Swell Network

Swell is a non-custodial liquid staking protocol with a mission to deliver the world's best liquid staking experience, simplify access to DeFi, and secure the future of Ethereum.

Swell LST represents swETH minted against ETH staked on this platform.

In this dashboard, I want to conduct a comprehensive analysis of this protocol and its LST

Analyzing ETH staking on Swell we can say:

• More than 18,500 users have staked over 52k ETH so far.
• From the start of December until now, there has been a significant increase in the staking amount, the number of stakers, and the fees paid.
• Checking the daily stakes to daily users ratio shows no increase during this time period. This indicates a balanced or lower increase in the number of users compared to the staking amount.
• The "total transaction to total users ratio" shows the same result

Analyzing swETH minters, we can observe that:

• The top 5 users account for approximately 16.8% of all swETHs.

• The majority of users have minted less than 0.1 swETH each.

• The smallest user group belongs to tier 5, minting more than 5 swETHs.

Analyzing swETH holders, we can conclude that:

• There are currently more than 14,200 holders, collectively possessing over 52.6k swETH.
• Nearly half of the holders possess less than 0.1 swETH, while only 3.7% of them hold more than 5 swETH.
• The distribution of holders closely mirrors the distribution among minters.

• The new restake round for the Eigen layer is scheduled for December 18th, and Swell is one of the projects whose LST has been selected for restaking in the Eigen layer.

• Several days ago, Swell announced a staking bonus of 30 Pearls per swETH before December 19th, prompting many users to stake their ETH against swETH.

• This decision, along with the upcoming Eigen layer round, has motivated me to create a fully detailed analytical dashboard about this platform.

My analysis will cover five main parts:

1. price analysis
2. ETH staking analysis
3. swETH minters analysis
4. swETH holders analysis
5. swETH in DeFi

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Analyzing the swETH price versus ETH price reveals:

• There a strong correlation, and there is no severe depeg observed.
• From December 11th onward, there has been an upward trend in price difference, leading to a price difference ATH in the current period.

Therefore, it can be concluded that the recent demand pressure for swETH has driven its price higher than before. I anticipate that the price difference will return to around $40 or less after the situation stabilizes.

Analyzing swETH DeFi avtivities we can say:

• December 17th marked a remarkable achievement for swETH, setting new records for daily transactions and daily users, surpassing 2100 transactions and attracting over 2000 unique users!

• In recent days, there has been a notable increase in daily swETH trading volume.

• WETH is the most popular token both swapped to swETH (83.52%) and swapped from swETH (82.2%); Balancer Aave WETH holds the second position in both categories.

It can be concluded that the pearls bonus before the Eigen layer has generated significant enthusiasm among users, leading to a substantial increase in platform utilization. It is evident that the Swell team has performed commendably in this regard👏

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This dashboard is made by Mrfti using FlipsideCrypto database.

You can find me on: Twitter / Warpcast / Hey and Discord: Mrfti❤️❤️❤️