LIDO — Free Square Analysis about the time series dashboard and the block analysis for the big whales
In this article, let’s do some free square analysis, query the data from the LIDO contract and then put them into the dashboard to run some random analysis. Here are 2 questions I would like to ask for the data and discuss in this article: (1) Is there relationship with transactions and volume? If yes, who is the major players? (2) Are there specific blocks outstanding, if so, why? All the data come from Flipside Crypto.
Is there relationship with transactions and volume?
Tableau public link to the interactive dashboard is: https://public.tableau.com/app/profile/cryptwizards/viz/LDOFreeSquareAnalysisDashboard/time-sereisanalysis?publish=yes.
Overall for the dashboard, we put the time series chart at the bottom, the orange one is the time series analysis for the transaction count, and the blue one is the volume in usd involved.
First thing we can find from the time series chart is: There is correlation around the period of May/2021, but the start period (Jan/2021) and recent period, it seems there is not much relationship. Let’s dive into that 3 situations and analyze the potential reasons.
Start period (Jan/2021)
First thing to notice here is that, it looks correlated, right? That’s due to the range shrink and it makes it more correlated looks like. Also there were only 3 major players. So, during this period, what I want to conclude is that as it is the beginning of the LIDO, there were just several big players, who made less transactions and large trading volume, so the chart for the time series is not highly correlated compared to other periods.
During this time period, we can find that it is correlated but with around 1 day gaps, like Apr/30, the transaction volume increases, but usd volume increases like 1 day after. Also the other thing which is interesting is that there are more major players in this period compared to last period, so the relationship between more obvious.
So, why recent period there is no clear relationship? Yes, the major players!! Let’s focus on this period and put the chart in front of us. The first thing we can find is that the big players become bigger and they excluded some small players, especially deversifi, it is really big during this period.
So, we can have the conclusion for this relation question, the answer is that the big players play a really important role here, when it just started, the major big players used less transaction to make large volume transactions, while as time went by, more and more players come it, make the whole eco system more related between the volume and transaction times, then in the end, big players come back to the network again.
Are there specific blocks outstanding, if so, why?
This is another interesting question I would like to ask, are there specific blocks outstanding? Tableau public link to the interactive dashboard is: https://public.tableau.com/app/profile/cryptwizards/viz/LDOFreeSquareAnalysisDashboard-Block/blockanalysis.
The first thing I noticed is that the answer is yes, there were several blocks have huge amount of volume compared to other blocks. In the chart, the larger the size is, the more volume in this block is. The right side we have 2 charts to show the origin address play in this block.
To dive into the potential reason, let’s focus on the biggest block, 12371787. hmm, interesting, same big player story again?
The next thing I am going to do is to grab all the big nodes and color the right bar charts with the block_id.
OK, in the biggest 12 block_id, there are only 8 addresses involved. Really interesting, so the conclusion for the big block be outstanding is due to the big players again!
Here, I would like to conclude what I find in this free square question, which is a really interesting thing, that in LIDO, it seems the big players are trying to control and influence more and more. Especially from the time series analysis, we can see that in the beginning, they started control and then the community join, but after a while, recently, those big players’ influence came back. It might be a yellow flag/sign to the LIDO community or team, here is decentralized thing, centrally control influence will harm the treasure of core value for this protocol.
All the data come from Flipside Crypto.