wETH Deposit Rate

    What Will You Read?

    In this analysis, You will Read about the deposit rate of wETH over time on Osmosis. How does this compare to SushiSwap and Thorchain now? How does the wETH deposit rate compare to when wETH was a relatively new asset (or the protocol was relatively new)? Is Osmosis growing at a faster rate than Thorchain and Sushiswap?

    What is Osmosis?

    Osmosis is a blockchain in the Cosmos ecosystem that provides a commonly used decentralized exchange. It was exploited today and the chain was frozen as a preventative measure.5 days ago

    Method

    In order to find deposit WETH on Osmosis, I used osmosis.core.fact_liquidity_provider_actions table. From website Hints, I already know that there are two WETH on Osmosis. I have found those currency which is ibc/65381C5F3FD21442283D56925E62EA524DED8B6927F0FF94E21E0020954C40B5 as a WETH.grv and ibc/EA1D43981D5C9A1C4AAEA9C23BB1D4FA126BA9BC7020A25E0AE4AA841EA25DC5 as a axlWETH and action equal to pool_joined. Then I calculated all Asked questions.

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    WETH Deposits

    The below chart shows the total daily deposit and unique depositer. The real deposits started on May 12th. Exactly a day after the market crashed. The highest deposits happened on May 20th, with 444 deposits by 343 unique users. After May 23rd, The total deposits and users decreased to 120-150 daily deposits.

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    We already know that there are two types of WETH on Osmosis. It doesn't matter which one is deposited because we are looking for WETH, but In the below chart you can see the total daily amounts of deposited WETH by tokens. The most amounts are for axlWETH and we can see them only gwETH Before May 2022. Let's back to the main question. The showable numbers started on May 12th, 2022. The highest amount of deposits happened on May 25th with 721 WETH. After significant trends from May 24th until May 28th, The total amounts decreased.

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    The below chart shows the cumulative deposit amounts and unique users. As you can see the slope of growth went up from May 14th. The unique users still growing and with that, Deposit amounts increased too.

    Compare Networks

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    The below chart shows the total number of deposits of WETH per network from the beginning of the year. Osmosis real numbers started in May 2022. But Before that time frame, the competition was between Thorchain and Sushiswap. Until March 5th, The total number of deposits in Sushiswap was higher than Thorchain. The daily number of deposits was higher than 10 per day in Sushiswap and was lower than 10 per day in Thorchain. But after that, Thorchain increased and increased its difference with Sushiswap as much as possible. The daily deposits increased to above 100, But in Sushiswaps, numbers haven't changed. after April 11th, Daily deposits increased significantly in both networks. When Osmosis WETH staking is enabled, The daily number of deposits increases to more than 400 deposits. You can barely see deposits in Sushiswap and Thorchain in that time.

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    We have already examined the total daily number of deposits. Let's examine the weekly deposit amounts on these networks from the beginning of the year. Amounts of deposit on Sushiswap and Thorchain were similar to each other in January. But in February, Sushiswap amounts increased and were much higher than Thorchain. In March and April, Thorchain amounts increased to weekly 1K ETH, and Sushiswap decreased. After that time, Osmosis amounts started and were higher than Sushiswap and Thorchain. In only one day, sushiswap increased to 6K.

    In total, Sushiswap has the highest amount of deposited ETH. About 56% of total ETH was deposited on Sushiswap, Next is Thorchain with 36% and Osmosis with nearly 7%.

    Conclusion

    Definitely, we can see the increase in Osmosis when they enabled staking ETH. I think the highest growth in unique users happened on Osmosis. Also share of Osmosis from staking ETH was higher than Sushiswap and Thorchain in the last month. Both Thorchain and Sushiswap faced decrease when Osmosis become to the Market.

    Thank You For Reading!

    Written by Hess

    where

    discord_id: hess#0890

    and

    twitter_id: @hessaminanloo