Sushiswap on Polygon, ETH Outperforms BTC, and Rising Gas Prices

MAY 10, 2021 • 2 Min Read

Ashwath Balakrishnan + 1 other

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Data Digest

  • Sushiswap volume and liquidity on Polygon
  • Top Sushiswap pools on Polygon
  • ETH hits multi-year high against BTC
  • Gas prices 3x in just a few hours

Key Takeaways

  • Last Friday, it was announced that Sushiswap would deploy its AMM on the Polygon PoS Commit Chain.
  • Over $350 million of capital flocked to Sushiswap on Polygon within a day of the announcement.

Key Takeaways

  • Polygon is incentivizing six pools (MATIC, WBTC, DAI, USDC, USDT, and AAVE against ETH) with $30 million of rewards in MATIC and SUSHI (50-50). The pools currently yield between 65%-100% annually.
  • Naturally, these six pools attracted the most volume and transactions.

Key Takeaways

  • ETH/BTC crossed the 0.07 threshold earlier today, marking the first time this price level has been sit since July 2018.
  • Last time this level was hit, ETH/BTC was on its way down. But this time ETH looks to be entering a notable uptrend against BTC.

Key Takeaways

  • Gas prices are up 10x in the last week, after bottoming out at 35 gwei last week.
  • A majority of the increase happened over the last few hours as gas soared from 100 gwei at 7 AM UTC to around 350 by 1 PM UTC. The main catalyst seems to be the trading of SHIB — a memecoin — on Uniswap

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Ashwath Balakrishnan + 1 other