1/ If we look at all the LRT depositors across all protocols and see their first LRT deposit, we see 3 waves:

1. Visionaries
2. Early Majority
3. Late Majority

This is a common pattern seen in the early days of many protocols/narratives.

2/ Around 140k wallets have deposited into LRT protocols so far. The vast majority have deposited on 1 protocol and deposited less than 1 ETH.

3/ Some airdrop farmers are depositing to as many LRT protocols as possible, although this is a minority group and not the most popular farming strategy. For example, 0xd6d3 has deposited into all 11 LRT protocols.

4/ How much are restakers depositing? Excluding the big whales (Top 5%), the majority of wallets have deposited less than 2 ETH, farming EigenLayer airdrop and maximizing their points/miles.

5/ Deposits per bins: 147 wallets have deposited more than 1000 ETH into LRT protocols. Some are protocol wallets but not all. For example, wallets like analytico.eth are depositing into several LRT protocols.

6/ Restakers ENS map: Som

e familiar names include analytico.eth, vladilena2.eth, Christian2022, luggis.eth, and czsamsunsb.eth.

7/ Protocol Loyalty: On average, users who deposited into Ether-fi and Puffer restaked only on 1.41 protocols, showing their conviction to the protocol. Users who deposit into smaller protocols like Bedrock, Genesis, and Inception are just farming and spreading bets.

8/ Whale contribution: The Total TVL of each protocol from the Top 30 depositors indicates how organic and distributed the liquidity is. Ether-Fi, the biggest LRT protocol by TVL, ranks 1st here.

9/ LRT Projects Deposit Matrix: Depositors to Ether-fi have a tendency to also deposit to Kelp and Puffer (and vice versa).

10/ LRT Projects Deposit Matrix - By Cohort: Different cohorts show different deposit patterns. For example, the most popular LRT pair for the Shrimp cohort is (EtherFi - Puffer), but for the Dolphin cohort, it's (Ether-Fi - Kelp).

🔸Data: All data is from the "LRT whales" query on the LRT dashboard. If you enjoyed this data-driven analysis, check out the newly launched newsletter for more exclusive insights.