Sushiguard revenue analysis 2021

By popular request I’ve done a Sushiguard revenue analysis based on 2021 (had Sushiguard been active then) Same rules/caveats hold as for analysis published for 2022. This is described in the sheet.

Personal notes:

  • As evident, pessimistic scenario (the pretty much guaranteed one) would have given ~$28M * 50% = ~$14M to split between xFold holders.
  • Sandwiching wasn’t nearly as in vogue early 2021 as it is now. I personally believe there will always be a certain fraction of sandwichers unaware of the -to be- Sushiguard, which is why I look most at the realistic scenario. Of course, adjust to your own thoughts.
  • Link to 2022 in the sheet