Methodology
How metrics are calculated for assets, providers, validators, reward options, and the global ecosystem.
Understanding how metrics are calculated helps you interpret the data correctly. Each entity type has its own set of metrics with specific calculation methodologies.
Asset Metrics
The following table provides a detailed overview of the metrics methodology used to track and measure the performance of a particular asset. To get more information about the object/class itself, please refer to the Assets section.
| Key | Description |
|---|---|
active_validators | Number of Validators in the Active Set. |
annualized_rewards_usd | Average native reward_rate multiplied by staked_tokens multiplied by the price of the asset. |
block_reward | On-chain block Reward parameter if available, otherwise, number of tokens paid out per block to stakers averaged over the last 30 days. |
block_time | The average block_time for this asset over the last 30 days. block_time_24h and block_time_30d may exist. |
circulating_percentage | Circulating Supply divided by Total Supply. |
circulating_supply | The supply of this asset that can be freely moved. |
daily_trading_volume | The aggregate trading volume of all trading pairs for the asset over the past 24 hours. This metric provides insights into the level of market activity and liquidity for a given asset, and can be used to identify trends in trading activity and investor sentiment. |
delegated_tokens | Number of tokens delegated to validators. |
inflation_rate | The annualized monetary expansion of an asset, based on its current token reward payout, reward accrual interval, and total supply change. This metric can provide insights into the long-term supply dynamics of an asset. Higher inflation rates may lead to greater token supply growth and dilution of existing token holders' holdings, while lower inflation rates may contribute to greater scarcity and price appreciation over time. |
marketcap | The theoretical value of this asset calculated by multiplying the current price by the current circulating supply. A key indicator of an asset's size and significance in the market. Keep in mind, a higher market cap often implies more stability, but not always! |
net_staking_flow_7d | The number of tokens staked in the last 7 days minus the number of tokens unstaked in the last 7 days, multiplied by the current price of the asset. A positive net staking flow indicates an increase in staked tokens, while a negative net staking flow indicates a decrease. As this metric is displayed in USD, it can easily be compared between assets. |
price | The current market value of 1 unit of an asset in USD. It is the average of the price buyers are willing to pay, and the price sellers are willing to sell at current point in time. The price of an asset can fluctuate based on supply and demand and market conditions. |
real_reward_rate | The nominal reward rate of the network adjusted for inflation. This metric can provide insights into the actual, inflation-adjusted return that stakers or delegators can expect to receive for participating in the network, and can help investors understand the potential long-term value of their token holdings. Higher real reward rates generally indicate greater potential returns for stakers or delegators, while lower real reward rates may indicate lower expected returns or potentially negative real yields in some cases. |
reward_rate | The current annualized average reward rate across the network. This is the rate at which stakers can earn rewards for participating in network consensus and/or governance. |
staked_tokens | The total number of tokens that are currently being staked across the network. The amount of staked tokens can give an indication of the level of participation and interest in staking among network participants. |
staking_marketcap | The total value of staked tokens across the network. This is calculated by multiplying the staked tokens with the current price. This metric can give an indication of the overall market size and long-term confidence in the network. |
staking_ratio | The percentage of eligible tokens that are currently being staked or delegated to the network. This metric can provide insights into the level of network participation among token holders, as well as the overall health and security of the network. A higher staking ratio generally indicates a more committed community of token holders, as well as a more secure and decentralized network, while a lower staking ratio may indicate lower levels of engagement, and potentially greater network centralization or security risks. |
total_staking_wallets | The total number of unique wallet addresses that are actively staking or delegating tokens to the network. This metric can provide insights into the level of network participation and decentralization, as well as the distribution of staking rewards among network participants. Higher numbers of staking wallets may indicate a greater degree of decentralization and network security, as well as a more engaged and active community of token holders. |
total_validators | Number of Total Validators. |
You can get the data of a particular asset by running the following query, filtered by the asset's symbol. If you need more information about the asset, you can use the assets query with the metrics field. This will return all the metrics available for the asset (you can also add variations, changeAbsolutes and changePercentages).
changeAbsolutesis the absolute change in the metric value within the last24h,7d,30d,90dor1y.changePercentagesis the percentage change in the metric value within the last24h,7d,30d,90dor1y.
Refer to the Global Metrics section for more information.
Get active validators of Ethereum
To get the active validators (which is a Metric) and base data of Ethereum, you can run the following query.
