Try Quests to earn cryptoETH Removed
Overview ~ 8 min read
In this dashboard, I will answer this question from Flipside Crypto:
Examine user behavior in recent weeks leading up to the merge on at least 3 major protocols.
Have there been any changes in the amount of ETH removed from protocols like Uniswap and Aave? Note any trends or outliers you find.
Introduction
Introducing to Uniswap
The Uniswap protocol is a peer-to-peer1 system designed for exchanging cryptocurrencies (ERC-20 Tokens) on the Ethereum blockchain. The protocol is implemented as a set of persistent, non-upgradable smart contracts; designed to prioritize censorship resistance, security, self-custody, and to function without any trusted intermediaries who may selectively restrict access.
There are currently three versions of the Uniswap protocol. V1 and V2 are open source and licensed under GPL. V3 is open source with slight modifications, which are viewable here. Each version of Uniswap, once deployed, will function in perpetuity, with 100% uptime, provided the continued existence of the Ethereum blockchain.[1]
Introduction to Aave
Aave is a decentralised non-custodial liquidity market protocol where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers are able to borrow in an overcollateralised (perpetually) or undercollateralised (one-block liquidity) fashion.
Why Aave?
Aave Protocol has been audited and secured. The protocol is completely open source, which allows anyone to interact with a user interface client, API or directly with the smart contracts on the Ethereum network. Being open source means that you are able to build any third-party service or application to interact with the protocol and enrich your product.[2]
Introduction to MakerDAO
Created in 2014, the MakerDAO platform was launched as an open-source project on the Ethereum blockchain and a Decentralised Autonomous Organisation. The Maker protocol helps generate Dai, which is the stablecoin generated by holding collateral assets approved by “Maker Governance”.
The governance of Maker Protocol is conducted through ownership of the MKR token. Token holders, and sometimes non-token holders, can submit proposals for an MKR vote. These votes are mainly used for executing changes on the system.
The elements of the Maker Protocol are the Maker Collateral Vaults, Oracles, Voting and the Dai stablecoin. The Maker protocol was the first highly adopted Defi application on the ethereum blockchain and is still one of the largest decentralised applications on the blockchain.[3]
Introduction To Compound Finance
Compound is one of the oldest DeFi lending protocols in the cryptocurrency industry that connects borrowers with lenders and allows them to take full control over their crypto capital. In short, lenders can deposit crypto into the Compound protocol and borrowers can take out loans out of those pools if they have enough crypto to put down as collateral.
COMP is the native token of Compound Finance and holders can use it to vote on governance proposals since the protocol is managed and governed by the community.
How Does Compound Finance Work?
As mentioned, Compound brings lenders and borrowers together on a single decentralized platform. From here, lenders can deposit their crypto into the corresponding pool and earn passive income just by holding it there. Borrowers also have to deposit some crypto before taking out a loan since every loan needs to be collateralized.[4] \n \n
Method
To solve this question,
I took into account the amount of Ethereum withdrawn and entered from the platforms: In Uniswap I considered Ethereum Classic liquidity amounts And in Compound and the rest of the platforms, I considered the amount of input and output of Ethereum
Another thing is that for all platforms except Aave I considered WETH For Aave, I divided this platform into two categories: WETH and stETH (LIDO)
For this analysis, I placed the condition of the last 3 months and specified 2 weeks before Marge and Marge itself in the charts The conditions I set for filtering and reaching the answers are as follows:
for uniswap (WETH) remove**:**
from ethereum.core.fact_event_logs
where block_timestamp::date >= CURRENT_DATE() - interval '3 month'
and event_inputs:src = '0xc36442b4a4522e871399cd717abdd847ab11fe88' -- filter uniswap lp transactions
and event_name = 'Withdrawal' -- filter Withdrans
and contract_name = 'WETH9' -- filter eth Withdrans
and contract_address = '0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2' -- weth contract
and tx_status = 'SUCCESS'
for Aave (WETH) remove :
from ethereum.aave.ez_withdraws
where block_timestamp::date >= CURRENT_DATE() - interval '3 month'
and symbol = 'WETH'
for Aave (stETH) remove :
from ethereum.aave.ez_withdraws
where block_timestamp::date >= CURRENT_DATE() - interval '3 month'
and symbol = 'stETH'
for Maker DAO (WETH) remove:
from ethereum.maker.ez_withdrawals
where block_timestamp::date >= CURRENT_DATE() - interval '3 month'
and symbol = 'WETH'
and tx_status = 'SUCCESS'
for Compond (WETH) remove:
from ethereum.core.fact_event_logs
where block_timestamp::date >= CURRENT_DATE() - interval '3 month'
and event_name = 'Redeem' -- Redeem fillter (withdraw)
and contract_name = 'CEther' -- filter eth
and contract_address = '0x4ddc2d193948926d02f9b1fe9e1daa0718270ed5' -- Compound: cETH Token
and origin_from_address = event_inputs:redeemer -- send cETH from user address to Compound (withdraw cETH)
and tx_status = 'SUCCESS'
Please accept my apologies for my inappropriate accent and dialect.
