1. We can observe that since April to the first week of May, the TVL for stETH and ETH were both averaging around 800k to 970k (in ETH).
2. Nonetheless, stETH and ETH TVL plummeted on the 12th of May, with stETH having a -36.43% and ETH having a -56.92% decrease in TVL.
3. This shows that, as a result of the bear market, users are removing assets from pools in favor to swap to a stablecoin and mitigate their losses.

1. The trend for the amount of stETH staked is identical to the chart for the number of stakers.
2. Prior to May, the amount of stETH staked per day is significantly higher than the unstake amount.
3. However, Since May 12th, the amount of stETH unstaked has been much more than the amount staked.
4. This is largely because of the decline in crypto market, many users would opt to keep ETH over stETH for liquidity, resulting in the increasing of unstaking amount.

1. According to the graph above, we can observe that the number of stETH stakers are significantly higher than unstakers on majority of the days.
2. However, since the second week of May, the number of users that unstaked their stETH has grown considerably.
3. On some days, more users unstake than stake their stETH.
4. The number of users unstaked reached a high on the 11th of June with 490 number of unstakers.

Overview

The following topics regarding stETH/ETH fluctuation will be analysed in this report, to identify the price correlation:

1. Number of stETH stakers and unstakers per day since beginning of 2022
2. Amount of stETH staked and unstaked per day
3. stETH vs ETH Curve TVL since April of 2022
4. stETH vs ETH price in USD

1. After examining at the number of stakers, stake amount, and TVL for both stETH and ETH, let's see how it affected the price.
2. According to the area chart, we can observe that since beginning of 2022, the price of stETH and ETH have been identical.
3. On the other hand, since 12th of May, the price of ETH is higher than stETH for about 5% and both prices have been on steep decline.

Key Findings

1. Since the second week of May, the number of users that unstaked stETH and the unstake amount have grown considerably.
2. stETH and ETH TVL plummeted on the 12th of May, with stETH having a -36.43% and ETH having a -56.92% decrease in TVL.
3. As a result, the price for both stETH and ETH were no longer pegged.