What Will You Read?

In this analysis, You will read about Sushiswap activity on Ethereum. How did the recent spike in market volatility affect the overall activity of sushi on Ethereum? Analyze both swaps and lendings?

What is Sushiswap?

SushiSwap is a software running on Ethereum that seeks to incentivize a network of users to operate a platform where users can buy and sell crypto assets. Similar to platforms like Uniswap and Balancer, SushiSwap uses a collection of liquidity pools to achieve this goal.

Method

The below chart shows the total number of swaps in Sushiswap on the Ethereum network Vs the Bitcoin price since June 5th.

• When the Bitcoin price dropped 10%, The total number of swaps increased.
• The highest number of swaps happened on June 13th with 14.4K swaps when the Bitcoin price was 24K dollars.
• After that time, The total swaps were higher than the average.

Borrow

Borrow activities total dropped. In about 25 days was below 50 borrows.

Lending

Swap

The Method is clear. I used three tables for all requested questions.

• Sushi Ez Swap For all swap Activities

• Sushi Lending For All Lending Activities

• Sushi Borrowing For All Borrowing Activities

• • I also added Bitcoin Price to my finding to understand when the spike happened.

The below chart shows the total daily volume of swaps in Sushiswap on the Ethereum network.

• The highest volume swapped on June 13th with 285M dollars when the Bitcoin price was 24K dollars.
• The average swap volume was 30-40M dollars but in that time increased significantly.

The below chart shows the daily total number of the top tokens that users sold during the spike.

• The most popular token that users sold was ETH.
• ETH was involved in nearly 8K swaps on June 13th.
• Stablecoins activities increased during that time. It shows these types of users tried to buy tokens when the price dropped.

This graph shows the total number of swaps to tokens on Sushiswap.

• In this graph ETH still is the most popular token.
• Also, Like the previous chart, Stablecoin activities increased.

The below chart shows the total deposit and Withdraw from Lending.

• This chart shows users prefer to exit their deposits.
• The highest number of withdrawals happened on June 16th with 6 withdrawals.

This chart shows the total daily volume of deposits and withdrawals of Lending.

• About 1.2M dollars collateral withdrew from Sushi on June 27th.
• The above number was far from the average daily volume od Deposits and withdraws.

Conclusion

When Token prices dropped, We face three types of users.

1. BUYER: These types of users see the best opportunity to buy a token at a lower price. These users prefer to buy tokens with stabecoins.

2. Seller: These types of users panic and sell their assets. Also, These users try to withdraw all assets from anyplatforms. Like collateral Lending, Stakes, and ... .

3. Holder: These types of users just see the market and nothing do. They usually keep their positions on any platform.