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Q10. Of the stakers that have swapped ETH to stETH, how much ETH did they gain or lose depending on the peg of stETH to ETH at the time of the swap? Repeat the same analysis for stakers who have swapped stETH to ETH; how much ETH did they gain or lose?
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When users stake their ETH, they receive (Mint) another token named stETH which is supposed to be 1:1 to ETH.
In this dashboard I analyzed:
- The peg of stETH to ETH
- Wallets that were staked stETH and swapped ETH to stETH (Number of wallets, Number of swaps, and their gain from swaps)
- Wallets that were staked stETH and swapped stETH to ETH (Number of wallets, Number of swaps, and their gain from swaps)
The following graph shows the peg of stETH to ETH:
Before May 7th, 2022, the lowest peg was around 0.955-0956 on March 8th, 2021, and March 18th, 2021, but after that, it started to decrease, and currently (June 15th, 2022) it reached its lowest rate (0.9453535).
When this de-pegs happens, users that staked their ETH can receive a lower amount of ETH by swapping their stETH to ETH and it results in losing some of their assets.
The following graph shows, ETH stakers' wallets, the number of their swaps, and the amount of stETH they gain (or lose) by swapping ETH to stETH when the peg was lower than 1.
Here we have the total numbers:
Overall 943 wallets (who staked ETH previously) in 1272 swap transactions gained 32.89 stETH more than the swapped ETH.
In the above table, you can see the wallet with the most swaps, the wallet with the most losses, and the wallet with the most gains.
The following graph shows, ETH stakers' wallets, the number of their swaps, and the amount of ETH they gain (or lose) by swapping stETH to ETH when the peg was lower than 1.
Here we have the total numbers:
Overall 3970 wallets (who staked ETH previously) in 5051 swap transactions lost 556.1 ETH (more than their staked ETH).
In the above table, you can see the wallet with the most swaps, the wallet with the most losses, and the wallet with the most gains.
The following graphs show the daily number of wallets, daily number of swaps, and total value gained or lost on each day:
As you can see when stETH lost its peg, the number of ETH to stETH increased.
The following graphs show the daily number of wallets, daily number of swaps, and total value gained or lost on each day:
As you can see when stETH lost its peg, the number of stETH to ETH increased.
The following graphs show a comparison between the number of wallets, number of swaps, and the amount of gained or lost assets, respectively.
As you can see after de-peg, activity on both sides increased (more in stETH to ETH swap side) but for different reasons:
- on ETH to stETH side, users are optimists about the future and they are trying to gain profit but on the other hand (stETH to ETH side), users are pessimistic about the future and they are trying to save their assets even by losing some part of it (currently 5-6%).
- After de-peg, activity in both directions increased significantly
- Number of wallets and swaps in the ((stETH to ETH)) direction is 4 times greater than in the other direction
- In the ((ETH to stETH)) direction, users gained only 32.89 ETH but in the other direction users lost 556 ETH
- On June 13th, 2022, users who swapped stETH to ETH, lost more than 117 ETH (the largest amount of lost ETH in one day)