Q1. What is the total value locked in the Opyn Squeeth (osQETH) contract? And where does osqeth draw its value from?

The dashboard answers these questions:

• What is the total value locked in the Opyn Squeeth (osQETH) contract?

• Where does osqeth draw its value from?

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The table “flipside_prod_db.ethereum.erc20_balances” is used to conduct my SQL.

Key fields should be taken into consideration from table “osmosis.core.fact_swaps”:

• balance_date: UTC timestamp of the day the balance was recorded on.
• user_address: The address the balance is for.
• symbol: Token symbol.
• balance: Latest recorded balance for that given day and token.
• amount_usd: USD Value of the token balance

Let’s check the result:

During the time of analysis, the total value locked in ETH went up whereas the corresponding amount in USD decreased. It is understandable  when Ethereum and Bitcoin Prices dropped sharply. Total value locked in ETH rose considerably and then reached the top at 7257.7 ETH on 19-Jun, 2022. Later, the total value locked in ETH declined slightly to 6728.9 ETH on 30-Jun, 2022. In general, there is a development in the Opyn Squeeth (osQETH) contract with the increase in its total value locked (ETH amount).

In term of the second question (where does osqeth draw its value from?), there is protocol document about it. Basically, as I understand, there are 02 ways: (1) Minting oSQTH to LP acts as a loan of oSQTH and a hedge of ETH. (2) We can use a uni v3 LP to tactically trade between oSQTH and ETH, so it’s possible to run an active trading strategy inside our collateral.