Staking STBL on AlgoFi
Let's look at how much STBL, Algorand's First Stablecoin, has been staked on AlgoFi. Show the stake vs unstake actions over time Show the total number wallets that have staked over time Show the total amount of STBL staked(make sure to account for amounts that have been unstaked
Introduction to this dashboard
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We will examine the number of STBL stake and unstake actions over time in this dashboard.
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Following that, we will analyse the total number of unique wallets that have staked over time.
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Finally, we will evaluate the amount of STBL staked by dividing total STBL staked by total STBL unstaked.
- For the majority of the days, the number of STBL stake actions is higher than the number of STBL unstake actions. There are only three days in January when the number of STBL unstake actions exceeds the number of STBL stake actions: January 19th, January 21st, and January 22nd.
- The number of STBL stake actions peaked on the first day of launch, December 23rd, 2022, with 721 stake actions. This is appropriate given that users were able to stake their STBL on AlgoFi for the first time.
- With the exception of a few days when STBL stake and unstake actions spike, most days' stake and unstake actions are less than 200.
- The bar chart above shows the cumulative and non-cumulative number of wallets staking STBL.
- As seen in the first section of this dashboard, number of stakers per day correlates positively with the number of STBL stake actions.
- The number of stakeholders peaked on the second day of the launch, with 503 stakeholders on that day. Then, on most days, we find fewer than 200 STBL stakers on AlgoFi.
- In the short to medium term, I expect the number of stakers and stake actions to remain flat unless there are any special marketing initiatives, such as increasing the APR of staking STBL or other similar initiatives.
- As of March 10th, the total amount of STBL staked on AlgoFi was 0.671 million STBL.
- The figure is calculated by taking the total number of STBL staked subtracting number of STBL unstaked.
- Since STBL is a stablecoin, it will always hold value of 1 USD, so this can also be translated as 0.671M USD staked on AlgoFi.
- If ever, there is a prolonged bearish market, we expect this figure to rise as users who do not want to be exposed to risky cryptocurrencies may prefer to stake their STBL on AlgoFi to receive a yield of 6% to 7% yearly, which is still higher than the yield offered by TradFi.
Conclusion
- The number of STBL stake actions peaked on the second day of launch, which is 23rd December 2022, with 721 number of stake actions that day. For most of the days, the stake and unstake actions are lesser than 200.
- Number of stakers over time correlates positively to the number of STBL stake actions. The number of stakers peaked on the second day of launch, with 503 stakers that day. We find less than 200 STBL stakers each day on AlgoFi.
- The total amount of STBL staked currently (as of March 10th) on AlgoFi amounted to 0.671M STBL, which is equivalent to 0.671M USD.
Introduction to staking STBL on AlgoFi
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STBL staking on AlgoFi was launched on December 22nd, 2021, and is known as AlgoFi's "first gift of the holidays" for their followers.
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Users can stake their STBL on AlgoFi to earn STBL now, with an APR of around 6% to 7%.
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Users can find a video tutorial on how to stake STBL at this link: https://twitter.com/algofiorg/status/1475157376353419274?s=20&t=d4CLI8oTd039iBywuUUmNg
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It's easy peasy!