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Sushiswap

SushiSwap was launched in September 2020 by two anonymous developers called Chef Nomi and 0xMaki. It is one of the most popular Decentralized Applications (DApp) on the Ethereum blockchain. SushiSwap adopts the automated market-making (AMM) model for its decentralized exchange (DEX) protocol.

1. Is It a Protocol or Token? -

Both Protocol and Token

2. Category

DEX

3. Does it have TVL?

Yes its $10.81 bln as of 27th Feb 2022 [1].

Current numbers can be found here.

How is it calculated in different Places (Their Frontend, Dune, DefiPulse, DefiLlama)?

  • Frontend: No information available. [2].

  • Dune: No information available.

  • Defipulse: $1.56 bln [3].

  • Defillama: $10.81 bln. [1].

TVL distribution across multiple chains [1].

ChainsValue

Moonriver

$29.86 mln

Avalanche

$215.01 mln

Ethereum

$2.6 bln

Harmony

$59.45 mln

BSC

$39.97 mln

Gnosis

$16.61 mln

Heco

$145.92

Telos

$3.6 mln

Celo

$22.06 mln

Borrowed

$6.6b

Fuse

$1.47 mln

Fantom

$134.58 mln

Staking

$232.44 mln

OKExChain

$56.72 k

PalmPalm

$583.97

Polygon

$244.83 mln

Arbitrum

$622.77 mln

4. What are it’s core metrics?

  • Liabilities: Not available.

  • Assets: Not available.

  • Reserves: Not available.

  • Treasury: $33 mln [4].

  • Market Cap Native: $0.62 bln [5].

  • Ratio of Reserves to TVL (deposits only; unleveraged) Not available.

  • Ratio of Treasury to ingleTVL (deposits only; unleveraged) : 0.0030.

  • Ratio of native Market Cap to TVL (deposits only; unleveraged) : 0.0573.

  • Are they double-counting leverage? No.

5. Further details on the Token?

Markets where it’s available? Sushi is traded on 93 exchanges [6].

Top exchanges:

  • FTX ($21.83M)

  • HitBTC ($11.16M)

  • Binance ($10.84M)

Liquidity [5] :

  • Supply - the total amount of tokens in circulation : 192.7 mln.

  • Total Supply - on-chain supply minus burned tokens : 241 mln.

  • Max Supply - theoretical maximum as coded : 250 mln.

6: What chain is it on?

MultiChain

Majorly on Fantom, Polygon, xDai chain, Binance, Moonbeam [7] with support for 10+ blockchains.

Whilst adoption remains dominant on the Ethereum mainchain, Polygon now makes up ~20% of Sushi's DEX volume.

Sushi deployments on other chains are fairly underutilized for now [8].

7. Could it be exploited?

Yes

Recently, a white hacker discovered a vulnerability that, if exploited, could have resulted in all of the crypto assets in the token auction contract being drained by a malicious actor. An attacker could reuse the same ETH over and over to batch multiple calls to the contract and “bid in the auction for free.” He also discovered that a hacker could steal the funds from the contract by triggering a refund by sending a higher amount of ETH than the auction hard cap [9].

But on 18 Sept 2021, SushiSwap’s token platform called MISO was reportedly attacked on Thursday, with the hacker stealing 864.8 Ethereum, approximately $3 million in current prices. MISO fell victim to a so-called supply chain attack, which saw an anonymous contractor going under the GitHub handle AristoK3 inject malicious code into the platform’s front end and replace the auction’s wallet with their own address [10].

8. What assets does it support?

Sushiswap supports majority of popular assets with USDC being the top traded. The list of supported assets for v3 can be found here [11].

9. How does it combine the risks of those assets?

The only real disadvantages to SushiSwap at this point are impermanent loss and if you are less bullish on SUSHI than ETH because it you use SushiSwap, 0.05% of the 0.3% fees you receive will be in SUSHI, whereas on Uniswap the entirety of the 0.3% fee portion you receive is in ETH. Otherwise, the platforms are essentially the same in terms of security and asset availability [12].

10. Does it wrap and distribute assets?

No, it does not wrap assets

11. What are the conditions for the wrapped assets to be liquidated? Back to the original portfolio or adjusted for value?

Assets are not liquidated as no collateral is involved.

