ETH Derivatives
Introduction
- In this dashboard, you will read about the liquid staking ETH derivates. I went through some staking ETH platforms and analyzed their derivates.
- Each platform has its own Liquid staking ETH. When a user stake ETH on their platforms, Platform ETH mint and send for staker.
- Users can convert their platform ETH to the main ETH when they unstake. Also, They can swap directly from DEXs.
To understand their tokens better, I analyzed these parameters:
- Daily Prices
- The price difference with ETH
- Swap from and to tokens
- Mints
Analyzed by Hess - Reading Time Almost 12 Min.
Method
- I’ve read their documents and found each platform's ETH contract address. From the Hourly price table, I extracted their daily prices since January 2021 and compare them with ETH daily prices.
- From Swap Table, I extracted swaps from and to these tokens. I put these token addresses as token_in and token_out and compare them completely.
- When a User stakes on these platforms, The platform ETH mints to the user's wallet. The Minted ETH send from the Ethereum Null address. I used the EZ token transfer and set from address as a null address and put these token addresses in the contract address column. I converted the Raw amount to real numbers and calculated all parameters.
Note: All Charts date are from November 2021. Only the Price chart is from January 2021.
Swaps From The Liquid Staking ETH
- When Lido stETH depegged, The total number of swaps from Lido increased. In May 2022, The highest number of swappers swapped stETH for other tokens.
- When Rocket Pool rETH campaign started last month, Their Liquidity for unstakers wasn’t enough. So users swapped their rETH on Uniswap. After the campaign, More than 3K unique users swapped their rETH.
- Until July, Nearly 70% share of swaps was for Lido stETH.
A Summary of Most Important Findings:
- The Rocket Pool ETH which is called rETH has the highest price in comparison to others. Since The beginning of RocketPool, Their ETH prices was higher than the main ETH. The Lido ETH which is called stETH had the Popular one until May. Its price was near to ETH but after May depegged and lost its price. Anker ETH had the highest difference price from Ethereum but lately, the difference decreased. We can say now it’s more stable.
- Lido ETH has the highest number of swappers and swap volumes in comparison to others. It seems the most popular one is Lido ETH called stETH. Recently Rocket Pool rETH swappers and volumes increased and did better in comparison to others. Now we can say rETH is popular enough.
- Since November 2021, More stETH minted in comparison to others. Also, More users used Lido stETH.
- I found two news for stETH and rETH that caused a huge growth in swap acctivites.
Swap Volume From The Liquid Staking ETH
- Maybe when the swap volume of LIDO stETH on May 9th reached above 1B US dollars, The deppegg started. On most days, Rocket Pool rETH was in second place based on total volume from rETH. There were some days that Stakewise volume was higher than Rocket Pool.
More than 5.4B US dollars swapped by 17K unique Users.
210M US dollars swapped by around 5K users.
The third one is Stakewise stETH 2 with 108M volume and 1671 Unique swapper.
Swaps From The Liquid Staking ETH
- When a token lost its price by manipulating, Some users see a chance to buy those tokens with a huge discount. The reason why Lido stETH swapped increased after May, was its price. A lot of users had trusted in Lido stETH and Buy more stETH. Their Twitter encourages users to buy Lido with a discount.
- Since July 2022, All Platform’s ETH swap increased. More users swapped to platform ETH over time.
- Rocket Pool rETH is in second place based on swappers and swap volume in USD.
- Before May, The share of Lido stETH swaps was 30-40% but after May, Lido's share increased to 60-70%.
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- The May Rumours on Lido stETH caused a huge de-pegging and increased the swap activities.
- Rocket Pool's common campaign with Rabbithole caused a huge growth in Stakers on Rocket Pool in the last month.
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Full Analysis
Daily Prices
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When Rocket Pool rETH launched, The price of rETH was higher than the main ETH. Over time, It keeps its price and difference with ETH.
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Lido Lost its price in May. Before that, The difference wasn’t too high and followed the ETH price. Right now the price of ETH is 1733 but the price of LIDO stETH is 1687. 46$ difference.
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Anker aETH Has a huge difference but since June 2022, The difference decreased and has a better status right now in comparison to the beginning of the year or last year.
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9100 users have bought more than 4.5B Us dollars LIDO stETH. 213M Us dollars of RocketPool rETH bought by 2764 Unique Users. Also, nearly 120M US dollars bought by around 2K unique users.
Inspired By jacktheguy Analysis But All codes and Contents Were Written by Hess.
Twitter: hessaminanloo - Discord: hess#0890
Analyze Date : 2022/SEP/13
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Conclusion
- Lido has the highest minters, Swappers in comparison to others. Many Users left the Lido stETH and many users joined Lido stETH over time. Because of the Price of LIDO stETH de-pegged.
- Lastly, The RocketPool rETH is doing better. The difference in price with ETH increased and more users used rETH in the last month. I think RocketPool can increase its share in the Staking ETH market.
- Maybe the other ETH should change their strategy and use The Lido stETH de-pegging opportunity to increase their share. Exact what Rocket Pool did with Rabithole.