Liquidity providers deposit funds into Sushiswap and receive trading fees from traders (supply-side fees).

Sushiswap is a non-custodial exchange protocol built on Ethereum (originally a fork of Uniswap). Sushiswap was founded by a pseudonym Chef Nomi and launched in 2020.

SUSHI tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

governance

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website

Exchanges (DEX)

SushiSwap

# SushiSwap Token incentives Methodology

## 1. Overview

SushiSwap token incentives measures the total daily USD value of SUSHI tokens distributed as liquidity mining rewards to users across all supported blockchain networks. This metric captures the protocol's spending on user acquisition and retention through yield farming programs. The calculation aggregates reward distributions from both current liquidity mining contracts (MasterChefV2/MiniChef) and historical distributions from the legacy MasterChef contract, providing a comprehensive view of SushiSwap's token-based user incentivization.

## 2. Data sources

- **Blockchain events**: Parsed `Harvest` events from SushiSwap's MasterChefV2 and MiniChef liquidity mining contracts deployed across Ethereum, Polygon, Fantom, Arbitrum, Gnosis, Avalanche, BSC, and Optimism networks
- **Transaction data**: Ethereum token transfer records filtered by the legacy MasterChef contract address to capture historical incentive distributions
- **External data**: End-of-day SUSHI token price feeds for USD conversion and token metadata for decimal precision handling
- **Configuration data**: Hardcoded lists of official liquidity mining contract addresses and denylisted dummy token addresses used for filtering

## 3. Step-by-step calculation

### Component A: Multi-chain harvest event extraction
- **Purpose**: Captures current liquidity mining reward distributions across all supported chains
- **Logic**: Extracts `Harvest` events from official MasterChefV2 (Ethereum) and MiniChef (all other chains) contracts. Each event represents a user claiming their accumulated SUSHI rewards from liquidity provision. The system processes events from 8 different blockchain networks, standardizing the data structure with fields for `block_timestamp`, `transaction_hash`, `log_index`, `address` (contract), and `amount` (SUSHI tokens distributed). Chain-specific SUSHI token addresses are mapped to ensure consistent token identification across networks.
- **Key fields**: `block_timestamp` for timing, `address` for the contract distributing rewards, `amount` for SUSHI tokens distributed, and chain-derived metadata for network identification

### Component B: Legacy ethereum incentive distribution
- **Purpose**: Captures historical incentive distributions from SushiSwap's original MasterChef contract
- **Logic**: Processes Ethereum token transfer events where the `from_address` matches the legacy MasterChef contract address (0xc2edad668740f1aa35e4d8f227fb8e17dca888cd). This captures SUSHI token distributions that occurred before the migration to MasterChefV2. The system filters these transfers to exclude transactions involving denylisted dummy tokens, ensuring only genuine user incentives are counted. Each transfer represents a reward payment to a liquidity provider.
- **Key fields**: `from_address` for identifying the legacy contract, `value` for SUSHI amount transferred, and `transaction_hash` for deduplication against the denylist

### Component C: Transaction filtering and validation
- **Purpose**: Removes internal and testing transactions to ensure only genuine user incentives are measured
- **Logic**: Applies a denylist of 24 dummy token addresses used for internal operations including vesting, emissions reduction testing, and chain-specific dummy tokens. Any transaction hash that involves these addresses is excluded from the calculation. Additionally, validates that reward distributions come from official liquidity mining contracts by joining with the account dimension table containing verified MasterChef and MiniChef addresses across all chains.
- **Key fields**: `transaction_hash` for filtering against denylisted transactions, `account_address` for validating against official contracts

### Final aggregation
- **Combining components**: Multi-chain harvest events and legacy Ethereum transfers are combined using union operations, creating a unified dataset of all SUSHI incentive distributions. The data is joined with the account dimension table to enrich records with contract names and validate authenticity.
- **Currency conversion**: SUSHI token amounts are converted to USD using end-of-day price feeds, with proper decimal correction applied to handle the token's 18-decimal precision. The conversion uses the `convert_to_usd_and_correct_decimals` macro with both decimal correction and USD conversion enabled.
- **Time aggregation**: All timestamps are truncated to daily boundaries using `timestamp_trunc` with 'day' granularity, ensuring consistent daily aggregation regardless of when during the day incentives were distributed.
- **Final calculation**: The metric sums all USD-converted incentive distributions per day across all chains, applies the finalization macro to ensure schema consistency and fills any gaps in the time series with zeros, then filters results based on chain availability configuration to respect data quality thresholds.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of native tokens distributed as incentives.

SushiSwapSUSHI

Token incentives

Token incentives

Competitive landscape

Chain breakdown