10张图表全面解读LRT赛道发展情况

Original author: Crypto Koryo

Original compilation: Frank, Foresight News

With TVL of Liquidity Recollateralized Tokens (LRT) reaching $3.6 billion, it is undoubtedly one of the most promising narratives of 2024.

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

In response to these issues, this article will combine 10 exclusive charts on re-pledge address behavior for a panoramic introduction and analysis (note: all data comes from the LRT whales dashboard on Dune).

1. The address type for the first deposit into the LRT protocol

If we look at LRT deposit addresses across all relevant protocols and look at the large-scale concentration of their first LRT deposit, we see 3 waves of people:

• Visionaries – December 2023;

• Early Majority – late January 2024;

• Conservative acceptance group (Late Majority) - early January 2024;

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

2.LRT total number of deposit addresses and deposit strategy

To date, approximately 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 farmers who are ambushing airdrops are depositing as much as possible into the LRT protocol - although this is only a minority and is not the most popular farming strategy.

Among them, a certain address starting with 0x d 6 d 3 has been deposited in all 11 LRT protocols.

3. Deposit amount of re-pledge address

How much money was deposited into the re-pledge address?

If we exclude the top 5% of whales by deposit amount, we will find that the deposit amount of the vast majority of wallet addresses is less than 2 ETH - these wallets are ambushing EigenLayer related airdrops and maximizing their 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 them are related wallets of individual protocols. There are also addresses like analytico.eth that split the funds and deposited them into multiple LRT protocols.

5. ENS word cloud of re-pledge address

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

• analytico.eth

• vladilena 2.eth

• Christian 2022 

• luggis.eth

• czsamsunsb.eth

• 58 bro.eth

6. Research on addresses ranked by deposit amount

We can rank LRT deposit addresses based on total deposits, and then define different groups based on the rankings.

We observe that wallet addresses with a ranking > 1000 generally deposit to more protocols, while ranking94% of wallet addresses < 100 deposit to 3 or fewer protocols.

7. Agreement loyalty

On average, users who deposited on ether.fi and Puffer re-staked on (on average) only 1.41 protocols, indicating their confidence in these two protocols.

However, users depositing into smaller protocols such as Bedrock, Genesis, and Inception are indeed betting on distributed farming and diversification.

8. Contribution of giant whales

This is where it gets interesting, we can study how much of each LST protocol’s total TVL comes from the top 30 deposit addresses – the lower this ratio, the healthier and more decentralized the liquidity of the corresponding LST protocol.

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 perform 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), the most popular The associated protocols for LRT are ether.fi and Kelp.