LIDO — Daily bETH Volume bridged from Ethereum to Terra

Introduction

From the official definition, we know that “Lido is a liquid staking solution for ETH 2.0 backed by industry-leading staking providers. Lido lets users stake their ETH — without locking assets or maintaining infrastructure — whilst participating in on-chain activities, e.g. lending.” More information can be found in the official website: Lido.fi.

In the ecosystem, “bETH is minted by submitting ETH or stETH to Ethereum-side bETH contracts, along with the Terra address to receive the resulting bETH tokens. Once submitted, bETH tokens (with the amount determined by the bETH exchange rate) are minted to the provided Terra address.” Here is a more detailed explaination about bETH: https://docs.anchorprotocol.com/protocol/bonded-assets-bassets/bonded-eth-beth#minting-beth-with-steth.

Analysis Questions

In the following sections, I am going to focus on 3 analytical questions to analyze the behaviour of the stETH and bETH to help understand this ecosystem better.

What is the daily volume of bETH bridged from Ethereum to Terra using Lido?

Here the first thing we need to make sure is that volume we mentioned here is the volume using Lido, not the Terra Bridge. Putting the contract address and from address to the query and we can get the following charts:

Blue bar chart is the daily volume for stETH to bETH using Lido and green line chart is the cumulative amount, all the unit is in USD
Blue bar chart is the daily volume for stETH to bETH using Lido, all the unit is in USD

Quick take away here is that around Aug/13rd, there is a peak for the stETH to bETH and same situation happened on around Sep/10th, then the daily volume back to normal and stable.

Has there been an increase leading up to Columbus-5?

Columbus-5 is the upgraded version of Terra from Columbus-4, the launch day is September 30, so take the day and above chart, we can get an updated bar chart to answer this question.

Blue bar chart is the daily volume for stETH to bETH before Columbus-5 launch, green bar chart is after Columbus-5 launch, all the unit is in USD

Quick answer is no, there was no increase leading up to Columbus-5.

What is the daily volume of bETH bridged from Terra back to Ethereum?

Here I want to use 2 ways to analyze and answer this question, firstly focus solely on the bETH to stETH and then add Columbus-5 analysis into consideration.

bETH bridged from Terra back to Ethereum: From the below chart, we can see around Sep/1st there was a huge peak for this type of transaction

Blue bar chart is the daily volume for bETH to stETH using Lido and green line chart is the cumulative amount, all the unit is in USD

Adding Columbus-5 to discuss: we can find an interesting thing is that after Columbus-5 launch, there was a peak for the daily volume from bETH to stETH.

Blue bar chart is the daily volume for bETH to stETH before Columbus-5 launch, green bar chart is after Columbus-5 launch, all the unit is in USD

Thanks to Flipside Crypto for providing the tool and data.The link to all the queries is here.

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Cryptwizards

Cryptwizards

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On-chain analyst, passionate to deliver nimble self explanatory visualized blockchain analytics. Wishing a world without any type of hierarchical contempt.