Introduction

Lido is a liquid staking solution for ETH 2.0 backed, which lets users stake their ETH – without locking assets or maintaining infrastructure – whilst participating in on-chain activities such as lending.

Lido attempts to solve the problems associated with initial ETH 2.0 staking – illiquidity, immovability, and accessibility – making staked ETH liquid and allowing for participation with any amount of ETH to improve the security of the Ethereum network.

Approach

A stETH represents one staked ETH on Lido, and the price of stETH is linked to that of ETH but it's not pegged; it depends on market conditions too, and how people value the future value of ETH once the merge is completed and stETH can be redeemed for ETH.

The following chart shows the daily total amount of ETH staked on Lido during the past 3 months. We can see that there are currently around 4.19M stETH on Lido.

If we translate that to price, we can see that there total value locked as stETH in USD has dropped heavily, due to recent market crashes, but it doesn't seem to be affecting Lido too much, when it comes to total ETH deposited.

The following two charts represent the total daily amount of ETH staked in Lido, in the following manners:

• Daily stETH staked

• Daily stETH staked (in USD)

Conclusions

After looking at how ETH deposited on Lido has changed during the last three months, we can take a look at the following last two charts which show:

• Daily stETH deposited with stETH price. We do see ETH deposited increase after a period of ETH prie going up, possibly due to the fact that people can borrow against a more attractive asset and are incentivized to do so.

• Pie chart looking at total stETH deposit changes by weekday. It looks like Sunday, Monday and Tuesday (in that particular order) are the days where less things are going on, and on the opposite side we have Wednesday having max movement, followed by Thursday and Friday, and to a lesser extent Saturday.