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| Bull | 1. Starting rate: SushiSwap’s monthly growth rate (Sep 2020 – Aug 2021) ~ 15.17% 2. 95% monthly stepwise decline till terminal growth rate* (0.51%) | We referenced SushiSwap’s average monthly growth rate as a conservative bull case. |
|---|---|---|
Base | 1. Starting rate: Uniswap’s monthly growth rate (Sep 2020 – Aug 2021) ~ 11.74% 2. 95% monthly stepwise decline till terminal growth rate* (0.51%) | Uniswap is by far the most mature AMM. We conservatively assume in our base case that Sushi grows at the same rate as Uniswap. |
Bear | 1. Reaches terminal growth rate* in Aug 2024 after a 95% stepwise decline. 2. Derived starting rate of 3.39% | We assume SushiSwap reaches its terminal growth rate within 3 years. |
