Try Quests to earn cryptoExplore the Behavior of the Top 5 LDO Holders.
Include: LDO balances and history Typical actions with LDO
About LIDO
The Lido Ethereum Liquid Staking Protocol, built on Ethereum 2.0's Beacon chain, allows its users to earn staking rewards on the Beacon chain without locking Ether or maintaining staking infrastructure.
Users can deposit Ether to the Lido smart contract and receive stETH tokens in return. The smart contract then stakes tokens with the DAO-picked node operators. Users' deposited funds are pooled by the DAO, node operators never have direct access to the users' assets.
Unlike staked ether, the stETH token is free from the limitations associated with a lack of liquidity and can be transferred at any time. The stETH token balance corresponds to the amount of Beacon chain Ether that the holder could withdraw if state transitions were enabled right now in the Ethereum 2.0 network.
About Lido DAO Token (LDO)
LDO is an ERC-20 governance token compliant with the Ethereum network. LDO is also used to reward various DAO users and activities (as well as stETH and other assets within the treasury). Some common payments from the DAO have been grants, referral program payouts, liquidity incentives, insurance purchases, and bug bounties. The maximum supply of LDO is 1 billion.
What we are looking for in this research
In this study, we intend to evaluate the behavior of the top 5 LDO token holders. The most important indicators that we intend to write about that query include its balances and history, as well as the action that these holders have taken with their LDO tokens.
Methodology
One of the best criteria for identifying the best holders of a token is to look at the holder's wallet balance.
When we go ahead with this idea in this research, we realized that the biggest holders are related to the addresses of DEXs, CEXs, DApps, Pools, and other applications. So we decided to remove these giant applications from the results of our queries.
To do this, in the flipside_prod_db.ethereum.erc20_balances table, we looked for user_addresses' LABEL, Address_Name,LABEL_TYPE, and LABEL_SUBTYPE are null.
And their field Contract_Address = '0x5a98fcbea516cf06857215779fd812ca3bef1b32' . This contract address belongs to the LDO token and why did we use this contract address? Because there is LDO symbol in this table whose contract address is different from the original contract address of the LDO token.
And in the end, we were afraid that despite the creation of these filters, the addresses of wallets (user_address field) that are related to applications would still be found. So we decided to apply a heavier condition to our query, and that was to look for wallet addresses that are not among these applications:
and user_address not in (
select user_address from flipside_prod_db.ethereum.erc20_balances
where label is not null or address_name is not null
or LABEL_TYPE is not null or LABEL_SUBTYPE is not null)
With these conditions, we extracted the user_address balance in the Current_date -1 and sorted the result of the query in descending order based on the balance field, and finally directed the top 5 records to the output. The principle of all the charts that we will talk about later is this query.
Results
Figure 1 shows a comparison between the LDO balances of the top 5 holders. As shown in the diagram, the wallet 0x09f82ccd6bae2aebe46ba7dd2cf08d87355ac430 has the largest amount of LDO tokens (26.4% of the total LDO tokens held by these 5 wallets).
Note that this address does not belong to the aforementioned applications.
Let's see what proportion of the total number of LDO tokens these holders have. As mentioned earlier the maximum supply of LDO is 1 billion. In this chart, it is evident that the contract address 0x09f82ccd6bae2aebe46ba7dd2cf08d87355ac430 holds 7% of the total LDO tokens.
These top 5 holders hold 26.5% of all LDO tokens in their wallets.
History
Balance
In the next step of evaluating LDO holders, we decided to track the balance changes of these holders over time. Figure 3 shows these changes based on daily periods. It is interesting, that the balances of these holders have not changed much since the beginning of their wallet charge to date.
The only noticeable difference is in the wallet balance of 0xa2dfc431297aee387c05beef507e5335e684fbcd, whose LDO tokens has dropped from 50 million tokens to 46 million on May 12th, 2022.
Holder Actions
Figure 5 shows the typical actions of the top 5 holders of LDO tokens. What is drawn in this diagram corresponds to the results we saw in the previous diagrams. When there are not many transactions in these wallets, it is obvious that these wallets will not have special and ordinary actions in their transactions.
Among these 5 wallets, the address 0xa2dfc431297aee387c05beef507e5335e684fbcd had two transactions of execTransactions type and the wallet 0xad4f7415407b83a081a0bee22d05a8fdc18b42da also had only two transactions of transfer type.
Conclusion
In this study, we looked at the activity of LDO token holders related to the LIDO protocol. We first described how to separate personal holders from application wallets. We then examined their LDO balances and determined their ratio to the total LDO token (one billion tokens) (Figures 1 and 2).
In the next step, we examined the activity history of these top 5 wallets from two aspects of LDO balance change and the number of transactions on the overtime (Figures 3 and 4).
Finally, we extracted the typical actions of these wallets from the relevant tables. Of these 5 wallets, only two addresses had a total of 4 types of action, two of which were of the exeTransactions and the other two were related to transfer action.
Overall, according to the results of this study, it is clear that the real holders of LDO tokens have not been very active and their wallets are almost inactive.