{
assets(where: { symbols: ["ETH"] }, limit: 1) {
id
name
slug
description
symbol
metrics(where: { metricKeys: ["active_validators"] }, limit: 1) {
metricKey
label
defaultValue
}
}
}{
"data": {
"assets": [
{
"id": "ID",
"name": "Ethereum",
"slug": "ethereum-2-0",
"description": "the world's largest and most decentralised Layer1 blockchain. The network is used for building dApps, holding assets, transacting and communicating without being controlled by a central authority. The Ethereum vision is to build a digital future on a global scale, that is powerful enough to help all of humanity",
"symbol": "ETH",
"metrics": [
{
"metricKey": "active_validators",
"label": "Active Validators",
"defaultValue": 123456789
}
]
}
]
}
}Provider Metrics
The following table provides a detailed overview of the methodology of a provider.
| Key | Description |
|---|---|
assets_under_management | This metric reflects the cumulative worth of all the assets entrusted to the provider's management, encompassing various forms of staking and delegation activities. AUM offers insights into the provider's size, performance, and overall reach in the staking and crypto ecosystems. A higher AUM suggests substantial user trust, while a lower AUM might indicate a more specialized or selective approach. This metric is essential for evaluating the provider's prominence and potential impact in the staking and cryptocurrency realms. |
commission | This provider's balance-weighted average commission rate is calculated across all tracked reward options from various networks within the staking rewards ecosystem. It's important to note that this metric has limitations when comparing providers operating across networks with differing fee structures. Networks with inherently higher or lower fees can influence the overall average commission rate, potentially making direct provider-to-provider comparisons challenging. Despite this limitation, the balance-weighted approach offers insights into the provider's fee strategy, accounting for the influence of network-specific fee dynamics. |
provider_aum_change_7d | The absolute monetary difference in the total value of assets managed by a provider over the past seven days. This metric reflects the change in the value of assets under management between the current day and the same day of the previous week, measured in USD. Provider AUM Change 7d provides insights into the recent performance and growth trajectory of the provider's managed assets. A positive change indicates an increase in the total value of assets managed, which could be due to successful investment strategies, market gains, or inflows of capital. Conversely, a negative change suggests a decline in AUM, which might be attributed to factors such as market downturns or client withdrawals. |
staking_wallets | This metric shows the number of addresses that have chosen the provider for staking or delegation. It indicates the provider's presence and reputation within various ecosystems. A higher count suggests a larger user base, while a lower count may indicate specialization. It is crucial for evaluating the provider's influence and potential across diverse networks. |
Sample Query
{
providers(limit: 10) {
name
logoUrl
country
rewardOptions(limit: 5) {
id
type {
key
label
}
metrics(limit: 10) {
metricKey
defaultValue
}
}
}
}Validator Metrics
The following table provides a detailed overview of the methodology used to track and measure the performance of validators.
| Key | Description |
|---|---|
commission | On-Chain commission rate. |
delegated_tokens | On-chain number of tokens delegated to this validator. |
reward_rate | Best assumption of the reward rate using on-chain data. Variations will take other metrics' variations into account. |
self_staked_tokens | On-chain number of tokens self-staked by this validator. |
staked_tokens | Total Tokens staked with this validator (delegated + self staked, active or inactive). |
staking_share | validator.balance / asset.staked_tokens |
staking_wallets | Number of unique addresses delegating to this validator on-chain. |
Sample Query
{
validators(order: { address: asc }, limit: 5) {
id
address
metrics(limit: 20) {
metricKey
defaultValue
}
}
}Reward Option Metrics
The following table provides a detailed overview of the methodology of Reward Options.
