The scoop:

Today we are here to examine the recently launched Velodrome protocol, which works similarly to the Curve protocol. It is exclusively on the Optimism network. LP providers can lock up their tokens for as long as four years to get rewarded for providing liquidity. We are interested in how long they are locking up their tokens for and what pool addresses they are choosing.

Time Locked

The chart on the left shows the choices of lock up times.

• Most people made the big four year commitment.
• Those that did not wish to commit for so long were fairly well balanced among one week, one year and one month, with one month slightly more and a dead heat between one year and one week
• Only a small handful chose a funky number of days.

Above: Pools receiving the most votes.

• Winner is ‘0xe65..17d’. That is the USDC/VELO pool.
• Runner up is ‘0x470..8cd is the OP/USDC pool
• WETH/USDC, ‘0x79..’ and OP/VELO is next (0xffd..)

Left: The top 20 addresses that locked up VELO

Key Takeaways:

• More people opted for the four year stake than for shorter periods
• Most people kept it simple and chose amongst a week, a year and a month.
• People chose somewhat uncorrelated pools over the stable pools.

Notes:

• Prices are in Velo
• The number of days was rounded somewhat due to the contract throwing down slightly variable times in seconds.

How we did this:

Acting on a tip, we were able to indirectly snag a key transaction hash. The query utilized some nifty SQL string manipulation functions, to glean some values, most of which we were not interested too much in. We did learn some useful nifty SQL string manipulation functions!

The Optimism transactions table gave us the data we needed by picking out the key “total_locked” and “value” items. Naturally there was a little more clean up needed .

Digging into the input events from the transactions table gave us the two key values we were looking for.

Those values coupled with the From Address delivered us our whales.

For the voting part of the analysis, we used the same methodology.