SUSHI Rewards : Report

As announced on Twitter on Wednesday, April 21, 2021, this time I was interested in the analysis of rewards claimed in the past two weeks.

It took me a long time, about 15 hours, to trace all the sushis with the goal to answer these questions:

1 / How many sushis have been claimed?
2 / How many users have not claimed any?
3 / How many users have converted their sushis to xSushis or used them to add liquidity?
4 / How many of them have been sold?
5 / Where were these sushis sold? On centralized exchanges or on sushiswap?

1. Methodology

To do so, I used the API.

Indeed, a subgraph has been set up by the SUSHI team in order to be able to easily obtain its information.

I then stored this information (addresses + withdrawn amounts) in a database, then at 08:00 UTC, I queried the Ethereum network in order to get the balance in SUSHI and xSushi for each of these addresses.

Finally, and this is the task that took the longest, I performed a manual check via for each of these 534 addresses.

2. Results

Link to the excel file containing all the results:

A total of 3,373,699.22 of SUSHI were withdrawn by 534 different addresses.

At this stage, we can observe an interesting balance, namely that 251 addresses did not sell their sushi, against 283.

For more precision, I established several groups, namely:
Holders, stackers and liquidity providers, users who have carried out mixed actions (eg: sell 20% and keep 80%) and those who sold.

The breakdown is therefore as follows:

  • 23.783% of holders
  • 15.169% stackers / LPs
  • 8.052% of mixed actions
  • 52.996% of users having sold

Here is a visual distribution of these same users:

It is now necessary to know the number of SUSHI for each of these groups:

  • 177,698.41 SUSHI did not move
  • 271,970.95 SUSHI were converted to xSushi or used to add liquidity
  • 1,027,896.59 SUSHI were mixed in various operations, of which 848,614.73 were either converted either to xSushi or to LP sushi, or they just didn’t move at all
  • 1,896,133.28 SUSHI were immediately resold, mostly for Ethereum or USDT/USDC

Now let’s regroup this data in just two groups in order to have a clearer idea of the situation:

  • 2,075,415.15 of SUSHI were sold, which is 61.52%
  • 1,298,284.09 of SUSHI were not put up for sale, which is 38.48%

To end this short information report, which I hope will help many of you understand the current impact of the release of these rewards, it seemed appropriate to highlight where these SUSHIS were sold.

And to be honest, the result quite surprised me.

I knew a lot of it was going to be redirected to centralized exchanges, but not in such a large proportion:

  • 104 transactions to Binance, for 1,279,594.48 sushi
  • 18 transactions to FTX, for 406,140.46 sushi
  • 17 transactions to Huobi, for 46,487.71 sushi
  • 2 transactions to OKex, for 5683.29 sushi

Therefore, 91.65% of the sushis that were sold, were sold on centralized exchanges, leaving only 158,207.33 sold via sushiswap and uniswap

And finally, here is a small summary of all the data available for you:

Link to the excel file containing all the results:

Hope you find these numbers useful!


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