Question:

Q10. Of the stakers that have swapped ETH to stETH, how much ETH did they gain or lose depending on the peg of stETH to ETH at the time of the swap?

Repeat the same analysis for stakers who have swapped stETH to ETH; how much ETH did they gain or lose?

Definition of problem

First of all it should be defined that what question want and whats the importance of this essay.

We know that the Lido is the most application stake program for ETH users. Accounts could stake their ETH by Lido and get stETH asset in 1:1 ratio.

Some of there accounts that staked ETH by Lido, swap their ETH to stETH for adding more stETH or swap stETH to ETH for using it on the blockchain or DeFi programs.

According to the question, this essay track the profit of these accounts in swapping action by the prices of stETH and ETH over time.

Approach

This essay wants to track the gain or lose activities of stakers in swap section. The approach has been summarized as below:

• Time period

      The chosen intervals are weekly basis and for the past year BLOCK_TIMESTAMP>=CURRENT_DATE-365
  

• Price estimation

      from ethereum.core.fact_hourly_token_prices where symbol in 'WETH' and 'stETH'
  

• Swap pools

      ('0x4028daac072e492d34a3afdbef0ba7e35d8b55c4','0xdc24316b9ae028f1497c275eb9192a3ea0f67022')
  

• Definition of profit

      if obtained ETH is more than input then gain ETH
  
      if obtained ETH is less then input then lose ETH
  

Results

The first part of results section including the price analysis of ETH and stETH.

The first figure reveals the price difference between ETH and stETH.

The second graph stands for ETH/stETH as peg analysis.

In the weekly basis, the obtained profit (gain or lose) for swapping ETH to stETH shown in this bar graph. According to this graph, swappers of ETH to stETH lose ETH in the week September 20 to 27. But most of the time they gain ETH and specially in June, the gaining ETH increased.

Weekly profit of accounts swapped stETH to ETH displays in this bar graph. from this graph it can be concluded that:

1. Swapping stETH to ETH is not making account gaining ETH and cause lose some usually.
2. The highest lost occurred on week January 31 to February 7 by 742 ETH.
3. The price of ETH and stETH has huge impact on taking gain or losing ETH and it verified with the results.