Usability Testing of Sync in Lido Loopring Exchange

# stETH Trading Activity Analysis: Implications for Exchange Integration ## Executive Summary The available data reveals **Ethereum mainnet dominance** in stETH trading (79% share), with **Base emerging as the leading L2** (9.8% share), while **stETH-stablecoin pairs represent minimal activity** (0.4% of volume). This distribution pattern has significant implications for exchange integration and liquidity strategies. ## stETH Trading Volume Distribution ### By Blockchain Network Ethereum maintains overwhelming dominance in stETH trading activity, with Base establishing itself as the primary Layer 2 alternative: | Blockchain | 30-Day Volume | Market Share | |------------|---------------|-------------| | Ethereum | $1.05B | 79.0% | | Base | $121.2M | 9.8% | | Gnosis | $63.9M | 5.2% | | Arbitrum | $32.4M | 2.6% | | Optimism | $20.3M | 1.6% | | Other Networks | <$20M | <2% | *Data source: Dune Analytics Lido Finance Extended dashboard* This concentration highlights that **liquidity follows established networks**, with Ethereum capturing nearly 80% of all stETH trading activity. Base's emergence as the leading L2 with nearly 10% market share suggests it has become the preferred scaling solution for stETH traders. ### By Token Category stETH trading shows extreme preference for ETH-based pairs over stablecoin conversions: | Token Category | 30-Day Volume | Market Share | |----------------|---------------|-------------| | (W)ETH | $1.11B | 85.1% | | Others | $178.6M | 14.5% | | Stablecoins | $4.3M | 0.4% | The **85.1% dominance of ETH-based pairs** indicates that most stETH trading occurs within the Ethereum ecosystem rather than as exit liquidity to stablecoins. This suggests traders primarily use stETH for portfolio rebalancing or leveraging within DeFi rather than cashing out. ## stETH to Stablecoins Trading Analysis The minimal stablecoin trading volume ($4.3M, 0.4%) is heavily concentrated on specific networks: | Blockchain | stETH-Stable Volume | Share of Stable Trading | |------------|---------------------|------------------------| | Ethereum | 3.86M | 89.4% | | Base | 355.7K | 8.2% | | Optimism | 80.4K | 1.9% | | Other L2s | <20K | <0.5% | This distribution confirms that **Ethereum mainnet remains the primary venue for any stETH-stablecoin conversions**, with Base capturing most of the remaining L2 activity. ## Implications for Exchange Integration and Sync Functionality ### Data Limitations for Usability Testing **Critical Gap**: The available data does not contain specific usability testing results for sync functionality in Lido or Loopring exchanges. The data focuses exclusively on trading volume metrics rather than user experience, interface performance, or synchronization efficiency. ### Strategic Insights from Trading Patterns Based on the volume distribution, several integration considerations emerge: 1. **Network Priority**: Exchange integrations should prioritize Ethereum mainnet support first, followed by Base as the secondary network, given their combined 89% market share. 2. **Trading Pair Focus**: The extreme preference for ETH-stETH pairs (85.1%) suggests that sync functionality should optimize for this trading pair rather than stablecoin conversions. 3. **Liquidity Concentration**: The highly concentrated trading activity (94% on top 3 networks) indicates that supporting additional networks beyond Ethereum, Base, and Gnosis may provide limited user benefit. 4. **Stablecoin Exit Minimal**: The negligible stablecoin trading volume (0.4%) suggests that users rarely use stETH as exit liquidity, which may influence how sync functionality handles redemption processes. ## Recommended Approach for Usability Testing Given the trading patterns observed, usability testing for sync functionality should focus on: - **Ethereum mainnet performance** as the primary use case - **Base network integration** as the secondary priority - **ETH-stETH pair optimization** rather than stablecoin conversions - **Cross-chain synchronization** between Ethereum and Base networks ## Conclusion While the available data doesn't directly address usability testing, it reveals critical market structure insights that should inform exchange integration strategies. The extreme concentration of stETH trading on Ethereum mainnet, with Base as the emerging L2 leader, suggests that sync functionality testing should prioritize these networks and focus on ETH-based trading pairs rather than stablecoin conversions. **Missing Data Note**: This analysis is limited to trading volume metrics. Proper usability testing would require additional data on user interaction patterns, synchronization speed, error rates, and user satisfaction metrics specifically for sync functionality in exchange environments.