

Reference sushi docs

Objective

The objective of this article will be to analyze the trend seen in deposits to bentobox. Namely we look at two things

1. What's the average deposit size per user in 2022? compare with 2021?
2. What is the average number of coins deposited per user? We ignore deposits of less than $50 USD.

Methodology

We understand that the sushiswap is a multi-chain dAPP. That is, sushiswap functions on more than one chain. It functions on Ethereum, polygon, avalance,phantom and BSC chain. However, for this article, we restrict ourselves two the performance of sushiswap on only two chains. We restrict ourselves only to Ethereum and polygon.

Ethereum

To analyze all the deposits, we will first have to identify and make a table of all the transactions that involve depositing funds into bentobox. We achieve this by using the ethereum_core.ez_token_transfers table on flipside. All transactions that deposit funds into bentobox have the to_address or the reciever address set to '0xf5bce5077908a1b7370b9ae04adc565ebd643966'. We thus make a table out of it.

Polygon

To analyze all the deposits, we will first have to identify and make a table of all the transactions that involve depositing funds into bentobox. We achieve this by using the polygon.udm_events table on flipside. All transactions that deposit funds into bentobox have the to_address or the reciever address set to '0xe2f736b7d1f6071124cbb5fc23e93d141cd24e12'. We thus make a table out of it.

Question specific.

1. What's the average deposit size per user in 2022? compare with 2021?

Here, we would like to know what is the average amount of coins (in USD) would a user do in the year 2022 against 2021.

2. What is the average number of coins deposited per user? We ignore deposits of less than $50 USD.

Here, we are interested to know what is the average amount of coins ( average USD) deposited per coin. That is, The average amount of WETH being xxx.xxx USD

Analysis

We first start with the average deposit size per person. every distinct from_address is considered as a user. We also look at the metrics of average deposit per transaction.

Average deposit per user

We notice the average deposit made by a user has increase significantly in the year 2022. While the average deposit size was 550k USD in 2021, it was close to 750k USD in 2022. We see a similar increase in the average amount deposited per transaction.

Surprisingly, we see a massive decline in the funds deposited into bentobox on the polygon chain. A reduction of 90 % is seen over the year. While the deposits were close to 800 USd per user in 2021, it is now only 100 USD in 2022.

Average deposit per user yearly

We now look at the average amount of deposit made by a user over the entire duration.

We notice that a majority of the deposits were made in the last quarter of 20221 and the first quarter of 2022, with an average deposit size of 1 Million USD (Total).

We notice that there is some significant outlier on Feb 18 2022. We look to ascertain if the transaction was made by a white whale or was it a data discrepancy.

The third transaction appears to be from a massive whale who deposited 170k worth matic in a single shot.

average number of coins deposited

Here, we are interested to know what is the average amount of coins ( average USD) deposited per coin. That is, The average amount of WETH being xxx.xxx USD.

We notice that the FTX token was deposited in bigger chunks and by fewer people than the rest. With FTM and MIM coming a distant second and third. Around 2.5 M USD in FTX token were deposited on average.

It appears that matic was the only coin that was deposited on the polygon chain. An average of 3500 worth Matic was deposited by users into the bentobox.

Conclusion

1. The average amount of deposit made by users has increased on ethereum in 2022 compared to 2021, however, it has reduced on polygon.
2. A majority of the deposits were made in 4th quarter of 2021 and 1st quarter of 2022.
3. FTX token has the highest average deposit amount among all the coins on the ethereum chain.
4. Matic is the only coin that is deposited into the sushiswap bentobox from polygon chain.