Try Quests to earn cryptoLiquid Staking ETH Platforms Analysis
Introduction
One way to generate passive income while holding cryptocurrencies is staking. Cryptocurrency holders can stake their assets and through validators contribute to proof of transactions and get rewards. This can be possible only in blockchains that are based on 'proof of stake'. However, major blockchains such as Bitcoin and Ethereum are based on 'proof of work' staking meaning that they do not offer reward through staking.
Yet, in addition to direct staking which requires large amount of ETH to stake, few platforms provided solutions that make micro ETH staking possible. On these platforms once users stake ETH, they will receive a token in 1:1 rate. This token can be used in decentralized finance platforms for generating passive income.
The approach of the so-called 'Ethereum Merge' and Ethereum’s switch from PoW to PoS put the past performance of these platforms at the center stage.
This dashboard provides an insight into the historical performance of five liquid staking ETH platforms; Lido, Rocket Pool, ANKR, Cream, and StakeWise. Additionally, direct staking is also taken into account.
Overview
The organization of this dashboard is as follow:
Firstly, the historical data of ETH staking at aggregated level will be presented. In this section the amount of ETH staked (also in USD), the daily/weekly/monthly number of ETH stakers and the average/median of ETH staking actions will be shown.
Secondly, the data will be broken into platforms and the platforms will be compared based on the above mentioned metrics. In this section, the time period can be adjusted for past one day, one week, one month, three months, one year and life time.
Thirdly, the composition of staked ETH among stakers will be explored. The section will present how likely are depositors to use multiple platforms vs using a single platform.
Finally, Dollar-cost averaging of ETH stakers will be examined.
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Section one: Aggregated data
As can be seen from the graphs the amount of staked ETH has largely influenced by the Terra collapse. The data shows that after May 11th the amount of ETH staked decreased significantly while the number of depositors remained relatively constant. We can see that the average of ETH deposited into platforms has fallen since May 11th.
The median is in many days at 32 ETH which the minimum amount of direct staking.
The barcharts show that:
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Direct staking attracted the highest amount of staked ETH.
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After direct staking, STKR has the highest average and median ETH staked.
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The number of depositors on Lido is almost as high as Direct Staking.
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On Lido there is a one more than 60K ETH staking which is greatly higher than maximum amount on other platforms.
Section Three: How likely are depositors to use multiple platforms vs using a single platform?
The data shows that vast majority of ETH stakers used only one platform.
650 wallets have used two platforms and only 14 wallets has used two platforms.
We can conclude that it is unlikely that depositors use diverse ETH staking.
Section Four: Are depositors Dollar cost averaging their ETH into the platforms?
The donut charts show the distribution of wallets grouping into number of staking actions.
In direct staking we can see remarkable number using Dollar cost averaging
strategy. almost 1% has deposited more than 10 times.
We see even higher dollar cost averaging on Lido.
However, on the other platforms there are very few Dollar cost averaging.