LIDO — Daily stETH Metrics

In this article, I am going to focus on the following questions to provide a view for the LIDO important daily metric:

  • Daily volume of stETH
  • Average stake size
  • Number of stakers over time
  • Average time staked
  • Percentage of stETH converted to bETH and bridged to Terra

Daily volume of stETH

The daily volume for stETH includes the daily staked volume and total staked amount for stETH, in the following two charts, it shows both views:

Blue bar chart is the daily volume for stETH and green line is the cumulative value that that, unit is in USD
Blue bar chart is the daily volume for stETH, unit is in USD

Average stake size

Here, I define the average stake size is the average stake amount per transaction, taking that and applied the aggregaed function there, we can get the chart:

Number of stakers over time

Here the definition of the stakers is the addresses which staked the stETH, if we look at it and map it overtime, the chart will look like the following:

The quick conclusion here is that the peak appeared around Aug/15th, there were tons of unique stakers put the money into that.

Average time staked

The equation to calculate the average time staked is to take the origin address and the first time they staked, then find the first time they unstaked and calculate the difference between these two.

Based on the query results, the average staked time is 6.64 days, ~40% addresses staked less than 1 day. The distribution chart looks like the following:

Percentage of stETH converted to bETH and bridged to Terra

This is a really interesting question, as we need to have both analysis for the stETH total staked amount and the amount it get converted to bETH. We already get the total staked stETH amount from above charts, now what we need is the converted amount to bETH.

First, let’s look at the percentage chart overall, what we can find is that as the bETH appeared only after Aug, so before that the chart is blank, so the next step is to shrink the time period in the chart.

Not only updating the time period, what we also want to do is to add the two charts at the same time, here is the updated charts to view the percentage and the total staked amount:

Blue line chart is the percentage of conversion and the orange bar chart is the total staked amount

Then, the final question I want to explore here is, what if I don’t take the total staked amount, as it is too large to compare with the daily transfer amount, changing the total staked amount to daily amount should have more interesting insights:

Blue bar chart is the daily staked amount and the green ones are the conversion amount
Blue bar chart is the daily staked amount and the green ones are the conversion amount, the orange line is the percentage conversion rate

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.