TokenFlow-2.The Merge

    -- Q2. "As we near ‘The Merge’, are there any new trends within the ETH2 Deposit Contract -- (0x00000000219ab540356cBB839Cbe05303d7705Fa), or other synthetic staked ETH assets, such as Lido stETH?

    Methodology

    • Find all the transactions from tokenflow_eth.calls where the receiver is either the ETH2 Deposit contract or the Lido Staked ETH contract.
    • The amount of ETH deposited comes from call_value/1e18
    • Find various metrics like number of transactions, weekly total, average and max amount deposited.
    • Note we are looking at Weekly Metrics.

    Number of Transactions

    • ETH Deposit contract had more deposit transactions until July 2021, after which Lido stETH took over the number of ETH deposit transactions.
    • The highest number of transactions were ~12K for stETH during Aug 16, 2021 week and 12.62K for ETH2 during Nov 23, 2020 week.
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    Amount of ETH deposited

    • Even though the number of transactions in stETH have picked up, however the weekly deposits of ETH into the ETH2 contract have remained a lot more than stETH.
    • The highest weekly deposits were ~462K for stETH during Mar 14, 2022 week and ~558K for ETH2 during Nov 23, 2020 week.
    • As of today, 10.7M ETH have been locked into the ETH2 deposit contract and 2.69M have been deposited into Lido's stETH.
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    Average Amount of ETH deposited

    • The average amount of ETH deposited in the ETH2 contract has consistently stayed at 32 ETH until Nov 2021, the numbers have started falling since then, lowest being 25.4 ETH as weekly average.
    • The average amount for stETH has been all over the place, ranging between 2ETH to 30ETH.
    • As of today, the running weekly average is 30.79 ETH for ETH2 and 5.54 ETH for stETH
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    Max Amount of ETH deposited

    • The max amount of ETH deposited in the ETH2 contract has consistently stayed at near 32 ETH
    • The max amount for stETH has been all over the place, ranging between 53 ETH to 62K ETH
    • As of today, the running weekly max is 128 ETH for ETH2 and 62k ETH for stETH
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