Overview

Aave is a decentralized cryptocurrency platform that allows users to borrow and lend crypto. Aave uses smart contracts to automate the process, with preset rules on how funds are distributed, how collateral is handled, and how fees are assessed.

Method

The purpose of this article is to investigate about AAVE and stAAVE movements and answering some questions about AAVE staked and unstaked along with AAVE supplied and withdrawn on on Aave protocol.

• Data I provide will be from beginning of 2023 on Ethereum chain.
• Tables I used to write my queries are all from Flipside Crypto's.

On above graphs you can observe the supply and withdrawal activity of AAVE tokens on Aave platform since the beginning of 2023.
Since 1st Jan 427 transactions about supplying AAVE tokens occurred on this platform. More than 377K tokens supplied until today June 2th.
These assets has been deposit through 342 unique users. We can see the correlation between number of supply transactions and number of suppliers but on the other hand there is no relation between these two graphs and amount of supply.

Number of suppliers and transactions reduced constantly since Jan 2023 until today June 2th.
Supply amount of AAVE tokens dosen't show any significant volume on 2023 except one day which occurred on March 15th.
Around 241K tokens has been supplied and deposit on platform which is highest amount so far in 2023.

Above graphs indicates withdrawal statistics of AAVE tokens since the first days of 2023.
There are 236 withdrawal transactions so far in 2023 which is lower compared to supplying transactions.
Move forward to see users withdrawl 1.2M AAVE tokens from protocol since Jan 2023.
These amount is more than 3 times bigger than supplying amount and indicates users are getting extract their tokens from Aave protocol which this is not a good sign for it.
Same a ssupply graph there isn't any major pattern on withdrawl graph except two huge candle that made 510K and 364K AAVE tokens extract from protocol.

In this section you can see the stake/unstake circumstances of AAVE tokens since the beginning of 2023.
During this time almost 388K AAVE tokens staked on platform and 401K tokens unstaked from it.
Same as the withdrawal amount that we saw on above, seems like AAVE tokens are getting out the platform by unstaking as well. Even though number of stake transactions are 3.4K which are 3 times bigger than unstake transactions but we see that unstake amount is higher.
Looking into daily stake transactions on above we can estimate that AAVE staking are constantly getting decrease over time.
Comparing daily graphs of stake and unstake amout shows much more spikes on unstaking graph.

Since the beginning of 2023 there are totally 9.5K unique addresses having activity on Aave protocol.
Daily chart of these addresses don’t show any notable changes over the past weeks.
Howevery seeing the bigger picture shows users activity has been reduced compared to early months of 2023.
There is one significant growth on number of users with huge spike that happened on March 11th.
On this day 958 unique addresses were active on Aave protocol depositing tokens on this platform.

Highlights

Number of total unique and active addresses on Aave protocol has been decreased constanly since Jan 2023.
There isn't any significant amount of deposit and AAVE supply in 2023 except one day.
On March 15th more than 240K AAVE tokens has been deposit and supplied on Aave protocol.
There are positive correlation between number of supply transactions and depositors.
We can't see any sign of patterns on withdrawl or supply graphs of AAVE tokens.
Same as supply graph we can see huge and massive amount of withdrawal on a few days only.
Highest peak of withdrawal which created huge difference between supply and withdrawal occurred on Jan 17th by 510K tokens.
So far in 2023, Users are getting AAVE tokens out of platform more than depositing them.
Even though number of stake transactions are way more than unstake but amount of tokens that has been extraced from Aave protocol is a little bit higher than staking them.
In overall, Seems like Aave protocol losing their assets out of the protocol by unstaking and withdrawal that is happening in 2023.