Ribbon is a new platform that brings structured products to DeFi to give investors more options to make money on their cryptoassets.

The platform uses financial engineering to create structured products that offer sustainable returns through automated options strategies.

Now let's analyze how users behave within Ribbon's platform. Do users tend to deposit or withdraw capital? We will see what is the estimated time between a deposit and a withdrawal between Covered Call Vaults the BTC and ETH.

The first analysis consists of calculating the average time between a deposit and a withdrawal on ETH and BTC covered call vaults. For this I calculated for each deposit, what was the next withdrawal, regardless of whether it was in an ETH or BTC vault. Then, I calculated the average time to get the final result.

Thus, the average holding length is 1,195 since the beginning of the platform until now. This means that for each deposit, it takes more than one day to make a withdrawal.

Now let's see how this metric has evolved over time. To do so, I have made the same calculations but on a weekly basis. So I have taken into account the accumulated during each week and also the accumulated since the beginning. Thus, the graph has two lines, one blue and one orange, which represent the evolution of the average weekly time in holding and the cumulative average, respectively.

As a result, we can see how the holding length average has been decreasing over time, in both directions, on a weekly and cumulative basis. As a result, the time between deposits and withdrawals is getting tighter and tighter.

This can occur for different reasons, some of which may be:

• Negative market trend that puts uncertainty to investors.
• Usually more is withdrawn than deposited, since many times a single deposit is made but withdrawn more than once, so the more deposits there are, the more likely withdrawals there are as well. So another analysis could be to take into account only those withdrawals that symbolize the withdrawal of the total capital of an account.

For these reasons, I have made an extra analysis of the behavior of these variables but by users. The analysis has been carried out for both ETH covered cal valuts and BTC covered call vaults, but in parallel. I have taken into account the first deposit of each user, and the first withdrawal. Then, I have computed the average time in holding of the users of each, ETH and BTC.

If we take into account only users who have made at least one withdrawal, we can see that the holding time is longer for BTC vaults than for ETH vaults. It is 37.6 days for BTC, and 25.7 days for ETH. In other words, users tend to spend 46% more days in BTC than in ETH.

However, if we take into account all users regardless of whether they have made a withdrawal or not, the result is different. To carry out the analysis, I have taken into account that those users without withdrawals, are users who are still holdeo, therefore, I have taken into account that the holdeo time is from their first withdrawal until today.

Looking at the results, we now see that the holding time is longer for ETH vaults. While the holding time for BTC vaults has remained the same, ETH vaults have increased to almost 50 days. Now, ETH users tend to hold 35% more days than BTC vaults.

As we have seen, even though the time between deposit and withdrawal becomes shorter, the holding time is more than a month in all cases. So, we can say that perhaps one of the hypotheses of the previous part is being fulfilled.