observations
uniswap
-
Deposits and withdrawals in the last 3 months on the uniswap platform can be said to be normal and no particular trend can be observed, but from September 1 to September 14 (2 Weeks Prior to The Merge), it can be clearly seen that the amount of deposits is less and the amount of withdrawal is much higher than before
and has made the graph negative.
-
Deposits and withdraws
On the day of the Merge, a small amount of Ethereum was deposited, but on the day after the Merge, a relatively large amount of Deposits were made
Aave
-
Deposits and withdrawals in the last 3 months on the Aave platform can be said to be normal and no particular trend can be observed, but from September 1 to September 14, it can be said that much more volumes have been deposited and withdrawn than in the last 3 months, but again, the amount of withdrawals from The amount of deposits is higher in these two weeks
-
Deposits and withdraws
On the day of the Merge, the amount of Ethereum Deposits was relatively high, but on the day after the Merge, the pressure of Deposits was lower than the previous day
-
Among all the platforms, on the day of Merge, the amount of Deposits is more than withdraw, but in the chart of Ethereum Lido on the Aave (stETH) platform, this value is negative, that is, withdraw is more than Deposits. My guess is that this amount of withdrawal entered the main platform, Lido.
\
MakerDAO
-
Deposits and withdraws in MakerDAO in the last 3 months can be said to be normal and no special trend can be observed, but from September 1 to September 14, the pressure of withdraw was much higher than that of deposits, and in these 2 weeks, the chart has been negative every day. On Merge day, the withdraw pressure decreased and gave us a positive value
\
compound
Deposits and withdraw in the compound in the last 3 months, it can be said that more withdrawals have been experienced and more volumes have been withdrawn from this platform in the last 3 months. From September 1 to September 14, the withdrawal pressure is much higher than that of deposits, and in these 2 weeks The chart has been negative on most days On the Merge day, the withdrawal pressure decreased and gave us a positive amount, but the day after the withdrawal pressure was higher than the Deposits.
observations
- If we conclude in general, in the 2 weeks before the Merge, all platforms have experienced more withdrawal pressure, but Ethereum Lido on the Aave (stETH) has acted contrary to the others.
- This issue also applies on the day of Merge, all platforms had more deposits pressure than withdraws on this day, but Ethereum Lido on the Aave (stETH) has withdrawn more on this day.
In the lower part, I see a monitoring of the total figures that were removed from the platforms in the 2 weeks before the Merge, the day of the Merge, and the days after the Merge.
Conclusion
- All platforms reviewed experienced a lot of withdrawal pressure in the 2 weeks before the Merge, except for Ethereum Lido on the Aave (stETH).
- On the Merge day, all the reviewed platforms had more deposits than withdrawals, except for Ethereum Lido on the Aave (stETH).
- In the two weeks before the Merge, the most withdrawn Ethereum on the platforms are as follows
- Aave (WETH) 1.3M $ETH > Uniswap (WETH) 289k $ETH > Compound (WETH) 130k $ETH > Aave (stETH) 118k $ETH > MakerDAO (WETH) 51.2k $ETH
- On Merge day, the most withdrawn Ethereum on the platforms are as follows
- Aave (WETH) 160k $ETH > Aave (stETH) 40.6k $ETH >Uniswap (WETH) 29.3k $ETH > Compound (WETH) 13k $ETH > MakerDAO (WETH) 12k $ETH
Appendix
The solution of this question and the queries are completely used from the filipside database
The construction of the dashboard was also used from the site
app.flipsidecrypto.com/velocity, which belongs to flipside