A key point in the upcoming Shanghai upgrade taking place in March 2023 is allowing ETH unstaking. This change is expected to increase the odds of ETH staking (when the risk of staking decreases), and the liquidity staking market on ETH will expand at the same time. Many other LSD (Liquid staking derivative) protocols will have the opportunity to develop and compete with Lido (the protocol making up the majority of ETH staking) as ETH can be easily switched between protocols to maximize yield.
Stakewise is currently the 3rd largest decentralized liquid staking protocol in the market after Lido and Rocketpool. With ETH staked ETH stays around 90k and MC/TVL ratio is only 0.16 (much lower compared to other LSDtocols).
The price of Swise has been on the increase recently with the income from smart money. Who has bought? Does investors sell #swise yet? Let’s find out below:
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Smart money
The number of tokens accumulated by smart money increases over time.
Powerfund.eth is currently the personal wallet holding the most Swise, most of the tokens come from the project’s Reward contract and have been continuously accumulated up to the present time. A part of accumulated Swise is being used to provide liquidity on Uniswap, 1inch and move to other sub-wallets. All wallets have yet to take a profit.
Summary:
Powerfund.eth
– Received 33.5 million Swise from the project’s contract
– Bought 800K Swise from Uniswap v3.
– Transferred 2.9 million Swise to Sub-Wallet 1 0xe357b… (1.6 million Swise as 1inch-LP token)
– Moved 1M Swise to Secondary Wallet 2 0xec36f44 …
Current:
– Hold: 28.2M Swise ~ 3.51M$
– Provide liquidity: 2.4 million Swise ~ 288K$
Sub-wallets:
Sub-wallet 1: 0xe357b… hold 4.2M Swise (got from Powerfund.eth and bought from 1inch)
Sub-wallet 2: 0xec36f44 … hold 1M Swise (received from Powerfund.eth)
The total value of Powerfund.eth and sub-wallets stays at 35.8M Swise ~ 4.3M$ taking up around 20% total supply.
Wallet tracking link: https://s.depocket.com/Wken7t
Investor wallets
The wallets 0x12822…, MLP investors (0xa0f7…), private investors (0xa38051…) can be the Investor wallets of the project when they have received a large number of tokens from the Stakewise contract. Currently all wallets are still holding and there is no sign of moving or taking profits.
Wallet tracking link: https://s.depocket.com/Wken7t
Wallets with large buy/sell orders on DEX
The amount of Swise purchased on Uniswap increased sharply as rumors of LSD spread out.
Several wallets have been buying in bulk since January 2 with an average price of $0.12-0.13. Three notable wallets are dalgety.eth (bought 2.5 million dollars), millionaire token 0xfe0875… (bought 1 million dollars) and Medium dex trader 0x6dbde1… (bought 1 million dollars)
There are also signals of profit taking from Dex trader wallets when Swise stays at 0.12-0.13. Most of these are short-term investment wallets that bought into Swise from 8-11/2022. However, the quantity is not large.
The bottom line
In general, there are onchain positive signs in recent days. However, Swise is currently a highly inflated token, along with a huge amount of tokens in the wallet of Powerfund.eth and the investors of the project, this can be a factor that negatively affects the price of Swise in the near future. It is necessary to closely monitor the moments of these wallets to quickly react to possible fluctuations.
List of wallets compiled by Defilearn at: https://s.depocket.com/Wken7t
