stETH Stats, Volume 2: stETH Swaps

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

Hmmm, I wonder what’s happening on-chain…

That’s what Flipside’s community of analysts has been hard at work trying to answer. In a previous look at Lido, we examined how long users tend to HODL their stETH.

This time, we’re trying to find out exactly what weekly stETH swaps and transactions can teach us about Lido, stETH, and the ecosystem that surrounds it. We’ll be doing so with the help of two Flipside Crypto analysts — @crpytoicicle and @jp12__.

Let’s dig in.

“Out” transactions outnumber “in”

We’ll start with a look at weekly stETH swap volume from @crpytoicicle

As we can see in the data below, “OUT” transactions far outnumber “IN” transactions.

Lido data stETH swaps

When we examine transaction volume, however, “IN” transactions far outweigh “OUT” swaps, as can be seen below. What’s more, the volume entering and leaving stETH pools on Curve, where most stETH volume has been going, have been roughly equal in recent weeks.  

Lido data stETH swaps

The biggest swapping wallet on Lido

So, what patterns can be gleaned from these weekly stETH swaps? Well, when we examine the wallets participating in these transactions, we can identify some of the biggest and most influential whales in the Lido ecosystem.

As we can see in the data below, there’s one wallet that stands above the rest when it comes to swap volume. According to this submission from @jp12__, that wallet has nearly $4.5 million USD swapped so far.

Lido data stETH swaps

What do these weekly transaction figures indicate? According to @jp12__, it’s all about just how maisonette stETH holders are about Ethereum in general — and very little else.

“stETHians are very pro-Ethereum at this moment” — which should come as no surprise to most observers. And “most stETHians are not diversified beyond stETH and ETH.”

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.

Share This Post on Social Media
Share on facebook
Share on twitter
Share on linkedin