The LRT sector has already $3.6B in TVL. Certainly one of the most promising narratives in 2024.
Dexu On Feb 19, 2024
1/ If we look at all the LRT depositors across all protocols and see their first LRT deposit, we see 3 waves:
- Visionaries
- Early Majority
- 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.
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