Staking STBL on AlgoFi
Let's look at how much STBL, Algorand's First Stablecoin, has been staked on AlgoFi.
Introduction
AlgoStable, styled as STBL, (ASA ID 465865291) is an algorithmic stablecoin that is native to the Algofi protocol on Algorand. Users are able to borrow STBL just like any other asset on the Algofi protocol. AlgoFi distributes STBL reserves to ensure liquidity and promote its growth and stability through staking and liquidity pool contracts. Users participate in staking by acquiring STBL then supplying it to the Algofi STBL staking pool.
In this dashboard, we shall look at the statistics surrounding staking and unstaking actions of STBL on AlgoFi.
Metrics
The metrics we will look at in the section should give us an idea about the nature of staking STBL. Let us look at our first chart below which shows stake and unstake actions of STBL over time. While stake refers to the process of depositing STBL in the staking pools, unstaking refers to removing STBL from the staking pool.
Staking actions got off to a good start with about 721 stakes on the first day of launch. There has since been a zig-zag pattern as staking actions decrease and rise as the days go by. One interesting note here though is that unstaking actions seem to rise with rising staking actions and vice-versa.
Now, let's take a look at all these actions cumulatively. The chart below shows the cumulative stake and unstake actions of STBL over time.
We can see that there have been more staking actions than unstaking actions since inception with a difference of about 1,000 at the time of this writing.
The next question we ask ourselves is, what is the total number of wallets that have staked STBL on AlgoFi over time. The chart below answers this question by displaying the daily total number of unique wallets staking STBL on AlgoFi.
As expected, there are more unique stakers in the first 2 weeks than any other two weeks combined. This is strongly linked to the hype a DeFi protocol usually receives during the first few days after inception. On average, there are about 60 unique wallets staking STBL daily. There are about 2870 unique stakers in total as seen from the graph below.
We know that there staking actions and also unstaking actions that remove $STBL from the staking contracts. So how much is left in the staking contract as we speak?
After subtracting unstake amounts from stake amounts, we are left with 0.69M worth of $STBL which currently sits in the staking contract.
Conclusion
In this dashboard, we defined what STBL is and its role in staking on AlgoFi. We then did a brief analytical investigation by analyzing staking actions over time which we found that there are about 2,870 unique wallets that have staked about 0.69M worth of STBL since December 23, 2021 and there were more unique stakers in the first two weeks than any other two weeks combined. Staking actions also tend to be directly proportional to unstaking actions over time.