[ETH] Lido Rocket Pool Comparison

    Intro

    Lido is one of the largest staking protocols with over $20B TVL across 4 chains (Ethereum, Solana, Terra and Moonriver). It's very popular for Ethereum users while almost as important for Terra users but a little less known. On Terra, the bLUNA which represents the staked version of LUNA is made possible by Lido in the background.

    Rocketpool is a similar to Lido in the sense that it's also an ETH staking pool. Both ETH and Lido make it easy for smaller investors to bypass the requirement of minimum 32 ETH for staking.

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    Methodology

    In this analysis, we're comparing Rocketpool and Lido deposits to see how much usage both of these staking pools are seeing.

    Observations

    Lido has about 10-months head start on Rocket pool. If we compare both the products in March 2022 then Lido has a much more popular product. For e.g.

    1. Lido has ~69K staking transactions so far compared to Rocket's ~3400.
    2. Comparing them on daily transactions, Lido is 300-400 compared to Rocket's 20-50 staking transactions.
    1. Comparing the daily users, we see similar pattern with Lido seeing 200-300 users everyday while Rocket attracts less than 50 users daily.
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    1. In March, Lido is attracting deposits at the rate of 10-50K ETH daily.
    2. Meanwhile Rocket attracts ETH deposits in the order of 100s and on some days as high as 2000 ETH.
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    1. Comparing the ETH staked over time, we can see how dominant Lido is. While Lido has nearly 3M ETH staked, Rocket's only has about 90K staked.
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    Conclusion

    Lido is a product that has been around much longer than Rocket. If we compare the daily number of users and transactions for Lido 4-5 months after launch, we'll see similar numbers as Rocket. But this also means that a lot of new users are finding Lido and staking with them. It'll be interesting to see in the next year if Rocket is able to gain significant market share against Lido.