Sushimaker

    Ever wondered why you generate yield by parking your SUSHI's in the sushibar? (yes yes, the staking). Well, the Sushibar is always served with fresh SUSHI from a contract that is called Sushimaker. Describe the role of sushimaker and say how many SUSHI's it serves to the sushibar per day. Also compare the amount of sushi that is being staked by users with the amount of sushi that is being served by sushimaker.

    Introduction to this dashboard

    1. In this dashboard, we will be first looking at the role of Sushimaker.
    2. We will then examine the amount of SUSHI staked by users and the amount of SUSHI served by Sushimaker per day.

    Sushiswap and Sushimaker

    1. In 28th August 2020, during the DeFi Summer, Sushiswap forked Uniswap, and made two substantial changes to the code.

    Sushiswap made 2 bold steps :

    • Sushiswap made a significant move by introducing SUSHI, a governance token that users could buy and earn in order to have a vote in the DEX's destiny.
    • Sushiswap lowers trading fees that goes to the liquidity pools from the original 0.3% (as in Uniswap) to 0.25% and distributes the remaining 0.05% to SUSHI stakers.
    1. The 0.05% trading fee is distributed to SUSHI stakers by having Sushimaker converting trading fees into SUSHI tokens, and sending them to the SushiBar, where SUSHI tokens are staked.
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    1. The bar chart above shows the amount of SUSHI served by Sushimaker per day since January 1st 2022.
    2. It appears that SUSHI served by Sushimaker is not automated, as the frequency of SUSHI serving is not consistent. There are days when SUSHI are served and some days when SUSHI are not served.
    3. On the days when SUSHI are served, majority of the times, more than 100K SUSHI will be served per day.
    4. The amount of SUSHI served by Sushimaker to SushiBar is inconsistent as well, ranging from 10k per day to 493k SUSHI per day.
    5. SUSHI served was the highest on March 23rd, where 493k SUSHI was served that day.
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    1. The line graph above shows the amount of SUSHI staked by users and the amount of SUSHI served by Sushimaker per day.
    2. It can be seen that the amount of SUSHI staked per day is greater than the amount of SUSHI served on the majority of days.
    3. However, there is a trend that the amount of SUSHI staked has been decreasing since mid-February, while the amount of SUSHI served has been increasing since the end of February.
    4. This is a positive indicator for existing SUSHI stakers because it equates to more SUSHI served on average for each staker.

    SUSHI staking mechanism :

    1. Users can stake their SUSHI tokens at the SushiBar by converting them to xSUSHI tokens.

    2. Users can unstake or harvest their SUSHI tokens by converting xSUSHI tokens back to SUSHI tokens.

    3. SushiBar can be found here.

    4. Users can earn an annual percentage yield (APY) from a portion of the 0.05% trading fee paid by all pools on Sushiswap.

    Conclusion

    1. Sushimaker converts trading fees into SUSHI tokens, which are then sent to the SushiBar, where SUSHI tokens are staked.
    2. The amount of SUSHI served by Sushimaker to Sushibar varies, ranging from 10k to 493k SUSHI per day.
    3. SUSHI tokens can be staked by users at the SushiBar by converting them to xSUSHI tokens.
    4. On the majority of days, the amount of SUSHI staked per day is greater than the amount of SUSHI served.