Liquid Staking ETH Platforms Analysis
Consider all possible liquid staking ETH platforms. Then, find out the following: How much ETH was staked over time? How many unique depositors are there? How likely are depositors to use multiple platforms vs using a single platform? Are depositors Dollar cost averaging their ETH into the platforms? What is the avg/median/max/min/distribution of ETH deposits? Compare all the metrics above between the various ETH staking methods/platforms
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Introduction
In this dashboard i analyzed staking platforms that built on Ethereum blockchain such as: Lido, Ankr, Cream, RocketPool, StakeWise and i looked at their diffrent parts and compared them to each other on diffrent metrics such as:
- Total and Daily ETH Staked over time Separately and all together
- Total and Daily Unique Depositors over time Separately and all together
- All Platforms Stats like Avg-Median-Min-Max and etc
- Each Platform Stats
- ETH Distribution by Address
- Single or Multiple Platforms that Depositors Using
- Weekly Platform Share
All this data are over time and gathered from Flipside data
Some Information for Knowing These Platforms Better
1. ==Lido
Lido is an Ethereum-based liquid staking solution supported by leading blockchain staking providers. Lido lets you stake any amount of Ethereum — with no need to run complex infrastructure — while giving you the ability to deploy your staked ETH across DeFi applications like Curve, Sushi, Yearn and more.
2.Ankr
Ankr is a blockchain-based cross-chain infrastructure with a DeFi platform that enables staking and dApp development. It hosts various protocols related to the development of dApps and the DeFi sector.
3.Cream
It's essentially a peer-to-peer cryptocurrency trading platform, with liquidity mining forming its basis. The token used by C.R.E.A.M. Finance, CREAM, is an ERC20 standard token that gives its holders governance and economic powers.
4.RocketPool
Rocket Pool is an Ethereum 2.0 staking pool. The protocol seeks to lower both the capital and hardware requirements for staking on ETH 2.0, adding to the decentralization and security of Ethereum. To achieve this, Rocket Pool allows users to stake trustlessly towards a network of node operators.
5.StakeWise
StakeWise is a liquid Ethereum 2.0 staking service that allows anyone to benefit from the yields available on the Beacon Chain. StakeWise runs secure and stable institutional-grade infrastructure, combined with unique tokenomics, to provide the highest possible staking yields for its users.
Methodology
For gathering the data for these metrics i used FlipsideCrypto data and Ethereum.core
Tables.
I used ethereum.core.ez_eth_transfers
table for all the analysis that you are going to see and filtered these platforms by their contract address:
Lido : 0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84
Ankr : 0x84db6eE82b7Cf3b47E8F19270abdE5718B936670
Cream 1.0 : 0xcBc1065255cBc3aB41a6868c22d1f1C573AB89fd
Cream 2.0 : 0x49D72e3973900A195A155a46441F0C08179FdB64
RocketPool : 0x4D05E3d48a938db4b7a9A59A802D5b45011BDe58
StakeWise : 0xC874b064f465bdD6411D45734b56fac750Cda29A
Direct Staking : 0x00000000219ab540356cbb839cbe05303d7705fa
Observations
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March 15th 2022 the platforms had the highest ETH Stake Volume together and the biggest one was direct staking on Ethereum and the biggest platform was Lido
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March and April were profitable and busy months for platforms
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After May 10th 2022 Volume dropped like 95% since March 15th (highest ETH Stake Volume Over time) and i think it was because of the beginning of the bearish market
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Lido has the highest Volume between Ethereum Staking Platforms
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Since late May 2022, users are not staking that much and they got disappointed about Ethereum after its price went under 2000$ in May
Observations
- Feb 11th 2022 had the highest number of unique depositors
- Lido has the highest number of unique depositors and it seems like it is so popular between new people that are going to stake their eth
- Cream is the least popular platform between unique depositors and also in ETH stake volume
- In over time direct staking had more unique depositors than platforms but the second one is Lido
- On Aug 26th 2022 Rocket Pool had a pump on number of unique depositors and i think that was because of they reported on twitter that Rocket Pool Smartnode stack is ready for Ethereum Merge
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Observations
- Users are mostly holding under 10 ETH in their wallets and forming almost 67% of other tier’s holders
- There is only 1 address that has over 1M ETH tokens and 7 addresses has 100K-1M ETH tokens, These Addresses are few because over 100K ETH tokens worth lots of money and for sure they are multi millionaires
- Based on the information that above pie chart is showing us, most users are like to use single platform than separate their money in multiple platforms
- If i want to stake my eth, I definitely search for the best platform to stake based on different metrics such as interest, fee, lockdowns and then stake my assets in that single platform
Observations
- In all of the stats above direct staking is the biggest and Lido is first between staking platforms
- March 14th 2022 had the highest number of stakes and ETH Stake Volume and May 24th 2022 had the highest number of stakers
- After April 2022 the number of stakers increased
- After May 9th 2022 Number of stakes and ETH Stake Volume decreased badly
- Nov 23th , Aug 16th , May 2nd 2022 had almost the same number of stakes
- Lido has the highest number of stakers over time comparing to others
- Users are not interacting much with Cream staking platform
Conclusion
- Stakers Staked almost 400K ETH on March 15th 2022 and it was the highest volume of all time
- March and April 2022 were busy months for ETH Staking and had the highest ETH Stake Volume together
- After April 2021 Number of Unique Depositors and ETH Stake Volume dramatically increased
- Lido has the highest number of unique depositors
- Over 18M ETH Staked over time on all platforms together
- 389000 Stake Transactions made by users over time on all platforms together
- 66.8% of users are holding under 10 ETH in their wallets and 30.2% of users holding 10-100 ETH in their wallets
- 96.4% of users liked to use single platform than multiple platforms for stake their assets
- Lido is the most popular staking platform on Ethereum
- Cream and Ankr are not that popular in Ethereum blockchain
- These platforms are upgrading for the incoming Ethereum Merge and if any platform change faster, then it will attract more people than others. For example Rocket Pool reported its upgrading on Aug 26th and got so much attraction and unique depositors in that day and days after that
This Dashboard written by Sbhn_NP on September 5th 2022 with Flipside data
Discord : Sbhn_NP#8717
Twitter : Sbhn_np
Thanks For Your Time!
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