Introduction

I'm sure there has been enough document and content about what Lido is and what it does. I personally has done some Lido dashboards and explained it as simple as i could; You can check this one here:

Short and Simply put, You can Stake your ETH (Or some other assets) with Lido to receive a 1:1 backed stETH token which in addition to staking APY, provides the broader opportunity to participate in various DEFI activities like LPing, Lending, etc.

Data & Analysis

Considering the recent and current de-peg of ETH-stETH I am going to render some basic information about this contract to be able to further investigate it later on another analysis. I am going to show you how many ETH had been Staked With Lido since the beginning, is it equal to amount of circulating stETH and how the stats look like in terms of daily amount and number of stakers in past 3 months.

To query the amount of ETH staked with Lido i used stETH contract and "Transfer" event_name in Events_emitted table and here is the result:

• As shown in Lido Finance website there are more than 6 billion dollars staked ETH which matches this number if multiplied by ETH current price.
• Since stETH supposed to be backed 1:1 by ETH, we expect to see an equal amount of stETH circulating in network. Strangely there is some difference between these two numbers; I'm not sure about the reason but it can be due to the mechanism of balance table, Or any function that take out ETH as collateral and remains stETH.

Now Looking at Daily stats of past 90 Days.

Some Insights:

• Starting form May 8th there is an increasein amount of staked ETH that can be due to terra collapse, people trying to top up their collateral in anchor to prevent liquidation. Also using price deep to buy more ETH, acquire more stETH to earn higher yields by putting them into curve pool.

• Both number of unique stakers and amount of ETH staked with Lido decreased after may 13th but it increased again recently starting from june 6th.

In contrast to what we might expect with all that FUD around stETH, there is a significant growth in number of stakers and amount of ETH staked. What can be the reason?

My guess is as the TVL in Lido decreased recently, the APY increased accordingly and it reached to a level where it's attractive for a lot of people. they can also provide themselves with enough liquidity to open a short position on stETH and buy it cheaper later on; One Stone, Two Bird?