stETH Stats: The Bigger The Bag, The Longer The HODL 💰

There’s lots of talk about Lido, the liquid staking protocol that’s seen more than $6 billion deposited already this year.

But what’s happening on-chain when it comes to stETH, bLUNA, and other Lido players?

Hmmm, I wonder…

Thanks to Flipside Crypto’s community of Lido analysts, we have some answers. And according to @clauminguella and @mintingfarms, it’s been a busy few weeks for stETH.

stETH daily volume peaks in late August 📈

As we can see in the chart above from @clauminguella’s submission, stETH seemed to be building momentum in Q1 of this year, with volumes slowly increasing. In April, however, there was a stark decline before volume statistics peaked for the first half of the year in late May.

More recently, however, daily volume has been higher for stETH. Volume peaked on August 27, as we can see above. And, while it did not match those highs the next month, daily volume figures continue to well outpace earlier averages.

According to @clauminguella, this more recent rise could be a good sign for stETH, as it could indicate that the currency has found a strong use-case and user base.

bETH triples new stakers 📊 

Our next submission from @mintingfarms could also hold some good news for stETH. 

As we can see above, @mintingfarms found that the number of both new and cumulative Lido stakers has been on the rise as of late. One big reason for that? The debut of bETH on Anchor. The number of new stakers with Lido nearly tripled from 7,000 stakers in August of this year to 20,400 stakers by October.

The bigger the bag, the longer they hold 💰

One thing that both @clauminguella and @mintingfarms noted in their analyses?

The bigger the stETH bag, the longer that addresses tend to hold onto their stETH. @mintingfarms, for instance, noted that Whales (or those with more than 1k stETH), “hold their stWTH for 60.8 days on average.” Shrimps, meanwhile, (those with less than 10 stETH), hold it for just 32.6 days.

As @clauminguella noted, increased holding, especially from whales, could be “something that gives credibility to [stETH], and give it some stability and security.”

Do more with Lido data 🔍

That does it for now. Thanks to everyone who submitted such great Lido data dashboards! Want to get more involved with the Flipside community and see your own submissions on our blog? Join us on Discord to get started.

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