flipside

    Try Quests to earn cryptoTry Quests to earn crypto
    Share

    Total Value Locked - Opyn

    The aim of this dashboard is to calculate the total value locked in the Opyn Squeeth (oSQTH) contract and find out where does oSQTH draw its value from.

    Introduction

    Opyn is a capital efficient DeFi options protocol that allows users to buy, sell, and create options on ERC20s. DeFi users and products rely on Opyn's smart contracts and interface to hedge themselves against DeFi risks or take positions on different cryptocurrencies.

    Method

    • By studying the Documents and some researching, two contracts that contains all ERC20 tokens and Native ETHs used for all minted oTokens are:
    • Daily Balances of mentioned contracts are extracted from ethereum.erc20_balances.
    • USD value of the extracted balances extracted from fact_hourly_token_prices by daily and weekly averaging prices.
    • To have a good understanding of total value locked in the mentioned contracts, daily and weekly values were calculated by each token in those contracts.

    Loading...
    Loading...
    Loading...
    Loading...
    db_img

    The calculated TVL for the contracts is $56.4M in the current day.

    Let’s see Daily TVL:

    • The start of rising TVL is in late April 2021.
    • We can see that the highest TVl was in Apr 29, 2022 with more than $183M value locked.

    Let’s analyze Weekly TVL:

    • This chart shows weekly average of the locked values in the contracts.
    • We can see that in May 2021, WBTC is added.
    • In July 2021, we had a spike in USDC value in the pool. but by August 2021 it was reduced by 87%.
    • AAVE and wstETH was added for the first time in November 2021. and amount of wstETH increased in the pool since then.
    • ETH from controller contract added in January 2022.
    • PERP token added in February 2022.
    • UNI token added in week 2 of March 2022 but removed in the same week.
    • From week 2 to week 3 of May 2022, about 30% of the TVL reduced.
      • PERP: -24%
      • ETH: -8%
      • AAVE: -11%
      • wstETH: -6%
      • WBTC: -16.5%
      • USDC: +0.05%
      • WETH: -51%

    Analyze TVL by tokens:

    • In the following chart, we can see where does oSQTH draw its value from.
    • WETH have highest value in the locked value.
    • wstETH is an ERC20 token that represents the account's share of the total supply of stETH (Staked ETH) tokens which has the 2nd rank.
    • WBTC and ETH has the 3rd and 4th rank.
    • In total more than 80% of locked value comes from ETH and tokenized ETH.