stETH Stakers

    Insights into the people staking native ETH for stETH.

    1. Introduction

    Lido's stETH token was mainly developed to provide a liquid version of staked ETH2. stETH is not only liquid but also transferable, and earns staking rewards. Being an improvement upon traditional staked ETH2, how is the crypto ecosystem receiving and reacting to this revolutionary token? This dashboard takes a dive into the users behind the stETH token, and brief overview of its network effects.

    2. How Many Unique Users?

    When it comes to users (stakers), the first question is usually about the numbers. How many unique users have ever staked native ETH for stETH? Note that user is just a substitute word for ethereum addresses. From the table below, our question is answered, as there are 23,751+ unique users who have staked ETH for stETH.

    Loading...

    3. How Frequent Are Stakes?

    Next, let's look at how frequently the users are staking ETH for stETH. The chart below shows the daily frequency of stETH being minted. There was substantial activity from genesis but frequency slowed down a bit from March to early May 2021. Staking picked up starting from May and steadily rose till mid-August where staking frequency skyrocketed leading to a peak of 1,386 stakes on August 14, 2021. This sudden spike can be attributed to the introduction of bETH (which is converted from stETH) as a collateral option on Terra's Anchor.

    Loading...

    4. What Number of Users are Active Stakers?

    We've seen the total number of unique users and how frequent they stake ETH for stETH. Now, we want to know how many of the users are active on a daily. We do this by finding the average number of users staking daily.

    Loading...

    5. Users with Most Stakes

    Now, let's take a look at the number of times active users have staked ETH for stETH. This metric is an indication of utility, as users staking repeatedly implies that users have utility for the token, otherwise users do not return. The chart below shows that the most active user has staked ETH for stETH 2,832 times!

    Loading...

    6. What about Stake Size?

    It is established that users are staking frequently, but how much ETH are they staking. This will give us a view into what kind of users we're looking at, and if they're truly putting their money where their mouths are. Our final chart shows the top 20 users with the most staked ETH for stETH since genesis.

    Loading...

    The top 3 largest total stake per user are 115.6KstETH, 61.4KstETH, and 50KstETH respectively. These are huge sums!

    7. Final Words

    The data presented above proves beyond reasonable doubt that Lido's stETH is steadily being adopted. For most ETH hodlers there isn't a better way to hold ETH while earning passive income without the risk of illiquidity. stETH is a real utility, and its userbase shows.