What does staking cryptocurrencies mean?

Crypto staking involves locking up a portion of your cryptocurrency for a period of time as a way of contributing to a blockchain network and contributing to its security. In exchange, stakers/depositors can earn rewards, typically in the form of additional coins or tokens

What is Stakewise?

StakeWise is a liquid Ethereum 2.0 staking service that allows anyone to benefit from the yields available on the Beacon Chain. StakeWise runs secure and stable institutional-grade infrastructure, combined with unique tokenomics, to provide the highest possible staking yields for its users. Read more.

What is stkr?

Stkr is a DeFi protocol for Ethereum 2.0 staking and liquidity Built by Ankr and powered by ANKR token. Liquid staking extends the Staking experience to solve the problem of loss of liquidity and capital inefficiency. When assets are staked, they are usually locked up on-chain helping to maintain the network. However, Liquid Staking provides instant access to Liquid Staking tokens that are equivalent in value to the stake in a 1:1 ratio. Read more.

What is Cream?

C.R.E.A.M. Finance is a decentralized lending protocol for individuals, institutions and protocols to access financial services. Part of the yearn finance ecosystem, it is a permissionless, open source and blockchain agnostic protocol serving users on Ethereum, Binance Smart Chain, Polygon and Fantom. Read more.

What is Rocket Pool?

Rocket Pool is a network of decentralized nodes that perform validation services for the Ethereum 2.0 blockchain. Its purpose is to provide users who do not possess the required minimum of ETH tokens to stake, as well as those who do not have the technical skills needed to run a node. Read more.

What is Lido?

Lido is a liquid staking service, that lets users deposit assets like Ethereum, Solana, Polygon, and others to earn a yield. Whenever users stake these assets, they receive another staked version of the same token, which can be used elsewhere in the market. Read more.

Direct Staking:

Staking Ethereum is the act of depositing 32 ETH to activate validator software. As a validator you’ll be responsible for storing data, processing transactions, and adding new blocks to the blockchain. This will keep Ethereum secure for everyone and earn you new ETH in the process. This process, known as proof-of-stake, is being introduced by the Beacon Chain. You'll need 32 ETH to activate your own validator, but it is possible to stake less. Read more.

According to the above, Direct Staking is the most popular method of staking ETH among all other platforms/methods in terms of the number and volume of deposits (both USD and ETH). Lido is the most popular platform in terms of the number of depositors.

The average deposit volume on Cream Finance is way higher than all other platforms/methods (both USD and ETH).

Also we can see minimum, median and maximum amount of deposits on these platforms/methods in both USD and ETH.

As we see on the above charts, Direct Staking and also Lido (after mid-2021) have the highest bars among all other platforms/methods on over-time charts in terms of number of deposits and depositors.

The highest number of total deposits have achieved on November 2020 and it’s mainly because of Direct Staking. We have also some high spikes on May and August 2021 and they are also mainly because of Direct Staking and also Lido.

The highest number of total depositors have achieved on May 2021 and it’s mainly because of Direct Stakings. We have also some high spikes on August 2021, May 2022, and August 2022 and they are mainly because of Lido platform and recently Rocket Pool.

We have almost a total negative trend in terms of the number of deposits but the overall trend on the number of depositors is almost positive and increasing.

In terms of volume, we can see direct staking has the lead among all other platforms/methods in almost all of the days on the above charts. recently and especially during 2022, Lido staking volume is also getting higher and higher.

The most volume of total deposits on these platforms has achieved during March 2022 and its mainly because of deposits on Lido and Direct Staking.

Totally, the overall trend for deposits volume on these platforms/methods was positive untill before May 2022, but after that, we can see a significant decrease on the volume. (both USD and ETH).

Also by comparing volume charts vs number of deposits and depositors, we can see the most number of high spikes on first charts (deposits and depositors) did not have a very high volume because they did not cause high spikes on volume charts.

According to the above charts (2 left), Most number of deposit transactions volume on these platforms are between 25-50 ETH | More Than $50000.

And based on the 2 right charts, Most number of depositors have also deposited between 25-50 ETH | More Than $50000 total volume on thse paltforms.

According to the above left chart, we can see 97% of users on these platforms have only used 1 platform/method and almost 3% of them used only 2 platforms/methods. This means these users are so loyal to their platform/method. Also, there is no user that have used more than 4 platform for depositing his/her ETH.

And based on the above right normalized chart, we can see most number of users on all these platforms/methods have only deposited once. We can conclude from here that most number of these users are not dollar-cost-averaging their ETH into the platforms because most of them are one-time-depositors. Moreover on all these platforms, the second rank of user types belong to the depositors with 2-5 deposits.

