Introduction

In this dashboard, we’ll be looking at how frequently users unstake their OSMO and what do they do with their OSMO once unstaked.

Dashboard refresh

DAILY

Agenda

1. Frequency + General Metrics
2. Swappers
3. LPers
4. Re-stakers
5. Summary

1. Frequency of unstaking + General Metrics

Firstly, by looking at the averages, we can see that users already unstaked quite a lot of OSMO! What is interesting is that each user unstaked a significant amount on average, 1290 OSMO at the time of writing - the calculated number is slightly more than what I expected to see. Furthermore, the frequencies tell us that unstaking events don’t happen very frequently, which implies that users unstake large amounts at once instead of splitting the amount into chunks and unstaking within a few days.

What is an unstaking cycle?

An unstaking cycle is simply the difference in time between unstakings by a user divided by the user’s total transactions. The larger the numerator the longer the unstaking cycle and vice versa, given number of transactions is equal. The higher the number of transactions (denominator) the lower this cycle is, given the fixed difference in time between unstakings. A lower value for the unstaking cycle means a higher frequency/rate of unstaking and vice versa.

With this in mind, what the average and median values of the unstaking cycle tell us is that both on average and the median (most common seen value) show that the average frequency at which users unstake is about 15.4 and 5.3 days respectively. Which is quite low! The average value is approximately equal to the superfluid cycle in which part of your lp gets staked to earn a higher yield, which is interesting, but other than that, the median (most common seen value) seems to be about 5 days, which is very fast. I.e. users seem to be jumping in and out of staking/unstaking cycles.

2. Swappers

In the following section, we’ll be looking at what the people who unstaked swapped their OSMO to.

ATOM is the top token that users swap to after unstaking their OSMO - this is not a surprising result, after all these two tokens rule the Osmosis ecosystem. The swapped amount ATOM per user is quite large, just over 2k OSMO at the time of writing, with the next one up being Wrapped Bitcoin at only about 830 OSMO compared to its predecessor (in descending order).

What does it mean? It implies that big whales are swapping in and out of OSMO and ATOM post unstaking. It is also interesting to see the impact that Luna Classic had on the ecosystem, as it still shows in the top 5.

The next step is to look at what else users could be doing after unstaking their OSMO - What does the picture look like for Liquidity Pools?

3. LPers

In the following section, we’ll be looking at what the people who unstaked LP-ed into with their OSMO.

What we can see here is that users have been joining the ATOM LP the most, followed by the TerraClassicUSD LP (which makes sense, given that these results capture all-time data). Users have been also exiting pools, with USD Coin LP being the one exited the most. What we can draw from these results is that quite a lot of users exit LPs after unstaking, which might imply that they unstake OSMO and exit their positions and potentially quit the entire ecosystem - but this is just a speculative assumption.

Given that a lot of users are exiting their Osmosis based positions, and swapping their OSMO tokens, what can we figure out about the rest? More specifically, the users who re-stake their OSMO after some time of unstaking? Let’s look at what the numbers look like for re-stakers next.

4. Re-stakers

In the following section, we’ll be looking at what the people who unstaked re-staked or staked again into with their OSMO.

Last, but not least, what we can see here is the users that post-unstaking have re-staked on delegated to a different validator. By looking at the transactions per unique staker/re-staker we can see that the majority of users either re-staked with the same validator or staked with a new one. Re-staking when looking at transactions per user seems to be greater in % than staking with a new validator, which means that on average people that unstaked initially have staked and then re-staked with a new validator. I can’t help but feel a lot of the unstaking then staking and re-staking is directly proportional to the super-fluid staking some pools offer, where tokens are returned to the user over time and the user can choose to re-staked or put in a different position with a new validator as well.

5. Summary

In summary, in this investigation, we looked at what the users that unstake their OSMO do with it post-action. We dove deep into the frequency of unstaking, by looking at average and median differences between first and last unstaking as well as looking at unstaking cycles which gave us an idea of the rate of unstaking on average and in the most common cases (median). We then delved into what are the tokens that unstaked OSMO are frequently swapped for and figured out that ATOM and JUNO are the most popular ones. We then dove into the users that post-unstaking have joined or exited an OSMO based LP pair, as well as what the flow of joining and exiting pools looks like. We discovered that there is, in one case people joining the OSMO / USDC pool and exiting that position more than joining. This could have happened at some point around the top of OSMO or when users thought it was a good idea to potentially take profits or move into other tokens via swapping, or* we even speculated that they might be leaving the ecosystem. Finally, we looked at staking/restaking trends post unstaking and it seems that there’s a high correlation between staking and re-staking actions which could be due to the super-fluid staking that some pools offer, for boosted yield.

This dashboard has been written by Konstantinos#3659 @KowalskiDefi in collaboration with -nat-#4310 @CrewHodl!  💙💜