Introduction and methods

Osmosis is an advanced automated market maker (AMM) protocol that allows developers to build customized AMMs with sovereign liquidity pools. Built using the Cosmos SDK, Osmosis utilizes Inter-Blockchain Communication (IBC) to enable cross-chain transactions.

In Osmosis, users can stake their OSMO to vote on governance proposals. The users with higher amount of holdings have more power in the voting system. However, these users can also unstake their Osmosis when they think is pertinent.

In this dashboard, we are gonna analyze how frequently OSMO stakers decided to unstake their Osmosis. As well, we will analyze several other important metrics to try to assess the behavior of these users. The idea is to show what users do with their OSMO unstaked and if they are redelegating to certain validators more frequently and why.

Results

The chart below shows the daily number of users unstaking OSMO and the total number of unstakings done. If we take a look at it, the activity decreased over the first days and remained at a low rates during the first month of Osmosis network activity, However, since January 2022, the amount of unstakers and the unstaking actions started to increase considerably until March, passing from around 100 unstakers and 150 unstakings daily to more than 400 unstakers and 500 unstaking actions.

This activity remained at a high levels during May but started to go down since April until now, when the numbers of both daily unstakers and unstaking actions are below the starting of the 2022 year.

Finally, in the right part, we can see that the average number of unstakings by users are 1.85 approximately.

If we take a look at the most common actions that OSMO unstakers do, the most preferable for them is swapping their OSMO for other tokens.

The results show the following:

• 31.6k of them swap their OSMO for other tokens
• 16.3k of them use their OSMO to enter a LP position.
• 5k of them redelegate their OSMO to other validators.

If we take a look at which delegators are users preferring to redelegate their OSMO, the most common one: Frens, with more than 10k redelegations.

There are three other important validators choosen for redelagations like Binary holdings, that have used more than 6k times for redelegate.

In general, users usually change their delegations due to some issue with the previous one or basically, because of have seen that others are doins better than the current one and perfomance of new validator is better.

Conclusions and key insights

In this dashboard we have studied the behavior of OSMO stakers. We have seen the frequency of unstaking actions and the average unstaked done by users. As well, we have explored what OSMO unstakers do with their unstaked OSMO and why users are choosing specific validators to redelegate their OSMO.

The key features extracted are:

• The unstaking activity increased during March coinciding with the UST depegging of Terra and the bad market sentiment due to bad news.
• The average unstaking times per user is near to 2.
• The most preferable action to do with unstaked OSMO is swapping the tokens for other tokens, followed by using them for open an LP position and the less common one is using the OSMO for redelegations.
• The most common validators where unstakers redelegate their OSMO is “Frens”, with more than 10k redelegations. Users usually change their delegations due to some issue with the previous one or basically, because of have seen that others are doins better than the current one and perfomance of new validator is better.