Description of work

in this dashboard, we will analyze one of the most popular ETH liquidity providers, Lido.

This dashboard includes the following sections:

1. Introducing Lido Finance

   • 1 - 1 What is Lido?
   • 2 - 1 How does Lido work?
   • 3 - 1 What is stETH?
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2. How much ETH was staked?

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3. Analyzing Unique depositors

   • 1 - 3 Number of Unique depositors

   • 2 - 3 Top depositors by the volume of deposits

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4. What is the Total/avg/median/max/min/distribution of ETH deposits?

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5. Number of validators created by Lido in the Ethereum Beacon Chain

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6. Conclusion

1 - Introducing Lido Finance

1 - 1 What is Lido?

Lido is a liquid staking solution for ETH 2.0 backed by industry-leading staking providers. Lido lets users stake their ETH - without locking assets or maintaining infrastructure - whilst participating in on-chain activities, e.g. lending.

Lido's goal is to solve the problems associated with initial ETH 2.0 staking - illiquidity, immovability and accessibility - making staked ETH liquid and allowing for participation with any amount of ETH to improve security of the Ethereum network.

• You can read more details about ETH staking platforms at: beaconcha.in

2 - 1 How does Lido work?

When staking with Lido, users receive stETH tokens on a 1:1 basis representing their staked ETH. stETH balances can be used like regular ETH to earn yields and lending rewards, and are updated on a daily basis to reflect your ETH staking rewards. Note that there are no lock-ups or minimum deposits when staking with Lido.

When using Lido, users receive secure staking rewards in real-time, allowing for participation in the securing of Ethereum without the associated risks and downside potential.

3 - 1 What is stETH?

stETH is a token that represents staked ether in Lido, combining the value of initial deposit + staking rewards. stETH tokens are minted upon deposit and burned when redeemed. stETH token balances are issued 1:1 to the ethers that are staked by Lido. stETH token’s balances are updated when the oracle reports change in total stake every day.

stETH tokens can be used as one would use ether, allowing you to earn ETH 2.0 staking rewards whilst benefiting from e.g. yields across decentralised finance products.

Source

Lido Official Website: stake.lido.fi

2 - How much ETH was staked?

Methodology

• We have used data from the [ethereum.core.ez_eth_transfers] to calculate the number of ETH Deposited into Lido.

  • Lido ETH Staking Contract: 0xae7ab96520de3a18e5e111b5eaab095312d7fe84

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• Data from the [ethereum.core.fact_hourly_token_prices] is used to calculate the value of deposited ETH.

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Note:

• In defillama, you can see the TVL of different ETH liquidity providers. Calculated TVL may differ by up to 5% from the value mentioned in defillama, which may be due to different TVL calculation methods or incomplete data.

✔️Observations

• Depositing ETH in Lido started on 2020-12-18.

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• The total number of ETH deposited to Lido is 4.17M, which is currently worth $6.58B.

• Most monthly ETH deposits in Lido were recorded in March 2022 (944121.93 ETH), March 2022 (784311.64 ETH), and August 2021 (460050.41 ETH), respectively.

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• The highest number of daily ETH deposited on the Lido was recorded on March 15, 2022 (197260.85 ETH), May 2, 2022 (116229.82 ETH), and March 19, 2022 (4078.43ETH), respectively.

• The highest amount of Ethereum was deposited in Lido in 2022 (2.58M), 2021 (1.57M), and 2020 (16824.58), respectively.

3 - Analyzing Unique depositors

Methodology

• The ORIGIN_FROM_ADDRESS field from the [ethereum.core.ez_eth_transfers] is considered as the address of depositors.

✔️Observations

• The total number of unique depositors on Lido equals 80.6K.

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• The most activity of unique depositors in Lido was recorded on 2022-02-11(2506), 2022-05-07(2223), and 2022-05-08(1983), respectively.

1 - 3 Number of Unique depositors

2 - 3 Top depositors by the volume of deposits

✔️Observations

• The top 5 Lido depositors are:
  • 0x10f37ceb965b477ba09d23ff725e0a0f1cdb83a5 - 199449.14 ETH
    • 64 Deposit
  • 0xcde35b62c27d70b279cf7d0aa1212ffa9e938cef - 160079.5 ETH
    • 15 Deposit
  • 0x9cf59ecde926cc1b5ff1cb9b247e0fec627091b1 - 115652.26 ETH
    • 7 Deposit
  • 0xb721a1dce5556fbf0195eea6330e206c76a562e8 - 115394 ETH
    • 16 Deposit
  • 0xd275e5cb559d6dc236a5f8002a5f0b4c8e610701 - 91203.51 ETH
    • 40 Deposit

4 - What is the Total/avg/median/max/min/distribution of ETH deposits?

✔️Observations

• The total number of transactions related to Deposit ETH into Lido equals 122.6K transactions

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• Minimum Deposited ETH into Lido equals 1 wei - Wei is the smallest denomination of ether - One ether = 1,000,000,000,000,000,000 wei

  • Transaction

• Maximum Deposited ETH into Lido equals 62000 ETHs

  • Transaction

• Average of Deposited ETH into Lido equals 33.99 ETHs

• Median of Deposited ETH into Lido equals 0.9 ETHs

• In 43.4 % of ether deposits in Lido, less than 0.5 ether has been deposited.

5 - The number of validators belongs to Lido in the Ethereum Beacon Chain

Methodology

To calculate the number of validators belonging to Lido:

• from the [ethereum.core.ez_eth_transfers] table, we find transactions that their ETHER_TO_ADDRESS is equal to the Lido ETH Staking Contract and sent 32 ETHs to the Eth2 Deposit Contract

✔️Observations

• The total number of validators belonging to Lido in the Ethereum Beacon Chain equals 129.9K.
• You can see the share of the offending platforms from the number of validators in the Ethereum Beacon Chain here. As it is known, about 30% of validators in the Ethereum Beacon Chain belong to Lido.
• The most validators were added to the Beacon Chain by Lido on 2022-03-15(6155 validator), 2022-05-02 (3630 validators), and 2022-03-19 (3051 validators), respectively.

7 - Conclusion

• Depositing ETH in Lido started on 2020-12-18.

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• The total number of ETH deposited to Lido is 4.17M, which is currently worth $6.58B.

• The total number of unique depositors on Lido equals 80.6K.

• The total number of validators belonging to Lido in the Ethereum Beacon Chain equals 129.9K.

• about 30% of validators in the Ethereum Beacon Chain belong to Lido