Methodology

First, we need some contract addresses and their origin function signatures for each platform:

• Stakewise: 0xC874b064f465bdD6411D45734b56fac750Cda29A | Frigin Function Signatures: ('0x4a58db19','0x3a4b66f1','0x040dee8a') / Deposit, Stake, Stake With Referrer on Behalf
• stkr: 0x84db6eE82b7Cf3b47E8F19270abdE5718B936670 | Origin Function Signatures: ('0x9fa65c56','0xeb834a2c') / Stake and Claim Aeth C , Stake and Claim Aeth B
• Cream : 0xcbc1065255cbc3ab41a6868c22d1f1c573ab89fd ==(Old Exploited)== & 0x49d72e3973900a195a155a46441f0c08179fdb64 ==(NEW)== | Origin Function Signature: '0xa9059cbb' / Transfer
• Rocket Pool: 0x4D05E3d48a938db4b7a9A59A802D5b45011BDe58 | Origin Function Signature: '0xd0e30db0' / Deposit
• Lido: 0xae7ab96520de3a18e5e111b5eaab095312d7fe84 (Transfer Table)
• Direct Staking: 0x00000000219ab540356cBB839Cbe05303d7705Fa (Transfer Table)

Considering above contract addresses and with using ethereum.core.fact_event_logs and ethereum.core.ez_eth_transfers as main tables, we are going to analyse these staking ETH platform. (We have to filter the origin function signature for staking/deposit actions on these platforms on our queries to only show results for staking actions (not claiming rewards, approve, etc…)

The decimals for all native tokens related to staking ETH on these platforms is 18.

Based on the above charts, the wallet address 0xa40dfee99e1c85dc97fdc594b16a460717838703 which is labeled as Kraken ETH2 Depositor have the highest number/amount of deposits on these platforms (in both terms of USD and ETH).

For realizing that are depositors Dollar cost averaging their ETH into the platforms, First on the previous charts we have seen that most number of users are one-time depositors so they are not mostly dollar-cost-averaging their ETH deposits.

But also, I have used another 2 methods for a better and more complete understanding:

• On the below left chart I have calculated the time difference between deposits by depositors and distributed them into 7 categories by number of depositors.
• on the below right chart, I have calculated the average time difference between separate deposit transactions on each platform (in day).

And in terms of cumulative volume, we can see Direct Staking has the lead by far among all other methods/platforms. after that and on the second rank we have Lido platform.

Overal Stats (Breakdown by Platform/Method)

Over-Time Stats

Deposits and Depositors Behavior

Based on the left chart and as we have mentioned before, the most shares of depositors (36% of them) are not dollar-averaging costs. In the second rank, we have users whose their time difference between 2 deposits is 2 weeks to 1 month.

And according to the right chart, we can see the average time difference between several deposits by Users using the Direct Staking method is way less than other types/platforms and this means Direct Stakers tend more to get back sooner to the platform and deposit again. on the contrary, the time difference between several deposits by Stakewise platform users is more than all other platforms/methods.

Summary and Conclusion:

• A total number of 382014 stake/deposit transactions by 163711 unique wallets was made on these 6 platforms/methods with a total volume of 11889920.03 ETH | 29033710435.16 USD.
• Direct Staking is the most popular method of staking ETH among all other platforms/methods in terms of the number and volume of deposits (both USD and ETH).
• Lido is the most popular platform in terms of the number of depositors.
• Cream Finance has the highest average volume of deposits.
• Recently, Lido is doing well in terms of competing with Direct Staking as we have seen more and more share of bars related to this platform in Over-time charts.
• The highest number of total deposits have achieved on November 2020 and it’s mainly because of Direct Staking.
• The highest number of total depositors have achieved on May 2021 and it’s mainly because of Direct Stakings.
• There is an overall negative/decreasing trend in terms of the number of deposits but the overall trend in the number of depositors is almost positive and increasing over time.
• The most volume of total deposits on these platforms has achieved during March 2022 and its mainly because of deposits on Lido and Direct Staking.
• The volume of deposits on these platforms has decreased significantly during recent weeks and this can be related to getting closer to the “Merge” event for Ethereum.
• The most number of depositors have only deposited Once on these platforms.
• The most number of depositors have only used one of these platforms.
• There is no user who have used more than 4 of these platforms.
• The most number of deposit transactions volume on these platforms is between 25-50 ETH | More Than $50000.
• The most number of depositors have also deposited between 25-50 ETH | More Than $50000 total volume on these platforms.
• The wallet address 0xa40dfee99e1c85dc97fdc594b16a460717838703 which is labeled as Kraken ETH2 Depositor has the highest number/amount of deposits on these platforms (in both terms of USD and ETH).
• The most number of depositors are not dollar-averaging costs.
• The average time difference (in day) between several deposits by users using the Direct Staking method is way less than other types/platforms and this means Direct Stakers tend more to get back sooner to the platform and deposit again.
• On the contrary, the time difference between several deposits by Stakewise platform users is more than all other platforms/methods.

Discord: Ali3N#8546

Overal Stats

According to the above charts, Direct Staking users have the highest average number and volume (ETH and USD).

Based on the above charts, Direct Staking method have the highest average number and volume of deposits but Lido have the highest average number of daily depositors/stakers.

Per User

Per Day