Try Quests to earn cryptoIn this analysis, You will read about stETH use cases. We want to know what users are doing with stETH from Lido.
All data in this analysis is from the last 3 months.
stETH is a liquid token that can be exchanged, sent, loaned, and more, allowing you to engage in DeFi activities even after wagering. Therefore, users can use stETH in the same ways they can use ETH: sell it, spend it, and even use it in DeFi, as collateral for blockchain loans.
I used stETH contract address which is 0xae7ab96520de3a18e5e111b5eaab095312d7fe84 in flipside_prod_db.ethereum_core.fact_event_logs table. Then joined to flipside_prod_db.ethereum_core.dim_labels table to find out labels.
These two charts show the total daily usage of stETH in the last 3 months based on total unique users and total transactions. The Pool service is the most usage of stETH. It shows users deposited their stETH. Token contract label is the second usage of stETH. Most activities happened from May 5th. A few days before the market crashed. On May 7th, 2176 pool activities were recorded with 2149 unique users.
Based on the total amounts, Token contract and Pool were the most usage of stETH in the last 3 moths.
About 36% of transactions happened on Aave in the last 3 months. The second is Anchor with 22%. The third one is Curve, with 16% of total transactions.
Written by Hess
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twitter_id: @hessaminanloo