Sushiswap started life as a Uniswap fork. To incentivize liquidity providers to move their liquidity over to Sushiswap, Sushiswap offered them SUSHI tokens as a reward. Since then, Sushiswap has come up with “2x Rewards Farms” which offer a second token in addition to SUSHI token. This is usually the native token of the chain (e.g. MATIC, ONE etc.). The source of these reward tokens is usually the ecosystem grants from the chain foundation who want to incentivize liquidity on their chain.
# Sushiswap TVL
Sushi is now deployed across 15 chains and is perhaps the only dApp with such varied deployment across so many chains. This has lead to Sushiswap’s TVL reaching close to $13B mark when including the borrowed capital.
If we exclude the borrowed capital, then the TVL is close to $4B.
# Comparing Sushiswap across chains
## TVL comparison
In this analysis, we’re comparing the Sushiswap adoption across Ethereum, Polygon and Harmony. From the TVL data we can see that Ethereum is clearly the leader with ~$2.6B in liquidity. Sushiswap TVL on Polygon and Harmony is an order of magnitude less with Polygon being 10x less that of Ethereum at $234M and Harmony being 5x less of Polygon at $48M.
# Farm Comparison
To compare the farms, I looked at the farm analytics on Sushiswap — specifically the indicator at the bottom of the page that shows how many farms there are.
From there, I was able to derive the following data which shows that currently there are 391 farms on Ethereum! When looking at Polygon and Harmony we only have 33 and 18 farms respectively.
## Top 5 Farm TVL comparison
As we compare the TVL across top 5 farms for each chain, we can see that Ethereum has the deepest liquidity with ~$180M of liquidity in the USDC/WETH farm. In comparison, Polygon’s top farm (WBTC/WETH) has $25M of liquidity while Harmony’s top farm (also WBTC/WETH) only has $12M of liquidity.
Conclusion
There is still a lot of liquidity on Ethereum that has not migrated over to the alternate-EVM chains. If these alternate EVM chains are hoping to attract whales, getting deep liquidity farms is key.
Regardless of whether these alternative EVM chains succeed or not, Sushiswap is well positioned to capitalize as its multi-chain deployment strategy makes sure the familiar Sushiswap brand is available anywhere the users migrate to.
