10 pictures to help you gain insight into the current situation of the LRT track

Author: Crypto Koryo

Compiled by: Frank, Foresight News

The TVL of Liquidity Recollateralized Token (LRT) has reached $3.6 billion, which is undoubtedly the most promising in 2024 one of the narratives.

So, what exactly are the re-staking addresses doing? How do they allocate funds? Where Farming? Which LRT protocols are most commonly used?

In order to solve these problems, this article will use 10 exclusive charts to introduce and analyze the behavior of re-pledged addresses from a comprehensive perspective (Note: All data comes from the "LRT whales" dashboard on Dune) .

1. First deposit address category of LRT protocol

View the LRT deposit addresses in all related protocols, as well as their first LRT deposit, We will find a clear trend, that is, there are three main groups among them.

• Visionaries - December 2023;
• Early Majority - late January 2024;
• Late Majority - Early January 2024;

BTW, this is a very common pattern that can be seen early in the development of many protocols/narratives .

2. Total number of LRT deposit addresses and deposit strategy

So far, about 140,000 wallet addresses have deposited funds into the LRT protocol.

How many protocols do they deposit, and how much do they deposit on average (median)? The vast majority of people have made deposits in more than 1 protocol, and the deposit amount is less than 1 ETH.

Some ambushing airdrop farmers are depositing as much as they can into the LRT protocol - although this is only a minority and not the most popular farming strategy.

Among them, a certain address starting with 0xd6d3 has been deposited in all 11 LRT protocols.

3. Deposit amount of re-pledge address

How much money is deposited in the re-pledge address?

If we exclude the top 5% of whales by deposit amount, we will find that the vast majority of wallet addresses have deposit amounts of less than 2 ETH - these wallets are ambushing EigenLayer related airdrops and maximizing their promotion number of points.

4. Number of addresses in each deposit amount range

Among them, there are 147 wallet addresses that have deposited more than 1,000 ETH into the LRT protocol. Some of these are wallets associated with individual protocols, and there are addresses like analytico.eth that split funds into multiple LRT protocols.

5. ENS word cloud of re-staking address

If you pay attention to the LRT narrative, you should be familiar with the ENS names of some of the LRT whales (size and Proportional to the total deposit amount):

• analytico.eth
• vladilena2.eth
• Christian2022
• luggis.eth
• czsamsunsb.eth
• 58bro.eth

6. Research on addresses ranked by deposit amount

We can rank the addresses according to the total deposit amount Rank the LRT deposit addresses and then define different groups based on the rankings.

We observe that wallet addresses ranked >1000 generally deposit into more protocols, while 94% of wallet addresses ranked

7.Protocol Loyalty

On average, users who deposited to ether.fi and Puffer only rescheduled on 1.41 protocols (on average) staking, which shows their confidence in both protocols.

However, users depositing into smaller protocols like Bedrock, Genesis, and Inception are indeed decentralized farming and diversifying their bets.

8. Contribution of giant whales

This is a very interesting place, we can study how much of the total TVL of each LST protocol comes from the top 30 Name deposit address - the lower this ratio, the healthier and more decentralized the liquidity of the corresponding LST protocol.

And TVL’s largest LRT protocol, ether.fi, ranks first in the degree of decentralization measured by this data!

9. Relevance matrix of LRT protocols

What other LST protocols are commonly used by depositors of a certain LST protocol?

The data shows that ether.fi depositors also tend to deposit to Kelp and Puffer (and vice versa), so there are some interesting correlations here.

10. LRT protocol correlation matrix for different deposit addresses

We can define different groups and conduct a deeper analysis.

For the Shrimp queue (total deposit amount less than 2 ETH), the most popular LRT associated protocols are ether.fi and Puffer, but for the Dolphin queue (between 20 and 100 ETH) Generally speaking, the most popular LRT associated protocols are ether.fi and Kelp.

The above is the detailed content of 10 pictures to help you gain insight into the current situation of the LRT track. For more information, please follow other related articles on the PHP Chinese website!