[Ethereum] - Flash Bounty: Merge Staking Providers

    Bounty Question: Choose 1 liquid staking provider (Ankr / Lido / rocketpool, etc) and answer the following question:

    • How much ETH was staked?
    • How many unique depositors are there?
    • What is the avg/median/max/min/distribution of ETH deposits?

    Methodology


    The following SQL code was used as the basis of all the code used in this dashboard:

    select 
     block_timestamp, 
     event_inputs:value/1e18 as value, 
     TX_HASH, 
     ORIGIN_FROM_ADDRESS
        from ethereum.core.fact_event_logs 
          where ORIGIN_TO_ADDRESS = '0xae7ab96520de3a18e5e111b5eaab095312d7fe84' 
          and EVENT_INPUTS:from = '0x00000000000000000000000000000000000000000' 
          and EVENT_NAME = 'Transfer' 
          and TX_STATUS = 'SUCCESS'
    
    • Then 8 parameters were calculated for an overview of the lido platform. Then all eight parameters were evaluated daily.

    • In the following, some of these parameters were displayed in front of each other so that the relationship between them can be seen with better clarity

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    • Then the distribution of the amount of staked ETHs was obtained. This distribution was done in two sections, the number of stakes and the amount of stakes.

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    • Then it was checked whether the price of ETH had an effect on the depositors' behavior over time.

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    • At the end, the best depositors were obtained in terms of the number of deposits, the amount of ETH staked and the average ETH staked per stake (with the condition that the user has staked more than 5 times).

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    Lido


    Users will receive the stETH token when users use Lido to stake ether in Ethereum Blockchain. This token is actually equivalent to their ether in the Beacon Chain. (1: 1 ratio). It can be said that this token acts as a bridge to transfer stake rewards in ETH2 to ETH1. The higher the user's stake reward in ETH2, the higher their inventory in Beacon Chain. The user's Ethereum inventory in Beacon Chain will increase. This inventory is updated once a day.

    Users can also use their stETH token just like regular ether. (Buy, sell and trade). Also, due to the compatibility of this token with Defi projects, they can use it as collateral to receive loans within the chain. Once the transaction mechanism is set up in ETH2, the user can convert their stETH back to ether. Some believe that Lido could be one of the mainstays of Ethereum (Lego-like) class layers.

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    • About 2.4% of the ETH Token Circulating Supply (122.26m | Source: Coinmarketcap) has been staked on Lido so far.

    • On average, each of these approximately 75,000 people who have staked this amount of ETH on the Lido platform have staked more than 39 ETH on this platform. The top stakers are shown in the rest of this analysis.

    • On average, more than 160 stakes have been done in Lido every day. During this 628-day period, an average of about 4,700 ETH has been staked on Lido per day.

    • The lowest and highest staked ETH on Lido are both from 2021. These two are the lowest and the highest among all ETH stake platforms in the Ethereum blockchain. These two transactions can be seen in the table below:

    DateTransaction IDETH Amount
    2021-11-180x32d5dca18c0b8015bf182f6176d2f05aca09966686a094fe2141dcdae9be10530.000000000000000001
    2021-08-280x61f3118069064503a90c8ddd0c3a7cef6738aaca775d43988a5a668e42d86fac61999.996123331
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    • A daily check of the amount of ETH staked shows that in 2022 there is a lot of interest in staking ETH in Lido. The three days with the highest amount of ETH in live stake are all three in 2022.

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    • More than 191K ETH staked on March 15, 2022. This is at least 1.83 more than the amount of ETH staked on any other day. (104k on May 2).

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    • In 79 days of this 628 day period, more than 10k ETH was staked daily. That is, about 12.5% ​​of the days.

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    • Between the amount of ETH staked and the number of stakes, a correlation, albeit small, can be seen between the two graphs. This is true for the amount of ETH staked and the number of depositors.

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    • On March 15th (the highest amount of ETH staked in one day), the number of stakes was 534. (rank 16 in terms of the number of stakes in one day) while the first rank in this parameter corresponds to February 11, 2022, when more than 2700 ETH stakes were made in Lido.

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    • On February 11, the highest number of depositors was also reached with more than 2400 depositors. The charts of the number of stakes and the number of depositors are very, very similar to each other.

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    • It shows the daily average number of stakes per user, Lido is a platform that most of its users do a little more than one stake per day on average.

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    • Charts of highest and lowest staked ETH per day are also interesting in their own way. For example, in the graph of the maximum amount, you can see that there are many days when the maximum amount of ETH staked is more than 10k.

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    • The distribution of staked ETH also shows that about half (48.7%) of the stakes were done in three groups:

    0 - 0.005 with 12.3 percent 0.1-0.5 with 15.5 percent 1-5 with 20.9 percent

    • These three groups, however, do not even include 2.5% in terms of the amount of ETH staked. Here the first place is held by the group above 1000 ETH, with about 65% of the total staked ETH in this group. While in terms of the number of stakes, this group is ranked one to the last.
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    • There is no clear relationship between the behavior of depositors and the price of ETH. Their behavior has not been such that it can be said that the value of the parameters increased or decreased during the rise or fall of the ETH price.
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