Try Quests to earn cryptoOpen Analytics Bounty: ETH (December 4)
aETH
Stkr is a decentralized protocol and platform, built by Ankr, where users can stake any amount of ETH in Eth2 Micropools with zero slashing risk, and get instant liquidity with aETH.
The Stkr platform combines staking and DeFi, implementing elements from traditional staking with non-custodial management and decentralized governance.
aETH is a synthetic derivative asset issued to ETH stakers, that enables instant liquidity for the illiquid Ethereum 2.0 network. source
rETH
Rocket Pool ETH is a unique decentralizedstaking pool protocolon Ethereum. Rocket Pool aims to implement the core ethos of DeFi and Ethereum, specifically the non-custodial, trustless nature that supports self-sovereignty. According to the whitepaper, the community-owned Rocket Pool is based on the PoS (Proof of Stake) algorithm, wherein users can participate by tokenized staking or by running a node in the protocol. Operators need to stake 16 ETH to run a node and earn commissions and rewards thereon. Further, users can stake their ETH tokens on the Rocket Pool network to earn rETH tokens automatically. The rewards will be gained over time, regardless of whether their ETH tokens are traded, sold, or held; rewards are automatic from the moment they deposit ETH for staking in the liquidity pool.
stETH
Staked ether (stETH) refers to a cryptocurrency token representing one unit of ether (ETH) that has been "staked" or deposited and locked up in support of Ethereum's upgraded network called the beacon chain. Staked ether functions somewhat like an IOU, in that stETH holders should be able to redeem staked ether tokens for an equivalent number of ether tokens following a waiting period. In this case, the waiting period will last until after Ethereum's new network standard, Ethereum 2.0, is adopted.1
Price of ETH derivatives Over time
As you can see, the price of ETH fell sharply on November 8 and 9 this year, causing users to be very worried about their capital, and their fear caused the price of ETH to fall further. Now let's see the situation of ETH derivatives in this fall. How is it?
In these two days, when the price of ETH started to fall sharply, we do not see the de-pegging of ETH derivatives, and we see that their prices started to fall when ETH started to fall, but on November 10, the price of aETHc It decreased more to ETH and its value reached 0.96 compared to ETH on this day and it can be said that this was the only derivative of ETH whose price decreased more compared to ETH.
In the next few days, the situation changed again and the value of aETHc was equal to ETH again, and even in the next few days, its value exceeded ETH and reached 1.1, and in the meantime, the price of another ETH derivative, namely rETH fell more than ETH and fell to 0.93 and stayed there
Metrics
- stETH, aETHc, aETHb, rETH vs ETH Price
- ETH & Derivates PEG Over Time
- Average ETH : Derivates PEG
- Tokens Daily Peg Comparison with ETH
- Number of Swaps
- Number of Swappers
- Volume of Swaps
- Number of Mints
- Volume of Mints
Methods
We have the contract address for each token as below:
- aETHb: 0xd01ef7c0a5d8c432fc2d1a85c66cf2327362e5c6
- aETHc: 0xe95a203b1a91a908f9b9ce46459d101078c2c3cb
- rETH: 0xae78736cd615f374d3085123a210448e74fc6393
- stETH: 0xae7ab96520de3a18e5e111b5eaab095312d7fe84
So, considering above addresses and using ethereum.core.fact_hourly_token_prices table, we can calculate the average daily value of each token over time.
ETH Derivates Peg Before & After Price drop
The average value of aETHb compared to ETH was 1.121 before the fall in the price of ETH, and after the fall in the price of ETH, its value compared to ETH reached 1.126, which shows that this fall is not at all Its value has not had a negative impact, but a positive one.
The next derivative of ETH that we examine is aETHc, whose average value compared to ETH was 1.02, and after the fall of ETH, its value became 1.03, which shows that this extreme fluctuation of ETH has a great impact on This token has not and this ETH derivative performed very well against this extreme volatility.
The value of two ETH derivatives, rETH and stETH, did not change significantly before and after the fall of ETH, and their value did not change during these extreme fluctuations.
ETH Derivates Swaps Activity
Before the fall of ETH, aETH had a total of 144 swaps, out of which 83 swaps were to this token and 61 swaps were from this token, and these swaps were done by 89 users, with a total of 965 transactions. thousand dollars, of which 463 thousand dollars were swapped from this token and 502 thousand dollars from this volume to this token.
After the drop in the price of ETH, the total number of swaps of this token reached 152, which shows that this price drop will increase the number of swaps of this token, and out of this number of swaps, 79 were of this token and 73 were of this token. This number of swaps was done by 96 users and the total volume of transactions of these users was 1.266 million dollars, which shows that the fall in the price of ETH caused the volume of transactions of this ETH derivative to increase a lot.
The next ETH derivative we will look at is stETH, which is a popular token among more users. Before the fall of the ETH price, a total of 2,543 swaps were registered with this token, of which 1,736 swaps were from this token and 807 were swaps to this token, and these swaps were done by 1,641 users and the total volume of transactions of these tokens was 150 million dollars.
After the fall of ETH, a total of 7910 swaps have been done with this token, which shows that the fall of ETH has caused a multiple increase in the number of swaps of this ETH derivative, and this number of swaps has been done by a total of 4788 users. The total volume of transactions was 1.129 billion dollars, which shows that the fall in the price of ETH caused a huge increase in the volume of transactions of this token.
The last ETH derivative I will look at is rETH. Before the fall of ETH price, a total of 2055 swaps were done with this token, of which 1053 swaps were to this token and 902 swaps were from this token, which number of swaps were done by 753 users and the total volume of transactions of this token It was 26 million dollars.
After the drop in the ETH price, the total number of swaps of this token was 4102, of which 2173 swaps were for this token and 1929 swaps were for this token. which shows that the drop in ETH price has increased the trading volume of this ETH derivative
ETH Derivates Swaps Activity Over time
In the days before the drop in the price of ETH, the total number of swaps of ETH derivatives was always below 500 swaps, but since the beginning of the fall in the price of ETH, the number of swaps increased so that on November 9, the total number of swaps was 1085 swaps were received, which is more than double the previous days.
In the days before the fall of the ETH price, the average number of users who swapped ETH derivatives was around 300 users per day, but in the days when the ETH price started to fall, the number of users increased so that On November 12, the number of users reached 732 users.
The volume of user transactions in the days before the fall of the ETH price was on average below 50 million dollars, but on the day before the fall of the ETH price, which is November 8, the total volume of user transactions reached 220 million dollars, and after the price fall, the same volume User swaps were still high and this shows us that the drop in ETH price has made more users swap with ETH derivatives.
ETH Derivatives Mint Stats
After the fall in the price of ETH, the number of mints of ETH derivatives was in an upward trend, that is, the fall of ETH has caused an increase in the mints of ETH derivatives, but on the other hand, the volume of their mints has decreased and it seems to be falling. The price of ETH has reduced the volume of ETH derivatives
aETH
rETH
stETH
Thanks for reading
-
All data used are from: Flipside Crypto
\
-
My Twitter: Sepehrmhz8
Conclusion
We saw that on November 8 and 9, the price of ETH dropped sharply, but this price drop did not cause a sudden change in the value of ETH derivatives, and they were able to maintain their value very well. The most important impact of this price drop is that the volume and number of ETH derivatives swaps changed, that is, after the drop in the price of ETH, the volume and number of ETH derivatives swaps increased.
