The total number of ETH staked transactions, total number of unique depositors, and total value of ETH staked in ETH and USD in various ETH staking platforms are all shown in all four pie charts. Direct Staking is clearly the most popular method in terms of total number of ETH staked transactions and total value of ETH staked in ETH and USD. Meanwhile, among all platforms considered, Lido has the most unique depositors, closely followed by Direct Staking and Rocket Pool.

The graph above shows the weekly number of ETH staked transactions and the amount of ETH staked. We can observe that the number of ETH staked transactions is unstable over time and changes in the same direction as the amount of ETH staked. Surprisingly, we discovered that the majority of ETH staked transactions in 2021 are visible on Direct Staking. However, the majority of ETH staked transactions in 2022 are observed on the Lido platform. As a result, we could infer that the Ethereum Proof-of-Stake Merge has had an impact on the popularity of the Lido platform.

The graph above depicts the weekly number of unique depositors and the amount of ETH staked. It can be observed that the number of unique depositors fluctuates over time and moves in the same direction as the amount of ETH staked. Remarkably, we noticed that the number of unique depositors in 2021 is dominating in Direct Staking. However, the Lido platform accounts for the vast majority of unique depositors in 2022. As a consequence, we may conclude that the Ethereum Proof-of-Stake Merge influenced the increased adoption of the Lido platform.

Question?

Consider all possible liquid staking ETH platforms. Then, find out the following:

• How much ETH was staked over time?
• How many unique depositors are there?
• How likely are depositors to use multiple platforms vs using a single platform?
• Are depositors Dollar cost averaging their ETH into the platforms?
• What is the avg/median/max/min/distribution of ETH deposits?
• Compare all the metrics above between the various ETH staking methods/platforms

Methodology

• We would like to investigate the amount of ETH staked on a daily and total basis.
• Then, we investigate the overall and daily number of unique depositors.
• We also look at how depositors utilize numerous platforms versus a single one.
• We analyze at how depositors use dollar cost averaging to deposit ETH into platforms.
• We analyze the average/median/max/min/distribution of ETH deposits.
• We then compare all of the aforementioned metrics across the different ETH staking methods/platforms.

Analysis I:

The first section is to investigate the amount of ETH staked on a daily and total basis. Then, we investigate the overall and the daily number of unique depositors.

Analysis II:

This section is tring to look at how depositors utilize numerous platforms versus a single one.

The charts above depict the distribution of ETH staked depositors depending on the use of several platforms against the use of a single platform. We can observe that the majority of ETH staked depositors (97 percent) utilize a single platform. ETH staked depositors utilized two platforms at 2.97 percent, followed by three platforms at 0.0462 percent. However, we discovered that just four depositors utilized four staking platforms.

Analysis III:

This part aima to look at how depositors use dollar cost averaging to deposit ETH into platforms.

The graphs above show the distribution of dollar cost averaging by total and percentage of ETH staked depositors. We can observe that 36,1% of ETH staked depositors belong into the group of No DCA depositors. The category for depositors with the second-highest ETH deposits is 1 Week - 1 Month DCA, followed by 1-2 Month DCA. In contrast, the 6 Month - 1 Year DCA has the lowest number of ETH-staking deposits. Therefore, we may conclude that the majority of ETH staked depositors on the Lido platform do not want to DCA their ETH.

Analysis IV:

This section is to analyze the average/median/max/min/distribution of ETH deposits.

The graphs above show the distribution of ETH staked by total and percentage of deposits. Depositors categorized as Octopus and holding between $10 and $50 ETH are the most common depositors to all platforms analyzed, accounting for 49 percent of all deposit accounts. Shrimp depositors with between $0 and $1 ETH account for 28.6 percent of all deposits, followed by Crab depositors with 17.2 percent. As a result, the bulk of ETH staked depositors are Octopus depositors, implying that common depositors drive the ETH staking platforms.

The bar chart depicts the distribution of ETH staked by the number of depositors in each platform. Depositors classified as Shrimp and holding between $0 and $1 ETH are the most popular in the Cream, Lodo, Rocket Pool, and Stakewise platforms. Depositors categorized as Crab and holding between $1 and $10 ETH are the most frequent on the Stkr platform. Furthermore, depositors classified as Octopus and holding between $10 and $50 ETH are the most common Direct Staking depositors. As a result of this finding, Direct Staking seems to be driven by depositors with higher tiers than other platforms.

Summary

• We discovered that the total number of ETH staked transactions, unique depositors, and overall number of ETH staked are 338k, 157.8k, and $10.02M ETH, respectively.
• We determined that the majority of ETH staked transactions and unique depositors in 2022 are seen on the Lido platform, showing that the Ethereum Proof-of-Stake Merge has had an influence on the Lido platform's popularity.
• We discovered that the vast majority of ETH staked depositors use a single platform.
• We noticed that the vast majority of ETH staked depositors are No DCA depositors.
• We also discovered that the majority of ETH staked depositors are Octopus depositors, showing that average depositors are the driving force behind the ETH staking platforms.
• Finally, we discovered that Direct Staking is driven by depositors with higher tiers than other platforms.