SailFish

What users pay (and what LPs/lockers can earn)

SailFish runs classic AMM pools where traders pay swap fees set per pool. Two fee tiers are clearly live on the pool list:

• 0.01% fee tier (example: EDDY/EDU 0.01)
• 0.3% fee tier (example: EDDY/EDU 0.3, pool detail page shows “0.3%”)

How much the DEX is actually generating

Over the last 30 days SailFish recorded:

• Volume (30d): $21.2M
• Fees (30d): $7.1K
• Protocol revenue (30d): $3.3K

This implies an effective fee rate ≈ 0.033% of volume ($7.1k / $21.2m), which is low versus typical DEX averages—meaning total fee income available to LPs/lockers is currently modest.

Split between LPs vs protocol / lockers

From the fee + revenue numbers:

• Protocol take rate (30d) ≈ 46.5% (=$3.3k revenue / $7.1k fees)
• Non-protocol share (30d) ≈ 53.5% (≈$3.8k)

SailFish positions itself as a veDEX where “veSAIL lockers are rewarded with pool trade fees in exchange for voting for the most lucrative pools.” In addition, the EDU Chain ecosystem description states SailFish “distributes 100% of protocol fees to users.” Practically, the observable “protocol revenue” is best interpreted as a fee stream intended to be redistributed to users (e.g., veSAIL/voters), rather than retained.

Fee trend (history)

Fee history spans 413 days, with cumulative totals:

• Fees (all-time): $128.7K
• Revenue (all-time): $62.2K → long-run protocol take rate ≈ 48.3%

Net: earning is real but currently limited by low aggregate fee production relative to TVL.

How LP returns are showing up on SailFish

The Pools page publishes TVL, 24h volume, 24h fees, and an APR. The displayed APR matches an annualization of 24h fees / TVL (e.g., EDDY/EDU 0.3: $47.42 daily fees on $201.85k TVL → ≈8.58% APR), so it is effectively a fee APR.

Note: The header says “APR (FEES + YUZU)”, and the page also says “LPs get SAIL emissions”, but no numeric emissions/points APR is shown per pool. The most defensible yield number today is the fee APR displayed.

Top pools (risk-adjusted view)

• Conservative preference: pools with stablecoins (lower IL) but current fee APR may be low/uncertain.
• Best fee APRs: often come from thin, volatile pools (high IL + price impact risk).

Strategy notes

• EDDY/EDU (0.3%): strong fee APR with mid-sized TVL; still volatile/IL-prone.
• USDC.e/EDU: decent fee APR with one stable leg; IL risk persists if EDU moves.
• Moga/EDU & THRUST/EDU: very high headline APR can be driven by tiny TVL—expect high volatility, worse fills, and fast-changing APR.

Also note: pool creation UI shows “CL Pools (Concentrated Liquidity Pools) — Coming Soon”, so today’s main LP mode is classic volatile pools.

What staking exists (and what it pays)

SailFish presents itself as a veDEX and explicitly ties passive income to locking:

• The Pools explainer states: “veSAIL lockers are rewarded with pool trade fees in exchange for voting for the most lucrative pools.”
• The Pools page also says: “To get SAIL, stake and deposit liquidity.”
• The navigation includes a dedicated “Stake” section.

What’s missing for precise yield modeling

No public figures are shown for:

• SAIL staking APR/APY
• Lock durations / unlock penalties
• Vote-escrow conversion rate (SAIL → veSAIL)
• Exact fee routing split from each pool to LPs vs veSAIL lockers

Given the protocol-level numbers, there is clearly a meaningful protocol fee stream over time ($62.2K all-time protocol revenue on $128.7K all-time fees), but the per-locker APY depends on (1) how much SAIL is locked overall, and (2) how votes direct emissions/fee routing—neither is displayed in the available UI snippets.

How to use staking as passive income anyway

• If you want hands-off yield, the intended route is: buy/earn SAIL → lock to veSAIL → vote toward pools you believe will sustain high fees.
• Treat ve-style yield as variable, driven by platform trading activity (30d fees currently $7.1K across the DEX).

Bottom line: staking/locking is a core mechanism, but without published APYs and lock terms, staking returns can’t be quantified upfront the way fee-APR LPing can.

1) Points layer: Yuzu Points

EDU Chain’s ecosystem page highlights a chain-wide points system:

• “How to earn Yuzu Points”
• “Yuzu Points are the heart of EDU Chain’s on-chain points system.”
• “Yuzu are non-transferable and can only be earned or burned.”

On SailFish specifically, the Pools table labels yield as “APR (FEES + YUZU)”, indicating that beyond fee APR, activity may also generate Yuzu points (even though a numeric Yuzu APR isn’t displayed per pool).

2) Referral program (XP)

SailFish has a native referral flow:

• “Generate referral link and get extra XP points for every friend you refer”

This is an earn pathway for users who can consistently onboard new traders/LPs, but it pays in XP points (not shown as a token payout).

