Introduction

The tokenized version of staked Ether that is native to Lido is known as stETH. Lido is a liquid staking solution for Ethereum that is supported by a number of the most prominent staking providers in the industry. It permits participation with any quantity of ETH and turns ETH that has been staked into a tradable asset.

Method

I examine the price differential between stETH and ETH and compare it to the price of ETH. I found the daily price of stETH by using the fact hourly token prices table, and I found the daily price of ETH by using the Eec20.balance function. And then, I investigated every transaction involving stETH and ETH metrics. I used the tables located in flipside prod db.ethereum core.ez dex swaps in order to get closer to the answer. I found swaps. After that, compute the total amount of in and out to determine whether or not users are making a profit from the trade.

finally, I performed the prior step in order to locate all ETH to stETH swaps and investigate all metrics.

Analysis

The above chart presents a daily representation of the prices of ETH and stETH. The price difference between stETH and ETH was in the region of five to ten dollars up until the fifth of May, 2022. However, after that, the price of stETH fell by a greater percentage than the price of ETH.

You can notice the price difference as well as the various percentages by looking at this graph. the price of stETH was quite close to the price of ETH; but, after May 13th, the price reached a difference more than $50 and then declined slightly. On the 8th of June, the disparity widened once again. After a difference of 44 dollars, it amounted to 81 dollars, which is equivalent to 4.7 percent.

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What are found in this dashboard?

• The daily dollar amount that shows the disparity between the price of stETH and ETH It would appear that customers lose money when participating in swaps that involve ETH to stETH, but consumers make money when participating in swaps that involve stETH to ETH.

• The pace of difference remained rather low up until May, but after that it started to climb steadily higher. Users who trade in a larger amount of stETH for ETH stand to obtain a greater overall value from the transaction.

• On Jun 13th stETH went on depegging and all of assessed metrics significantly was affected.

As of the above chart, since January 2022, consumers have only gained 5 days more than 1, as a result of that particular form of swap. On other days, they were put in a position of loss.

The above bar chart presents an overview of the total number of ETH to stETH trades. Since January 2022, May was the month with the greatest total. The total amount of swaps went down in the middle of May, but it started climbing back up again on the 4th of June to 13th, and after that went down again.

The above bar chart presents an overview of the cumulative daily gains and losses. There were just 5 days in 2022 when users were at risk of experiencing loss less than -1. On most days, exchanging stETH to ETH results in a profit for customers. On the 13th of June, the largest amount of Ether (ETH) that was gained was 152 on stETH depegging, and on the 6th of May, the largest amount of Ether (ETH) that was lost was 7.7.

The figure that shows at the above, illustrates the total daily swaps that take place between stETH and ETH. April of 2022 marked the beginning of the true volume. The 13th of May was the day that saw the most number of trades. 2 Days after UST depegging and on Jun 13th the highest peck of number of trad took placed on 2022 to date, that was the depegging on stETH .