Methodology

• Note: We use WETH as a proxy for ETH
• We are looking at data since May 2022, but that can be changed via the paramter.

We analyze the following metrics in this dashboard

• Price of ETH vs stETH in $USD and stETH - ETH price difference $USD
• WETH/stETH Ratio
• Hourly Average Gas used $ETH vs WETH/stETH Ratio
• Curve Pool Liquidity stETH - $stETH and $USD

Price of ETH vs stETH in $USD and stETH - ETH price difference $USD

• Looking at the stETH vs ETH price, it was tracking very closely until May 12, 2022, right before the Terra implosion.
• Ever since May 12, 2022 we see a deviation in the price of ETH and stETH, the gap widens on May 13, 1200 at 1600 UTC, with difference going on as much as 113$, again on June 10, 2022 at 94$

WETH/stETH Ratio

• If we look at the WETH/stETH Ratio and how it has performed over the time period, ideally stETH and ETH should be 1:1 ratio, however as seen most of the time it has rarely been >=1
• As seen in the chart below the trend has been that the ratio has been decreasing as the price of stETH vs ETH has been decreasing.

Hourly Average Gas used $ETH vs WETH/stETH Ratio

• If we compare the average Gas Used per transaction per day in $ETH vs the WETH/STETH Ratio, then we observe that we see some blips in Gas prices going up, which are followed by decrease in stETH price and stETH/ETH ratio.

Lido Curve Pool Liquidity stETH - $stETH and $USD

• Given below is the Lido Curve Pool Liquidity stETH liquidity both in terms of $stETH and $USD
• The liquidity has seen a sharp decline as well in the past 40 days, with liquidity decreasing from 2.2B to 770M or 65% decline in Curve Pool Liquidity.
• As this liquidity decreases there is a greater chance of slippage, thereby causing greater variance in price.