Introduction

Lido is a liquid staking solution for ETH 2.0. Employing Lido, users stake their ETH without locking assets or maintaining infrastructure. ّ For every one ETH staked, stakers receive 1 stETH. stETH, then, can be used for DeFI activities on LIDO ecosystem, such as Curve, and Blaster liquidity pools. While the staked ETH cannot be withdrawn or unstaked with LIDO, stETH can be swapped to ETH anytime.

In the previous dashboard we found that in reality the price of stETH is not always equal to the price of ETH.

In this dashboard we are going to investigate whether users take profit from this price difference or lose their capital.

Analysis

The donut chart below shows the proportion of loses cases (staked in times that ETH/stETH rate < 1) to gains cases (staked in times that eth-sETH rate > 1).

We can see that majority of staking has been done in the price rate that led to a gain for stakers.

The graph below also shows the distribution of stake actions vs rates.

We can see that the median of normal distribution is higher than 1.

The donut chart below shows the proportion of loses cases (stETH-ETH swaps where amount_in < amount_out) to gains cases (stETH-ETH swaps where amount_in > amount_out).

We can see that in majority of cases swappers made gain from stETH-ETH swapping.

Conclusion

The data shows that the number of gainers from the price difference between ETH and stETH is more than the losers.

The distribution analysis supports that is not a random pattern, and the difference is significant. It implies that users deliberately take profit from the price difference.

However, the trend would change if the recent depeg of stETH remains.

The graph below shows how the ETH vs stETH rate has been changed over time.

We can se the recent depeging of stETH.