3) Competitions / leaderboard rewards (activity-based)

SailFish runs leaderboard-style campaigns:

• Leaderboard page shows ranked “Trading volumes” with wallet addresses and volume figures.
• The rules explicitly state: “Perform transactions like add liquidity, swap coins etc and earn rewards after completion.”

4) Liquidity mining / emissions (SAIL)

The Pools page claims: “LPs get SAIL emissions” and “To get SAIL, stake and deposit liquidity.”

However, no emission rate, pool-by-pool allocation, or claim schedule is presented alongside the pool APR numbers. As a result, the only concrete, pool-specific return figure currently visible is the fee APR.

🛡️ Conservative (capital preservation focus)

Goal: minimize impermanent loss (IL) and smart-contract exposure while still earning.
1) Prefer the most stable pairing available: USDC.e/USDT (TVL $91.97k, currently showing 0.00% fee APR).
2) If you want higher yield but accept some IL, use USDC.e/EDU (TVL $84.03k, ~7.95% fee APR).
3) Keep position sizing small due to 0 audits and relatively low TVL.
Expected APY range (observable): ~0%–8% (fee APR).

⚖️ Balanced (moderate risk/reward)

Goal: combine sustainable fee APR with manageable volatility.
1) Split liquidity between a deeper pool and a higher-fee tier: EDDY/EDU 0.01 (TVL $472.21k, ~2.92%) + EDDY/EDU 0.3 (TVL $201.85k, ~8.58%).
2) Participate in platform incentives: execute periodic swaps/add-liquidity to qualify for leaderboard rewards (“perform transactions…earn rewards”).
3) Add a referral loop if you have distribution: referrals grant “extra XP points.”
Expected APY range (observable): ~3%–9% (fee APR) + variable points/rewards (not quantified).

🔥 Aggressive (max yield focus)

Goal: maximize headline APR and incentive eligibility; accept high IL and thin-liquidity risk.
1) Farm small, high-fee pools like Moga/EDU (TVL $3.85k, ~24.11% fee APR) where fee APR can spike.
2) Actively rebalance: small pools can swing quickly; treat APR as unstable and monitor 24h fees vs TVL.
3) Stack activity incentives: target leaderboard volume (top wallets show volumes like $35,841.951), and use referrals for additional XP.
Expected APY range (observable): ~10%–25%+ (fee APR on thin pools), with high variance + unpriced incentive upside.

Audit status

• Audits: 0
• Audit firm names / dates / links: not available

This is the single biggest constraint on “safe” earnings: without third-party audits, LPs and stakers must price in higher smart-contract risk.

Smart-contract + operational risk indicators

• The DEX is relatively small: TVL is reported around $965.7k, while the Pools page shows ~$869.80k total TVL.
• Fee history exists over 413 days, which is a positive sign of persistence, but does not substitute for audits.
• No bug bounty details are presented.

Impermanent loss (IL) risk (most relevant pools are volatile)

Most listed pools are volatile pairs (e.g., EDDY/EDU, Moga/EDU, THRUST/EDU). For a standard 50/50 AMM, IL depends on price change magnitude. Illustrative IL outcomes:

So even a pool showing 8.58% fee APR (EDDY/EDU 0.3) can be fully offset by a large directional move over a year.

Bottom line

Until SailFish publishes reputable audit coverage (and ideally a bug bounty), users should:

• size positions conservatively,
• favor higher-liquidity pools,
• and treat high APRs in low-TVL pools as compensation for both IL and contract risk.

SailFish’s earnings are mainly driven by swap-fee APR on EDU Chain pools and a ve-style fee routing model (veSAIL lockers earning trade fees for voting). Current fee generation is modest at the protocol level ($7.1K fees over 30d on $21.2M volume), but some individual pools show attractive fee APRs (e.g., EDDY/EDU 0.3 at ~8.58%, USDC.e/EDU at ~7.95%, Moga/EDU at ~24.11% on very low TVL).

Top 3 strengths

1) Clear, pool-level fee APR transparency (APR aligns with 24h fees/TVL annualization).
2) Multiple earning vectors: LP fees + veSAIL fee rewards + campaigns (leaderboard) + referrals (XP).
3) Long operating data window: 413 days of fee history and $128.7K all-time fees.

Top 3 weaknesses

1) No audits (0) → materially higher tail risk.
2) Low total fee production (30d fees $7.1K) limits sustainable yield for the whole ecosystem.
3) High IL exposure: many best-APR pools are volatile; the highest APR pool shown has tiny TVL ($3.85k).

One-sentence recommendation

Use SailFish for targeted fee-APR farming and EDU Chain incentive participation, but keep sizing conservative until audits and clearer staking/emissions disclosures are available.

Quick-reference table