Try Quests to earn cryptoLiquid Staking ETH Platforms Analysis
Consider all possible liquid staking ETH platforms. Then, find out the following: How much ETH was staked over time?
Questions
Consider all possible liquid staking ETH platforms. Then, find out the following:
- How much ETH was staked over time?
- How many unique depositors are there?
- How likely are depositors to use multiple platforms vs using a single platform?
- Are depositors Dollar cost averaging their ETH into the platforms?
- What is the avg/median/max/min/distribution of ETH deposits?
- Compare all the metrics above between the various ETH staking methods/platforms
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Hint - Staking Platform Addresses:
- Stakewise: '0xC874b064f465bdD6411D45734b56fac750Cda29A'
- stkr: '0x84db6eE82b7Cf3b47E8F19270abdE5718B936670'
- Cream: refer to Cream's docs: https://docs.cream.finance/eth2/ethereum-2.0-contract-address
- Rocket_pool: '0x4D05E3d48a938db4b7a9A59A802D5b45011BDe58'
- Lido: '0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84'
- Direct staking: '0x00000000219ab540356cBB839Cbe05303d7705Fa'
Total ETH staked overtime
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We sum all ETH transferred and group by the platforms
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The winner is Direct stake with 13.5M ETH (31.8B USD), the value is relatively high because lastly, ETH staked in DeFi platforms will be deposited here
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The runner up is Lido with 4.1M ETH (12B USD), it has high value because there is large number of users
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The 3rd to 6th place is
- Rocket_pool (259k ETH, 778.8M USD)
- Stakewise (63.4k ETH, 164.7M USD)
- stkr (60.4k ETH, 77.2M USD)
- Cream (25.2k ETH, 14M USD)
Unique depositors
- Lido and Direct stake have high number of depositors, around 80k
- That of the other platforms is low, less than 10k
- The result conforms with ETH volume staked
How likely are depositors to use multiple platforms vs using a single platform?
- We find number of platform each user has ever deposited to, and sum over particular number of platform used
- We found that 161k users (over 95%) use only one platform
- 6k users (4%) use 2 platforms
- Another 130 users use 3-5 platforms
- There is no one use all 6 platforms
- ** It seems like there is a bug of number shown on x-axis in the graph
Conclusions
Overall Information
- Direct stake has highest ETH deposition over time with 13.5M ETH (31.8B USD)
- Lido and Direct stake have high number of depositors, around 80k
- Users tend to use only one platform, 161k users (over 95%) use only one platform
- Cream depositors are quite rich since the Avg ETH is the highest
- It seems like min ETH deposited of stkr and Direct staking is limited to 0.5 ETH
- and max ETH deposited of Direct staking is limited to 32 ETH
Monthly Basis
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ETH staked is every high in Mar and April 2022, around 2M ETH from 0.5M ETH, after that the trend keeps decreasing to around 0.25M ETH in past 3 months
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Number of depositors increased to its peak in May 2021 (from around 5k to 20k), the trend drops a bit but never decreases to 5k
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Number of depositors in Lido started to increase and dominate Direct staking since Aug 2021, but not in ETH amount staked
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ETH distribution
- Most of platforms, deposition of less than 10 ETH accounts over 75-90% of Tx count, but contributes only around 5-20% of all ETH deposited
- Most of deposition in Direct staking have value of 32 ETH, probably because of smart contract condition
- Rank the platforms that are more likely to be influenced by Whales, judging from ETH value that cut all deposition volume in half
- Lido (3500 ETH) > Cream (1000 ETH) > Stakewise (750 ETH) > stkr (80 ETH) > Rocket_pool (30 ETH)
DCA Behavior
- From total address of 168k, 81% of them, 135k users, deposited only once
- There are 2460 users that are likely to DCA, which is about 1.5% of all addresses
Are depositors Dollar cost averaging their ETH into the platforms?
There is 168k Total number of depositors, 135k (81%) of them deposited only once.
For now, we can conclude that over 80% of users do not DCA
We try to figure out more how many users are likely to DCA
We think that users that will DCA will deposit more than or equal to 5 times, and deposit in more than 60 days timespan
We obtain deposit timespan of users from difference of first time and last time that the user has deposited
From the lower donut chart, we can see that
- 28% of users that deposit more than 5 times deposited all in one day (timespan = 0)
- 7.8% (459 users) deposited within 7 days
- 25% (1465 users) deposited within 60 days
- 39% (2460 users) deposited within more than 60 days (users likely to DCA)
Monthly Basis
- ETH staked is every high in Mar and April 2022, around 2M ETH from 0.5M ETH, after that the trend keeps decreasing to around 0.25M ETH in past 3 months
- Number of depositors increased to its peak in May 2021 (from around 5k to 20k), the trend drops a bit but never decreases to 5k
- Majority of ETH staked is from Direct staking
- Majority of depositors is from Direct staking and Lido
- Number of depositors in Lido started to increase and dominate Direct staking since Aug 2021
- Number of depositors in Rocket_pool increases tremendously in Aug 2022, but ETH staked amount does not follow
Avg/median/max/min/distribution of ETH deposits
MAX
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Lido has highest Max ETH staked, 62k ETH
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The others have around 1990 - 6000 ETH
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Except Direct stake with only 32 ETH
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MIN
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stkr and Direct stake has highest min ETH deposited with 0.5 ETH
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That of the others is nearly zero
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AVG
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Cream is the winner with 57 ETH
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Lido and Direct stake are around 30 ETH
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The others are around 10-15 ETH
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MEDIAN
- Direct stake is the highest with 32 ETH, same as its MAX value, it means more that half of deposit Tx is 32 ETH
- Rocket_pool (7 ETH) > stkr (2 ETH) > Cream (1 ETH) > Lido (0.9 ETH) > stakewise (0.25 ETH)
Cream
- Deposition of high ETH (over 10 ETH) have more Tx count and ETH volume fraction; the platform is contributed more by rich user
- Deposition of less then 10 ETH accounts 75% of Tx count, but contributes only about 3% of ETH deposited
- Deposition of less than 1 ETH contribute half of Tx count, but contribute only 3.5% of ETH deposition
- Deposition of less than 1000 ETH contribute half of ETH deposition
Stakewise
- Deposition of less than 10 ETH accounts around 90% of Tx count, but contributes only 10% of all ETH deposited
- Deposition of less than 0.3 ETH contribute half of Tx count (and more than 0.3 ETH contribute the other half), but contribute only 0.5% of ETH deposition
- Deposition of less than 750 ETH contribute half of ETH deposition (and more than 750 ETH contribute the other half). If this value is high, it means the platform is more likely to be influenced by Whales.