ETH Deposited or Withdrawn

    Looking at StarkNet's Deposits and Withdrawals

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    StarkNet is a layer 2 (L2) network over Ethereum that uses zk-rollups to process more transactions at a low cost without compromising security.

    Currently, users can bridge ETH to StarkNet to take advantage of the low gas fees. Users can also bridge back if they want their ETH back on mainnet. The contract that facilitates the deposit and withdrawal of ETH to and from StarkNet is the Proxy Contract (0xae0ee0a63a2ce6baeeffe56e7714fb4efe48d419).

    This dashboard will be looking at the data surrounding ETH deposits and withdrawals since bridging was enabled on StarkNet. First, let's look at daily deposit and withdrawal amounts.

    ETH deposits took off in mid-May quickly reaching a height of 25ETH on May 16, 2022. Afterward, deposits declined to levels below 1ETH until June 5, 2022. Since then daily ETH deposits on StarkNet have stayed above 10ETH. Withdrawals also follow the same pattern although they are much lesser in quantity compared to deposits.

    Next, let's look at the unique wallets that are bridging to and from StarkNet on a daily.

    Generally, depositors are far larger in number than withdrawers. Also, May 16, 2022, saw the all-time high for ETH depositors which is also the date for all-time high ETH deposits.

    Now, let's combine both deposits and withdraws (into activities) and look at how that has changed over time.

    We can see that the hype for StarkNet was at all-time highs in mid-May 2022 but reduced going to the end of the month. June saw a steady activity for ETH bridging to StarkNet which has been sustained with a peak/trough pattern.

    To wrap up the investigations, let's look at the number of unique wallets that have bridged ETH in and out of StarkNet.

    At the time of this writing on June 29, 2022, there are 18.2k unique wallets bridging ETH in and out of StarkNet.

    Summary

    • May 2022 was the month for ETH bridging on StarkNet
    • Deposits are much higher than withdrawals even in current market conditions
    • 18.2k users have bridged ETH to StarkNet so far