Introduction

Using Lido, you may participate in Ethereum community staking. It is possible for users to deposit (stake) Ethereum and get an equivalent amount (pegged 1:1) of the stETH, the tokenized version of staked ether. The value of stETH that has been accumulated will be updated on a daily basis.

On decentralized exchanges such as Curve/Uniswap, stETH cannot be converted back to ETH. However, it can be traded for other tokens.

Why stake stETH?

It is possible to acquire exposure to staking payouts without the requirement for lock-ups or minimum deposits when users stake their ETH at Lido. In addition, users can engage in different DeFi Protocols using their liquid stETH. See examples of how stETH can be used to add additional yield, rather than just storing tokens.

Method

The procedure to generate each chart will be documented at the end of the analysis. Data for the charts generated in this analysis was mainly from flipside_prod_db.ethereum.erc20_balances and ethereum_core.fact_event_logs tables.

Analysis

Observation

• In the above PIE chart, I use flipside_prod_db.ethereum.erc20_balances by filter of amount_usd > 100000 to find all LDO holders that have more than 1000 000 tokens, defined as an LDO whale.

Overview

• In the above last chart, I was looking into LDO holders that found them in the previous chart, the users that held wstETH and stETH in their wallet.

Discord: 0xHaM☰d#8391

• In this chart the count of users that who held stETH and the count of them who stakes their stETH to Lido with percentage of shares are shown.

Coclusion

• As of last two above chart can results that 99.7% of the amount of stETH are belong to who hadn't their asset stake on Lido. and less than 0.03% of stETH holder stakes Their stETH on Lido. So it is so significantly that indicate the more count of users haven't believe on passive income and depositing on pools.