Stader Last Dance ?
Stader is a Liquid Staking middleware, built to optimize staking for both the user and the protocol by simplifying the process of choosing validators and optimal restaking to compound interests. It has been under a month since its Release. Currently Stader ecosystem consists of 6 components :
- Buy LunaX
- Sell LunaX
- Stake LUNA to mint LunaX
- Burn LunaX to retrieve LUNA
- Add Liquidity to LUNA - LunaX pool
- Remove Liquidity from LUNA - LunaX pool
Over the past week of Staders Launch, we would like to analyse the last interaction of a user with Stader ecosystem to quantify the relative adoption of the protocol.
In order to track those 6 interactions we can , :
- Buys can be found by tracking swaps into the LUNA - LunaX pool (
terra1zrzy688j8g6446jzd88vzjzqtywh6xavww92hy
) , where theask_asset
or the asset being swapped into is LunaX (terra17y9qkl8dfkeg4py7n0g5407emqnemc3yqk5rup
) - Sales can be found by tracking swaps into the LUNA - LunaX pool (
terra1zrzy688j8g6446jzd88vzjzqtywh6xavww92hy
) , where theoffer_asset
or the asset being swapped from is LunaX (terra17y9qkl8dfkeg4py7n0g5407emqnemc3yqk5rup
) - Minting of LunaX is done by depositing LUNA into
terra1xacqx447msqp46qmv8k2sq6v5jh9fdj37az898
, tracking the log emitted from such an event shows the amount of LunaX minted - LunaX is burned by sending it to the Deposit contract
terra1xacqx447msqp46qmv8k2sq6v5jh9fdj37az898
andburn
function is called terra1zrzy688j8g6446jzd88vzjzqtywh6xavww92hy
is the LUNA -LunaX pool. Deposits of LunaX to this contract will be the amount of LunaX provided as liquidity, while the Withdrawals from the same pool will be Liquidity being removed.
Once we get the list of interactions, we can find the last interaction timestamp of a given user and also the type of interaction made by the said user. Ideally, for the Stader to be seen in a positive adoption curve, we would need more wallets whose last interaction with Stader was either Buy, Mint or LP addition rather than Sell, Burn or LP removed.
First we will see how many users make their last interaction on a given day...
Most of the users have last interacted with the ecosystem on the launch of SD liquidity mining, which means there is a probability that addition of LP was their most recent interaction. If we track the wallet balances of LunaX of these users, we might get a slight information on the adoption of the LunaX token.
Almost 100,000 LunaX are held by these wallets, since their last interaction. We have already seen in this dash post, that around 700 M LunaX has been minted. Hence more than 10% of the circulating supply is being HODLed. Impressive.
Now what is the common last interaction of these wallets?
Our guess was right, LP addition inorder to farm SD tokens is the main last interaction. So most wallets have been in a set and forget mode so far with respect to their interaction. Their last interaction has rarely been one that would exit the ecosystem.
To see this clearly, we will aggregate the number of users per last interaction.
As you can see, LP adding and Staking LUNA (minting LunaX) are the most common last transactions. This implies, Stader is currently in a adoption phase. The SD liquidity mining is definitely a huge factor, so the state may or maynot change once SD mining is not profitable anymore. Till then, influx seems to be high relatively.