Introduction

Lido is a liquid staking solution for ETH 2.0. Employing Lido, users stake their ETH without locking assets or maintaining infrastructure and receive stETH against it in 1:1 rate.

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 While the staked ETH cannot be withdrawn or unstaked with LIDO, stETH can be swapped or deposited in liquidity pools.

In theory stETH and ETH should follow the same price as stETH is minted in equal amount of ETH staked.

However, the data shows that is not always true.

This dashboard investigates to what extent the price of stETH differs from ETH over time and what influences the spikes.

Analysis

The graph below shows the daily price of ETH and stETH over time.

We can see the difference between the prices id little.

The graph below shows the absolute daily difference between ETH and stETH price. We can see the in most of the times the price of ETH is higher than stETH. The highest price difference in daily graph is about 80 USD happened on May 18th 2021. However, in hourly graph we can see even 612 USD difference happened on 17 November 2021.

The graph below shows the percentage of price difference to ETH price. We can see a spike of 13% price difference.

Conclusion

The data shows that the actual price of stETH and ETH differs. The difference varies between -9% and 13%.

We can see that spikes both positive and negative corresponds to volatile times when the price is at the highest level (such as May 16 and November 17 2021) or price is rapidly growing (like august 7th).