What is the Onsen?

Onsen plays a symbiotic role in Sushi and decentralized finance at large. Onsen is a liquidity provision reward system for tokens that are relatively new. This means that tokens on the Onsen menu are another potential source of yield farming for users. Tokens selected to be on the Onsen “menu” are given an allocation of $SUSHI tokens per block to incentivize liquidity provision. The benefit to being on the Onsen menu is that the projects themselves aren’t forced to incentivize their communities to provide liquidity for their tokens, because Sushi does it for them. This eases the burden of impermanent loss, and decreases the price impact/slippage of individual purchases, making purchasing more cost efficient.

Onsen also benefits the Sushi ecosystem in the sense that new tokens are often more desirable than established tokens. Thus, the volume is often quite higher than other tokens, and a percentage of the total volume on SushiSwap is allocated to every xSUSHI holder, which more than justifies incentivizing liquidity.

To receive $SUSHI rewards, users should deposit the token received for providing liquidity (SLP token) into the Onsen menu. These rewards help bring new coins to the market, and new coins feed the trading volume on SushiSwap. Trading volume in turn increases the value of xSUSHI. Tokens are chosen to be on the Onsen menu based on the quality and demand of their products. If the quality and demand for tokens on the menu remains high, they can remain on the Onsen menu indefinitely, or be added to the permanent Sushi menu.

In the chart, we see

891 USDC Lenders, 531 USDT Lenders,

506 DAI Lenders, 30 TUSD Lenders

25 REN Lenders, 23 YFI Lenders

21 COMP Lenders, 18 CREAM Lenders

we see that the largest lending is related to USDC.

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Onsen Menu Kashi Markets Contract Address:

0x668edab8a38a962d30602d6fa7ca489484ee3224 = kmWBTC/USDC-LINK

0xf678b4a096bb49309b81b2a1c8a966ef5f9756ba = kmWBTC/USDT-LINK

0x3485a7c8913d640245e38564ddc05bfb40104635 = kmxSUSHI/TUSD-LINK

0x5f92e4300024c447a103c161614e6918e794c764 = kmWETH/DAI-LINK

0x418bc3ff0ba33ad64931160a91c92fa26b35acb0 = kmWBTC/DAI-LINK

0x6eafe077df3ad19ade1ce1abdf8bdf2133704f89 = kmxSUSHI/USDC-LINK

0xff7d29c7277d8a8850c473f0b71d7e5c4af45a50 = kmWETH/USDT-LINK

0x561770b93d0530390eb70e17acbbd6e5d2f52a31 = kmLINK/DAI-LINK

0x77f3a4fa35bac0ea6cfac69037ac4d3a757240a1 = kmxSUSHI/DAI-LINK

0x0ea032decbfbea581d77d4a9b9c5e9db7c102a7c = kmAAVE/DAI-LINK

0x17fb5f39c55903de60e63543067031ce2b2659ee = kmxSUSHI/USDT-LINK

Note:

Onsen Mechanism:

Users deposit (lend) their assets into these pools and receive KMP (Stands for KashPairMeduim) equivalent to their share of total assets available to borrow. Then they are able to stake that KMP to receive extra rewards. Such an option is only available for Onsen menu pools.

the above chart, shows the Onsen menu market with their number of depositors and KMP stakers.

• The first and second seat in the number of KMP stakers belongs to xSUSHI markets.
• In a case like WBTC/DAI or WETH/USDT you can see that their number of depositors are more than xSUSHI/USDT but KMP stakers of the latter is more. These are people who are bullish on SHUSHI and accruing more using every opportunity.

in the above chart, we see Number of Sushi Lenders over time.

we see on April 15, 2021 most of the landers have been created

In the above chart, we see the status of stakers and other holders.

SUSHI/USDC-LINK Pool has 166k stakers and 2121 holders.

SUSHI/DAI-LINK Pool has 372k stakers and 243 holders.

[0xc2ed…88cd] HODL wallet has more than 1.1 million Balance. [0x2947…b443] HODL wallet has more than 60k Balance.

Kashi Pools TVL is approximately equal to $1.446 million.

Kashi Net Farming is approximately equal to $1.007 million.