ETH Removed

    Examine user behavior in recent weeks leading up to the merge on at least 3 major protocols. Have there been any changes in the amount of ETH removed from protocols like Uniswap and Aave? Note any trends or outliers you find.

    INTRODUCTION

    Here we will analyze user behavior regarding ETH withdrawals on the following platforms: AAVE, Compound, Maker DAO, Uniswap.

    METHODOLOGY

    In order to find the amount of ETH removed from the above protocols and some other metrics we used the EZ_ tables from Flipside where data is aggregated to some extent making our job much easier looking for the amount of withdraw or some equivalent tag on the tables.

    DATA SOURCES:

    The data we used are Flipsideā€™s tables: ==ethereum.uniswapv3.ez_lp_actions== ==ethereum.uniswapv3.ez_pools== ==ethereum.maker.ez_withdrawals== ==ethereum.core.fact_hourly_token_prices== ==ethereum.compound.ez_redemptions== ==ethereum.aave.ez_withdraws== ==ethereum.uniswapv3.ez_lp_actions== ==ethereum.uniswapv3.ez_pools.==

    NOTE:

    We present daily and total metrics from June 1 2022 to see the behavior throughout the summer up until September 15 and specifically block 15537393 which is the last block mined before the merge according to this website.

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    • First we see the withdraws on Uniswap pools which are the largest among the 4.
    • We note that September volume is a little lower compared to July and August but if we zoom in September we see that the last 5 days before the merge there a noticeable increase in volume compared to the beginning of the month.
    • On AAVE volume is much lower than Uniswap with the less than 10 days having >200k ETH volume while most of the summer volume on Uniswap is higher than this.

    • Here before mid-July there is high volatility between days with less than 50k and days with more than 100k volume. But after that volume stabilizes around ~60k, sometimes overcoming the 100k volume but again we see in the last 4-5 days an increase in volume.

    • On Sep. 15 especially the volume is 107k even though the merge happened in the morning actually counting less than half of that day.

    • On Compound the withdraw volume is pretty low with very few days surpassing the 20k limit. But after Sep. 6 there is an huge increase especially on Sep. 7 where volume reached a maximum of 129k ETH.
    • We can assume that volume happened because that day the merge day was finalized.
    • On MakerDAO ETH removal is virtually nonexistent.
    • With a few days on Jun and July volume surpassing 50k all most of the other days volume is less than 5k. After Sep 10 volume increased from ~400 ETH up to 15k ETH daily.

    1. Daily ETH Removal on the above platforms.

    USD Value of ETH (+ Users + Transactions) Removed across all platforms.

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    • On the left chart we see the daily $ value of ETH withdrawn which follows identical the charts above but now showing directly how much money was withdrawn on a daily basis.
    • Here we can also see that from the start of September until the merge there is an increase of $$ withdrawn on a daily basis.

    In total ETH withdrawals Uniswap represents a 77% market share, AAVE 16.9%, makerDAO 3.3% and Compound 2.3%.

    On users stats we see that Uniswap leads again with 28k users that have withdrawn money, AAVE 14k, Compound 7.7k and MakerDAO 2.7k users.

    CONCLUSION.

    • On all 4 platforms we analyzed there was an increase of withdrawals beginning on September.
    • Uniswap has the highest volume of withdrawals representing over 77% market share on ETH and $ value.
    • Uniswap also has the most users that removed, ETH more than 25k.
    • Combining the ETH amount of Uniswap with its users we can easily identify that Uniswap is orders of magnitude bigger on all metrics compared to the other protocols.
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