The Unstakeeeeers

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    What Will You Read?

    In this analysis, You Will Read about Unstakers on Osmosis. We want to know How frequently do users on Osmosis unstake their Osmosis? What do they do with the OSMO once unstaked? Do they re-delegate, enter a LP position, or swap into another token? Do they re-delegate to certain validators more frequently than others? Why might this be so?

    What is Osmosis?

    Osmosis, which was built with the Cosmos SDK, makes use of Inter-Blockchain Communication (IBC) to facilitate cross-chain transactions. In other words, Osmosis is a decentralized exchange designed particularly for Cosmos, with intention to spread to other blockchains in the future.

    Analyzed by Hess - Reading Time Almost 10 Min

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    Method

    In order to find Unstake activities, I used osmosis.core.fact_msg_attributes with unbound msg-type. Then I Joined the Transaction table to extract unstakers.

    I examined unstakers in these categories:

    • Swap

    • Provide Liquidity

    • Re_stake

    • Superfluid Stake

      All Data in this analysis is from the beginning of the Osmosis Stake program.

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    Osmosis Unstake Activities

    • Almost 84K Unique users unstaked 45.7K times, and they unstaked nearly 59M Osmo.
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    Top 10 Unstakers (Count)

    • 85 Unstakes was the highest number of unstake among Osmosis users.
    • The second highest number was 63 Unstakes.

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    Regular Unstakers Vs. Super Fluid Unstakers

    • More users unstake from regular stakes in comparison to Superfluid stakes.
    • Although we can not conclude that right now. Because there were too many stakes before June, and maybe they just unstake in June and July. Superfluid started a month ago, and right now, it’s not a good time to compare these types of staking.
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    Top Swapped token after Unstaking

    • Users swapped their Osmo to Cosmos more than other tokens. With 24.4K unique users and a 38.8% share of total swaps, Cosmos is the most popular token to swap after unstaking.
    • The second popular token is TerraClassic, with 20.5% of total swap shares.
    • Juno, with a 13.1% share of total swaps and 10K unique users, is in third place.

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    Daily Activities After Unstaking

    • 52% of users swap their Osmo after unstaking.
    • 26% of users provide liquidity, and 21% of them re_staking their Osmosis.
    • SuperFluid is new to the Osmosis chain and doesn’t have an actual share.
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    Top 10 Validators

    • After unstaking, Users re_delegate their Osmo to Cosmostaltion. About 65K delegates happened to that validator which is 37% of the total shares.
    • The nearest validator to Cosmostaltion is Sentinel dVPN, with 14% of shares.

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    Conclusion

    • Osmosis Unstakes increased during the Luna crash. It is normal. I think each project faced that problem.
    • But after 20-30 days, the total number of unstake back to normal.
    • We can not compare normal unstaking to Superfluid. We need more time.
    • Swapping is the most popular activity after unstaking.
    • Cosmos is the most popular token to swap from Osmo after unstaking.
    • Cosmostaltion is the most popular validator that users chose to re-stake there.
    • The main reason that users chose this validator could be its voting power.

    Top 10 Delegators based on total Number of Delegate

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    Total and Cumulative daily number of unstakes

    • It seems when Luna and UST crashed, The highest number of unstake happened on Osmosis. Only on May 11th did more than 1K unstake happen.
    • Due to the Luna crash, The bad news spread quickly, and as you can see, until 20 days after Luna, the total number of unstake kept its ATH.
    • But from June the total number of unstakes decreased. Recently, Unstake activities dropped about 70% in comparison to May.
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    Total and Cumulative unstake amounts and Unique Users

    • The unique user chart proves that fear during Luna Crash. The trends were like the total number of unstake.
    • The amount chart shows that before Luna, nearly 6.5M Osmo unstaked.
    • The Unstake amount ATH happened in May.
    • The total amount of stakes decreased after May in comparison to before May.

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    Top 10 Unstakers (Amount)

    • 6.5M Osmo unstake amount was the highest amount of unstake among Osmosis Users. According to the current price of Osmo, It is worth 5.2M dollars.
    • The second one unstaked 3.2M Osmo.
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    Cosmostation

    According to the on-chain data, We found Cosmostation as a top validator that users chose to re-delegate their Osmo. But Why?

    There are two many criteria that users may choose a validator:

    • Uptime: 100%
    • Voting Power: 11.11% ( Highest Voting power in comparison to other validators)
    • Commission ( 5% is a normal commission)
    • Total Delegators

    Thank You For Reading!

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