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@mrfti_plusI analyzed deposit and withdrawal events post-January 27, 2025, for eight Swellchain-related assets (EZETH, PZETH, RSETH, RSWETH, SWETH, WEETH, WETH, WSTETH) on Euler Finance. I classified holding patterns into three buckets based on the time between deposit and withdrawal:
Short-Term (< 7 days): Quick in-and-out usage, likely for trading or short-term liquidity.
Medium-Term (7-30 days): Moderate holding, possibly for yield farming or temporary staking.
Long-Term (> 30 days): Extended locking, indicating trust in the protocol or long-term yield strategies.
I calculated metrics such as number of users, cycles (deposit-withdrawal pairs), average holding periods, and total deposited/withdrawn amounts (in token units and USD, using daily average prices). Two datasets were provided: one aggregating by holding pattern alone and another breaking it down by asset and holding pattern, enabling a granular view of user behavior and asset popularity.
Swellchain is a blockchain ecosystem focused on liquid staking and DeFi solutions, offering users the ability to stake Ethereum and receive liquid staking tokens (e.g., SWETH, WEETH, EZETH) that can be utilized across various protocols.
Euler Finance, on the other hand, is a decentralized lending protocol on Ethereum, designed to maximize capital efficiency with features like permissionless lending and advanced risk management.
The integration of Swellchain’s liquid staking tokens into Euler Finance allows users to deposit these assets as collateral, borrow against them, or lend them out, creating a rich dataset for analyzing user behavior.
This analysis leverages event log data from Swellchain’s interaction with Euler Finance to explore deposit and withdrawal patterns, focusing on holding periods and asset preferences among Swellchain users.
Key Findings
Overall Holding Patterns
Medium-Term Leads: 67 users, 3066 cycles, $211.49M deposited, $263.44M withdrawn, 14.21 days average—most activity occurs here
Short-Term Active: 79 users, 1,686 cycles, $26.32M deposited, 1.8 days—frequent but lower volume
Long-Term Niche: 23 users, 228 cycles, $2.72M deposited, 39.48 days—less common
Top Asset-Specific Patterns
WETH:
Medium-Term: 1433 cycles, $72.69M deposited, $112.35M withdrawn, 13.41 days.
Short-Term: 1,174 cycles, $45.41M deposited, 2.17 days.
Long-Term: 348 cycles, $9.01M deposited, 45.61 days.
WEETH:
Medium-Term: 194 cycles, $64.82M deposited, 12.24 days.
Short-Term: 283 cycles, $15.33M deposited, 1.99 days.
Long-Term: 57 cycles, $2.82M deposited, 48.82 days.
EZETH:
Medium-Term: 119 cycles, $6.79M deposited, $28.35M withdrawn, 14.99 days.
Short-Term: 148 cycles, $3.36M deposited, 0.93 days.
Conclusion
Swellchain users on Euler Finance predominantly favor Medium-Term (7-30 days) engagement ($211.49M deposited), with heavy borrowing (e.g., WETH: $112.35M withdrawn). Short-Term (< 7 days)** is active (1,686 cycles), especially for WETH and WEETH, suggesting quick liquidity use. **Long-Term (> 30 days) is minor but notable for WETH and EZETH. WETH and WEETH dominate, reflecting their DeFi utility. This indicates Euler serves as a flexible hub for medium-term yield and short-term trades, with opportunities to boost long-term holding via incentives.