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In this Analysis, You will read about Stakers that have swapped ETH to stETH. DO you think how much ETH did they gain or lose depending on the peg of stETH to ETH at the time of the swap? Also, I analyzed stakers who have swapped stETH to ETH. How much did they gain or lose?
All data in this analysis is from January 1st, 2022.
stETH is the tokenised form of staked Ether native to Lido. Lido is a liquid staking solution for Ethereum backed by several industry-leading staking providers. It makes staked ETH liquid and allows participation with any amount of ETH.
This Analysis has 3 parts.
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First, I compare stETH and ETH prices and their difference. I used the fact_hourly_token_prices table to find the daily stETH price and used Eec20.balance to find ETH daily price.
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Second, I examined all swaps between stETH to ETH metrics. To approach the answer, I used flipside_prod_db.ethereum_core.ez_dex_swaps tables and found swaps. Then calculate the amount of In and out to understand what users gain or lose from that trade.
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Third, I repeated the previous method and found all swaps between ETH to stETH and examined all metrics.
The below chart shows the daily price of stETH and ETH. Until May 5th, 2022, The difference price of stETH and ETH was in the range of 5-10$. But after that, the stETH price decreased more than the ETH price.
In this graph, You can see the price difference and different percentages. As I mentioned before, The price of stETH was near to ETH, but after that time, The price reached a 50$ difference and dropped a little. Again on June 6th, The difference increased. From 40$ difference, it reached 86$ dollars which are 5.4%.
The below chart shows the total daily swaps between stETH and ETH. The real volume started in April 2022. The highest amount of swaps happened on May 13th. 2 Days after UST depegging.
The below chart shows the total daily gain or loss amounts. There were only 7 days in 2022 that users faced loss. On other days users gain from swapping stETH to ETH. The highest amount of Gain happened on June 10th with 34 ETH, and the highest amount of loss happened on May 6th with 7 ETH.
The below chart shows the total amount of swaps from ETH to stETH. May was the highest month since January 2022. After the middle of May decreased and again from June 4th, The total swaps amount increased.
The below chart shows the total amount of gain from swapping stETH to ETH. The highest amount of gain happened on May 1st with 123 ETH.
According to the below chart, There were only 13 days since January 2022 that users gained from that type of swap. On other days they faced loss.
The trends in this graph are like the stETH to ETH swaps. The difference is that the total gain changed to the total loss. The highest loss happened during May and June.
It seems users gain from swaps between stETH to ETH, and users lose in ETH to stETH swaps. The difference rate was low until May but after that increased. With higher amounts, users can gain higher amounts in stETH to ETH swaps.
Written by Hess
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discord_id: hess#0890
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twitter_id: @hessaminanloo