Stader: Liquid Staking

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    Version 1 of the stader protocol had more staking activity

    Post hack, once operations were restored, the stacking numbers fell, while unstaking numbers increased

    This led to an increase in net outflow and dwindling staked balances.

    One must remember this is the trend despite Stader offering 30 to 40% APYs on NearX.

    At its peak, StaderX had 2.5 Million Near staked. The restart saw alot of volume exiting.

    Yet around 2.8 Million Near tokens remain staked, with healthy growth over the last two weeks.

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    Tracking movement of NearX token, which can be of two types :

    P2P transfers - ft_transfer function call that simply transfers a token from one user to another Function Call transfers - ft_transfer_call function that transfers a token and accepts a message that is interpreted as a function call on the recipient contract

    There is a healthy balance between P2P transfers and DeFi transfers exist.
    This is a result of Staders focus on DeFi integration, NearX being listed on major DEXes with Liquidity incentives, thus providing users the ability to get higher returns than normal staking, while the capital being easy to unlock.

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    The hack stemmed an exponential adoption growth of NearX. However, it has slowly reached pre-hack levels of growth While Liquid Capital and Capital efficiency is the key selling points, Pure staking, i.e Liquid Capital has been the preferred use case.

    More than 50% users only interact with the staking side, thus seeing NearX as a easy to sell staking position rather than DeFi component.
    Sizeable chunk of users have used both v1 and v2. In terms of user preference, while the hack did push out some users, its pretty evenly distributed.

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    Post hack, almost 50% of the pre-hack user base returned to use Stader.
    On retention however, As shown in the Type of User retained chart these users were not as active as in v1.
    Its possible that most returning users, did so to unstake their Near Staking positions. This is supported by User Retained type by Interaction chart, as most users were either stake side only or preferred stake side.
    New Users entering the NearX ecosystem, saw a slight increase in stake side participation over liquid side participation.

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    1.6 Million NearX volume has been swapped. The exploit NearX trades were ignored

    Liquid nature of NearX is being used by the users, as the top token NearX is being sold into is wNear

    On the other hand, the liquid nature of NearX also allows users to jump into a staking position

    wNear is still the top token being sold to get into NearX, but other DeFi primitives like stablecoins being sold, implies that the Stader protocol is definitely empowering with its use cases

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    Summary

    Bouncing back from a Hack is hard. However, the metrics show remarkable resiliency from the Stader ecosystem.

    While TVL did take a major hit, with alot of exits following restoration of service.

    Staders Liquidity Mining program has brought back pre-hack adoption rates.

    A healthy ratio of Stader usage equally split between DeFi interactions and normal P2P movement, has been maintained.

    However, most users still see NearX as a mere Easy-to-Unlock Staking position on Near, willing to sit on it rather than maximise its productivity, a trend followed by both returning users as well as newer users.

    Stader: Liquid Staking

    Stader Labs is a noncustodial, multichain staking platform designed to provide middleware staking infrastructure that will help solve challenges facing stakeholders on PoS networks.

    Method

    Vast majority of tables used on this analyse coming from near.core.fact_receipts which is provided by Flipsidecrypto. Since there are two version of this protocol on database I used 'nearx.stader-labs.near' and 'v2-nearx.stader-labs.near' filters to divided them from each other.

    Analysis