Open Analytics Bounty: Avalanche (August 8)
In this dashboard, I take deep dive into BENQI's Liquid Staking Protocol on Avalanche
Introduction
BENQI Liquid Staking is the first liquid staking protocol for Avalanche. Users stake AVAX with BENQI and receive sAVAX, an interest-bearing version of AVAX. This action allows users to earn both the rewards for securing the Avalanche network and from the world of DeFi. At the time of writing this dashboard, the Annual Percentage Rate of staking Avax is 7.2%.
In this dashboard, the questions are how much Avax staked at BENQI since May 2022? How much was unlocked? How many users have staked their Avax on this platform? What about the top ten stakers? Can you compare it with the leading liquid staking protocols such as LIDO, ROCKET POOL on Ethereum, and MARINADE finance on Solana?
Methodology
For Extracting Benqi data the contract address ‘0x2b2c81e08f1af8835a78bb2a90ae924ace0ea4be’ I used and MethodID: 0x5bcb2fc6 considered as staking AVAX, and MethodID: 0xdb006a75 as unstaking AVAX,
I used two programs For Extracting Marinade data. the first one is ‘MarBmsSgKXdrN1egZf5sqe1TMai9K1rChYNDJgjq7aD‘ and the second is ‘mRefx8ypXNxE59NhoBqwqb3vTvjgf8MYECp4kgJWiDY‘.
The contract address for Lido that I used is ‘0xae7ab96520de3a18e5e111b5eaab095312d7fe84’ and
ORIGIN_FUNCTION_SIGNATURE='0xa1903eab
' . Also the contract for Rocket pool is ‘0xae78736cd615f374d3085123a210448e74fc6393‘
The Staking vs. Unstaking action on BENQI
Since May 2022, 2.24M $AVAX have staked on Benqi, which was three times greater than unlocked $AVAX with 671K. In this interval, 8K Users staked $AVAX, and just 6 percent of them (525) unlocked their $AVAX. The bar chart below shows the daily $AVAX volume in and out of BENQI. In May, except on day 17th, users were inclined to unlock their AVAX. In June, the rate of unlocking decreased, and it was the start of ascending trend in staking. In the first half of Jul, we saw a growth in Benqi, and the ATH in staking volume occurred on Jul 6th with 273K $AVAX deposited. since Jun, stakers have dominance on Benqi rather than unstakers.
BENQI vs. The Field
In this section, we wanted to measure the BENQI performance compared to the leading protocols on Other blockchains such as LIDO and Rocket pool on Ethereum and Marinade on Solana.
Based on the bar charts below, Lido performed better than other competitors regarding the number of stakers and the deposited volume in $USD. For second place, marinade with lower stakers attracted more value to itself rather than BENQI. In all metrics checked in this dashboard, Rocket pool placed at the fourth rank after BENQI.
Conclusion
- 8K users staked 2.24M $AVAX on Benqi, which was three times greater than the unstaked amount.
- Since Jun, the stakers have dominated Benqi more than the unstakers.
- wallet ‘0xa9497fd9d1dd0d00de1bf988e0e36794848900f9‘ with 341K $AVAX deposited the most among stakers.
- Compared to other liquid staking platforms, Benqi placed at the third rank in terms of the staking value in USD.
- Lido performed better than other competitors regarding the number of stakers and the deposited volume in $USD.
- Rocket pool seems to be unmatured compared to other protocols.