Method

• What is the total amount of ETH that has been staked with Lido?
• Show the daily amount of ETH staked with Lido in the past 3 months.
• Are there any trends you can see?

Task

Analysis

• The ETH being sent to stake has dropped in volume after the Terra crashing on may 9th.

• While activity didnt take that big of a hit (remember to mark it out), is the volume the big change.

• And this could be due to two specific factors

  • First the the general loss in trust given to the global crypto market going down, which started its season with Terra crashing.
  • And second is the "depegging" from ETH price, a case in which resulted more convenient to get stETH via swap than stake.

• As mentioned, the price movement was a trigger for the activity in the last month. Specifically the timing and the depegging.
• Just as when price was reaching the previous bottom that it had on Mar, 8th, a huge number of ETH activity was directed to staking on Lido, right when people could expect the end of a downward trend.
• Time passed and not only the downward trend didnt stop, it "depegged" stETH and WETH price, correlating positively with the decrease in staking actions on lido.
• This directed stETH related activity to swaps were price was better.

• It looks like all the activity from staking ETH to gain stETH has moved instead to swapping.
• Right when stETH and WETH price started deviating swapping activity increased in huge amounts.
• While the amount of people wanting to get ride of some of their stETH is large, the desire to get stETH is even bigger.

• All this activity lead us to a circulating amount of 4.2 millions of stETH when searching for all the wallets with stETH on their power.
• Reminder that swapping activity doesnt increase stETH in existence, only ETH staked with Lido

In short

• Since Terra crashed most of the crypto space has decreased in value.
• This led to stETH and ETH prices to deviate.
• Thus raising and scenario where it was more profitable to get stETH via swapping than staking.
• This immediately translated to less ETH being sent to Lido for staking

• To find ETH sent to Lido Flipside's ethereum.core.ez_eth_transfers table was used.
• To find stETH/ETH price movements Flipside's ethereum.core.fact_hourly_token_prices table was used (WETH will be used instead for a cleaner querying, price should be equal to ETH).
• To find swapping activity Flipside's ethereum.core.ez_dex_swaps table was used.
• To find existing stETH Flipside's flipside_prod_db.ethereum.erc20_balances table was used.