Try Quests to earn cryptostETH vs. ETH
How has the price of stETH compared to ETH? Are there any events that triggered a big difference in price between the two tokens?
Introduction and methods
Lido Staked Ethereum (stETH) is a token that represents the Ethereum wagered on Lido, combining the value of the initial deposit and participation rewards.
In particular, stETH token balances are linked 1:1 to Lido Staked Ethereum and token balances are updated daily to reflect winnings and rewards.
In this dashboard we are gonna analyze one of the main features and attractive things of Lido, the stETH, related to the Ethereum staked on the platform.
The idea is to show the difference between this token and the ETH itself. To be able to compare properly I have computed the following:
- The trajectories of the tokens over time
- The average price hourly
- The price differences
Taking a look at the results, it can be seen how in a daily basis, the value seems similar, however, in an average manner, the stETH is a little bit lower in value than ETH, around 0.715%.
Moreover, there are like 2 main periods where the stETH was really lower than ETH price. These periods were detected during March 2021 and May 2022. During that days it seems like possible events could be affecting the performance of the stETH tokens. In fact, for the second waves, it seems like UST depegging affected it. Maybe, due to a huge amount of volume came out from the Lido pools or something related due to panic.