ETH Liquid Staking Providers Info
All observations are made on the default parameter values of date_trunc = week
and provider = Lido
on the data available by the date of writing this report, September 5, 2022.
I. Deposits
As one of the largest liquid staking providers, we can see Lido deposits gradually increasing over time since its launch in December 2020. At various times over the observed period it had spikes in volume, mainly driven by news concerning the Ethereum Merge, with the most recent spike spread through the 2022 Spring.
By the middle of May however, we can see deposits abruptly decreasing to just a fraction of its former values. This is the result of a pricing event that was largely perceived by the public as a “depeg” of the liquid staking asset stETH from the 1:1 exchange rate to ETH. Because of the perceived risk of participants, interest quickly dried out, despite the “depeg” effectively representing discounted ETH for those with enough patience to hold through the Merge and up to the enabling of withdrawals.
Even in this conditions, Lido still achieved enormous success, with over 4.1M ETH staked through the platform in less than two years.
II. Depositors
Similarly to deposited amounts, we can see activity gradually ramping up over time, with the platform having close to 79k distinct depositors.
Two things stand out however. First, the number of weekly users does not decrease as much post May as the deposits volume did. Secondly, it’s not just loyal users that have stuck around, but they also continue to have a steady influx of new depositors, close to 2,000 every week.
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Providers: Lido
, Ankr
, RocketPool
, StakeWise
, C.R.E.A.M.
, Guarda
.
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For most of the time, deposited amounts circled around the same ranges, with averages of between 20 and 50 ETH, but the previously mentioned May event had a major impact not only in the number of deposits, but also how large they are. Currently the average amount deposited on Lido sits just above 1 ETH.
The distribution of deposit sizes is havily skewed to the right, with most deposits having less than 1 ETH, but there is also a considerable number of deposits of over 100 ETH, revealing that Lido is a platform that’s been adopted by a very wide range of users looking to liquid stake their tokens.