12. What are the dependencies of the protocol? How does risk bubble up?

Dependent on node v10 and yarn [13].

13. Does it have a governance token?

xSUSHI is a governance token, that means xSUSHI holders are able to participate in voting decisions on upgrades and future changes on the Sushi platform. By staking SUSHI locked for 6 months, Liquidity Providers are rewarded with xSUSHI. The indispensable advantage of xSUSHI is that holders are rewarded with 0.05% of Tx Fees [14]. SUSHIPOWAH is our voting metric, and is decided as follows:

  1. Each SUSHI in the SUSHI-ETH pool is worth 2 SUSHIPOWAH

  2. Each SUSHI held via xSUSHI tokens equal 1 SUSHIPOWAH

14. How decentralized is Sushiswap

SushiSwap is ultimately governed by its community, via forum discussions and, when pertinent, voting on proposals held on the SushiSwap Snapshot. At this time, only proposals posted to the Snapshot voting system by the CORE can be considered binding if passed with a quorum.

  • Total Users: 845,333 [15].

  • SUSHI Token Holders: 74,557 [15].

  • Top SUSHI holders [15].

    • SushiBar (Staked Sushi)

    • Treasury

    • SushiSwap SUSHI/ETH LP (SLP)

    • 0xcBE6B83e77cdc011Cc18F6f0Df8444E5783ed982

    • Binance

    • Huobi

    • 0x2d615795a8bdb804541C69798F13331126BA0c09

    • 0x47ac0Fb4F2D84898e4D9E7b4DaB3C24507a6D503

    • Binance

    • 0x80845058350B8c3Df5c3015d8a717D64B3bF9267

15. Additional Information VAR

  • VaR - To be updated

  • LCR - To be updated

  • Are there any other metrics that might be useful? Like Sharpe Ratio - To be updated

16. How is this exposed to layers in DeFi:

What layers are upstream (built on top of the protocol)?

To be updated

What layers are downstream (protocols/assets built on or put into the platform). For example, yield farms are built on top of lending protocols?

To be updated

17. Smart Contract information

List the protocol´s smart contract address ?

https://etherscan.io/address/0xd9e1cE17f2641f24aE83637ab66a2cca9C378B9F

List the Token´s smart contract address ?

https://etherscan.io/token/0x6b3595068778dd592e39a122f4f5a5cf09c90fe2

Are there any other relevant smart contracts?

https://dev.sushi.com/sushiswap/contracts

References

  1. Defillama, https://defillama.com/protocol/sushiswap

  2. Sushiswap, https://analytics.sushi.com/

  3. Defipulse, https://www.defipulse.com/projects/sushiswap

  4. Etherscan, https://etherscan.io/token/0x6b3595068778dd592e39a122f4f5a5cf09c90fe2?a=0xe94b5eec1fa96ceecbd33ef5baa8d00e4493f4f3

  5. Coingecko, https://www.coingecko.com/en/coins/sushi

  6. Nomics, http://nomics.com/assets/sushi-sushi#text=available%20on%20Uniswap.-,Disadvantages%20of%20SushiSwap,you%20receive%20is%20in%20ETH.

  7. Twitter, https://twitter.com/josephdelong/status/1367226781393166336

  8. Glassnode, https://insights.glassnode.com/defi-uncovered-exploring-the-sushi-ecosystem/

  9. Cointelegraph, https://cointelegraph.com/news/white-hat-potentially-saves-sushiswap-350m-by-finding-obvious-exploit.

  10. Sushiswap, https://docs.sushi.com/governance/current-governance-model.

  11. Coinmarketcap, https://coinmarketcap.com/currencies/sushiswap/

  12. Cryptovantage, https://www.cryptovantage.com/buying-crypto/sushiswap/#:~:text=available%20on%20Uniswap.-,Disadvantages%20of%20SushiSwap,you%20receive%20is%20in%20ETH.

  13. Github, https://github.com/sushiswap

  14. Coin98insights, https://coin98insights.com/sushiswap-sushi

  15. Dune, https://dune.xyz/dqniellew/Sushiswap

Contributors

Discord HandleETH AddressRewardContribution

rlrahulkanojia

0x784aBff44f2F3bB7c46B789789f3C6552636F4F5

0 $CMK (internal)

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