Liquid Staking ETH Platforms Analysis

    • How much ETH was staked over time?
    • How many unique depositors are there?
    • How likely are depositors to use multiple platforms vs using a single platform?
    • Are depositors Dollar cost averaging their ETH into the platforms?
    • What is the avg/median/max/min/distribution of ETH deposits?
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    What is the avg/median/max/min/distribution of ETH deposits?


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    ETH deposited per user in each platform

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    Introduction


    Staking in each POS blockchain usually has some problems:

    1. Need lots of money to be selected Validator
    2. Need Server to be a Validator
    3. Need some amount of time to unlock Staked Token
    4. While Staking Token user can’t do any thing with token and just receiving profit from validating

    This problems cause that just Some people with good amount of money and tech can be in amount validators. Liquid Staking is another way people instead staking directly in blockchain, staking in smart contract. This action has lots of profit:

    1. No minimum staking required
    2. By tokenizing staking people don’t need wait time to unlock
    3. People get profit from staking

    People can use this staked token in DEFI With these profits people can staking in Liquid Staking Platforms instead of Directly Staking

    How much ETH was staked over time?


    this chart show how much Eth weekly staked in ETH 2.0 and divided for each platform.

    at data show we see clearly before 2021 direct staking has most of stake volume. but as start of 2022 with growth of DeFi and Staking and people know Staking Platforms and find their benefits start to using them. There is two time range that volume of staking is much more than other. one for during Aug 2021 and another from middle of Feb 2022 until middle of May 2022. in both of these time we waiting for merge but merge canceled and also after both of these times market crashed (Sep 2021 , June 2022 ).

    another points is almost for all weeks Direct staking has more Volume than other ways.

    are more people using Direct Staking?? let answer with next chart

    this chart compare number of unique staker for each week.

    there is some notice. from Aug 2021 until now Lido has most unique user and shows more user use Lido than other way. but how is possible while Volume of staked ETH in direct staking has much more than lido?

    because as I say in introduction Lido help people with any amount of Eth can stake and get stETH that can use Defi. these cause more users use Lido.

    for all the week direct staking has much volume and also Lido has second place. the intersing time range is after June Market Crash and start of BEAR market. most of Volume and People using Direct staking.one of reason is during may stETH price drop and loos the peg and cause people less trust to Lido and other smart contracts.

    these chart show what is dfference between Volume of staked ETH. about 75% of Staked Eth,staked through Direct Staking and about 23% of Staked Volume.less than 2.5% of staked ETH throught another ways.

    but if look at number of unique address that deposit see 46 (2x 23) of user use Lido for staking and lido is Most used way because with lido User access token and they can use stETH for Defi ( same for all smart contract for staking ).but direct staking is more safe and usually more used by whales and user want to stake long term ( more profit than lido). in both Stakewise in third place ( 1.43% Volume ,5.1% of unique addresses)

    How likely are depositors to use multiple platforms vs using a single platform?


    stake Volume and unique Depositer Chart show total information for each platform as data shows in previose part Direct staking and Lido Stakewise are top three (99% Volume and 95% Stakers). but more important chart in this section is Volume to Address Chart. this chart show how much each user deposited.

    direct staking as see in chart by far has most stake Volume for each user , Create is in second place while has less unique address depiste (336) and most of these deposit done before 2021 ( Nov and Dec 2020).

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    last but not least. this chart shows amount of staked ETH over time in each platform.

    in this part we try to find out how many platform user stake. for finding this info we just need search for each address that deposited and find out how many platform has this address in the history.as data show 96% of user just stake in one platform.so we clearly see most of user like use only one platform.

    this list show number of number that used

    1. 169k with one platform
    2. 5.9k two platform
    3. 119 three platform
    4. 9 four platform
    5. 2 five platform

    chart bellow show in each range staked value (as USD) how many transaction done (price calculated as time of doing transaction). as data show stakes with range 10k-100k USD has highest TX count and show most of staker stakeing this range. Second place for most TXs price range is for 100K - 1M USD. most of TXs of these range done with Direct Staking because for become validator in ETH user just need at least 32 ETH and when ETH price was more than 3125 these 32ETH has more than 100K value and if less than 3125 these stake amount has less than 100k Value.

    for the ranges less than 10K most of TX done be lido users and i said in prev sections Lido has highest user and TX.

    chart bellow show min and max average and median Deposit in each platform in both ETH and USD.as data bellow show for each category with platform has highest and lowest value. The thing that should be notice is this values in charts bellow for each transactions while in perviose part I calculated some of these value for each address.

    LowestHighest
    MinLido,StakewiseStkr,Direct staking
    MaxDirect stakingLido
    MedianStakewiseDirect staking
    AverageStalewiseCream

    chart bellow shows information in above chart for each platform separately .from these 6 platform

    2 platform has range 10k - 100k as most TX range and 2 platform has range 1k - 10k as most TX range and 2 other platform has range 100 - 1k as most TX range.

    in previose part i show these category by Transaction but in these part i want to show by each address and see is these metric has different

    Min

    LowestHighest
    MaxCreamDirect staking
    MinStakewiseDirect staking
    AverageStakewise (as ETH),Stkr (as USD)Direct staking
    MedianRocket poolDirect staking

    as table and data shows people usually stake more than 1 time and also for direct staking amount more than 32 done in multiple send so we clearly see in grouping by in address direct staking in all category has highest value.

    Distribution of ETH deposited in USD per user is same as per transaction and 10K - 100K still has highest repeat and 100K - 1M is in Second place

    chart bellow shows information in above chart for each platform separately .from these 6 platform

    2 platform has range 10k - 100k as most TX range and 3 platform has range 1k - 10k as most TX range and an other platform has range 100 - 1k as most TX range.

    Are depositors Dollar cost averaging their ETH into the platforms?


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    Conclusion:

    • At the first, direct staking has most of stake volume but with growth of DeFi and Staking and people know Staking Platforms and find their benefits start to using them. specially Lido and Rocket pool.
    • From Aug 2021 until now, Lido has most unique user because Lido help people with any amount of Eth can stake and get stETH that can use DeFi. these cause more users use Lido.
    • Since June when we faced crashing the market and the bear market started, most people used Direct staking. one of the reasons is stETH price dropped and lost the peg which cause people less trust in Lido and other smart contracts.
    • 96% of user just stake in one platform.
    • The value of the most transactions is between 10k-100k USD. Also, the distribution of ETH deposited in USD per user is same as per transaction and 10K - 100K still has highest repeat and 100K - 1M is in Second place
    • Around 5.65% of users prefer to buy the same amount in different periods of time regardless of the ETH price.

    How many unique depositors are there?