Staking MATIC on Stader Labs and Lido

    What is Liquid Staking


    Liquid staking is an option for users to stake their MATIC. Users can stake any amount of MATIC and essentially unstake their MATIC without any restrictions. This is accomplished by issuing a tokenized version of the staked funds, a form of derivative that may be transferred, held, spent, or traded just like any other token.

    Users may deposit ETH into Liquid Staking Platforms such as Stader Labs and Lido Finance. Following that, the platform would deposit this user's MATIC into the Polygon deposit contract on their behalf by operating their own validators.

    Introduction


    In this dashboard, we will look into the MATIC Liquidity Staking on Stader Labs and Lido Finance as these two platforms are the largest MATIC liquid staking platforms, in terms of total MATIC volume. To begin, we will look at the details of MATIC amount staked and unstaked. Next, we will analyse the net amount of MATIC deposited & withdrew for each platforms to determine how has the Liquid Staking Platforms been performing.

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    Approach


    1. Stader Lab deposit origin function signature = 0xea99c2a6
    2. Stader Lab Withdraw origin function signature = 0xf8444436
    3. Address for Lido Finance = 0x9ee91f9f426fa633d227f7a9b000e28b9dfd8599
    4. Daily Net ETH deposited amount is calculated by using daily ETH deposited - ETH withdrew.

    Stader Labs

    Lido Finance

    • The metrics above shows the amount of MATIC deposited and withdrew from Stader Labs by week.
    • As can be seen, there are more MATIC deposited than withdrew on most of the weeks.
    • The amount of MATIC deposited rarely exceeded 3 million MATIC per week.
    • However, there were a whopping of 26.24 million MATIC staked during the week of September 5th.
    • During that week, a net deposit of 26.23 million MATIC were deposited to Stader Labs, making it the largest amount of MATIC staked on Stader Labs.
    • As of September 21st, there are a total of 47.2 million MATIC staked on Stader Labs with an average deposit amount of 423k MATIC.
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    Conclusion


    1. On Stader Labs and Lido, there were more MATIC deposited than withdrew each week.
    2. During the week of September 5th, Stader Labs saw the largest deposit week with total of 26.24 million MATIC deposited in a single week.
    3. The average MATIC staked on Stader is significantly higher than Lido Finance. This indicates that whales prefer to stake their MATIC on Stader Labs rather than Lido.
    4. However, the total amount of MATIC staked on Lido is 72.5 million MATIC, while Stader Labs had a total of 47.2 million MATIC.
    • The graphs above shows the details of MATIC staked an unstaked from Lido.
    • We can see that the cumulative amount of MATIC staked on Lido is steadily growing over time.
    • The volume of MATIC staked on Lido each week is relatively more consistent when compared to Stader Labs.
    • The average amount of MATIC staked on Lido is only 44.5k, which is significantly lesser than Stader Labs.
    • On the other hand, a total of 72.5 million MATIC have been staked on Lido.
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