| Key | Description |
|---|---|
commission | The Fee metric represents the commission charged by the provider on your earnings. It's an important factor to consider when projecting your net returns. The Reward Rate displayed already accounts for this fee, meaning it reflects what you'll earn after the fee deduction. Be cautious of providers offering 0 or unusually low fees, as it could be a strategy to attract more volume and they may drastically increase fees once they have gained enough traction. Remember, higher fees don't always mean lower net returns, as they might be associated with higher-performing reward options. |
delegated_tokens | On-chain number of tokens delegated to this reward option (if PoS). |
net_staking_flow_7d | Net Staking Flow 7D indicates the net change in staked tokens over the past 7 days, converted into USD using the current asset price. It's calculated by subtracting the number of unstaked tokens from the number of staked tokens. A positive value signifies an increase in staked tokens, suggesting growing interest in the reward option. Conversely, a negative value might indicate a decrease in confidence or interest. Since this metric is expressed in USD, it allows for easy comparison between different assets. This metric is especially useful for spotting short-term trends. Significant changes could be a signal to restake with a different provider, delegate to this provider, or completely unstake, depending on the magnitude and direction of the change. However, while it's a valuable tool for detecting shifts, it should be used in conjunction with longer-term metrics and other indicators for a comprehensive investment strategy. |
reward_rate | Use the Reward Rate to gauge your potential returns over the next year. This metric provides a theoretical annual percentage rate (APR) based on the current market metrics. Comparing Reward Rates between different reward options can help you optimize your investment strategy. However, please note that this is a theoretical rate, and actual returns can vary due to market fluctuations and changes in reward values. |
self_staked_tokens | Self Staked Tokens represents the amount a provider has directly staked on-chain. This metric can give you an idea of how much 'skin in the game' the provider has, indicating their level of commitment and confidence in their own service. However, it doesn't account for potential indirect stakes the provider may have, such as delegations from other wallets they control, or delegations they've made to other providers for diversification. Therefore, while a high value in Self Staked Tokens can show significant investment by the provider, a low value doesn't necessarily indicate a lack of investment or commitment, as they could be using other strategies. |
staked_tokens | Staked Tokens represent the total number of tokens currently staked or locked with this reward option. This metric can give you an insight into the level of trust other users have in this provider and its overall market traction. If you're seeking to promote decentralization, you could use this data to diversify your investment away from heavily staked providers. However, large quantities of staked tokens could also indicate a well-established and trusted provider. Keep in mind that the popularity of a provider doesn't guarantee their performance. |
staking_share | Network Control shows what percentage of all staked tokens are delegated to this reward option. It offers a broader perspective of the provider's influence and popularity in the overall network. A high Network Control may indicate a trusted and established provider, but it may also limit decentralization. If you aim to promote decentralization, consider delegating your tokens to providers with lower Network Control. Remember, a high Network Control doesn't necessarily guarantee superior returns or stability. |
staking_wallets | Stakers represents the number of unique wallet addresses that are staking or delegating with this reward option. Similar to Staked Tokens and Network Control, it can provide insights into the provider's popularity and trust level. A high number of Stakers indicates a wider user base, which can be a positive signal. However, if you notice a high Staked Tokens value coupled with a low number of Stakers, this could suggest that a large portion of the stake is controlled by a few, potentially professional entities, like a centralized entity, a 'whale', or another protocol. This could signify a more professional operation, but it could also limit decentralization. |
Sample Query
This sample query will return the first 10 reward options that have ETH as an input asset, and the first 5 active validators for each reward option.
{
rewardOptions(
where: { inputAsset: { symbols: ["ETH"] } }
limit: 10
) {
id
inputAssets(limit: 100) {
slug
}
validators(limit: 5) {
id
}
}
}Global Metrics
The following table provides a detailed overview of the global metrics methodology. To get more information about metrics, please refer to the Objects/Metrics section.
| Key | Description |
|---|---|
benchmark_staking_ratio | This metric can help you gauge how much interest there is in staking across the whole ecosystem. It's calculated by taking the balance weighted average of the staking ratios of all assets. |
annualized_rewards_usd | This metric helps you understand how much value is being created in the market by staking by showing how much total rewards are paid out to stakers. The calculation involves summing up the rewards given out in USD across all assets. It's important to note that this total may be influenced by the volatility of the market and the value of the reward tokens. |
staking_marketcap | This metric should be the main metric you keep your eye on over the long term as it will highlight any major changes in the ecosystem. This represents the total USD value of all tokens that have been staked and are being tracked by Staking Rewards. It's calculated by summing the USD value of all staked tokens. However, the value may fluctuate due to changes in the market prices of the tokens. |
benchmark_reward_rate | This metric provides an average reward rate across all staking opportunities tracked by Staking Rewards, balanced by the amount staked. It's determined by calculating the balance weighted average reward rate across all opportunities. It's worth noting that this average rate may be affected by assets offering high APRs through high inflation rates or by assets with low APRs but deflationary tokenomics. |
marketcap | This metric indicates the total USD value of the circulating supply of all crypto assets. It's calculated by multiplying the current price of each asset by its circulating supply. This value can fluctuate based on market conditions and the prices of individual assets. |
pos_flippening_pow | This is a ratio of the market capitalization of all PoS assets to that of all PoW assets. It's calculated by dividing the PoS assets market cap by the PoW assets market cap. This metric can provide an interesting perspective on the relative growth of PoS and PoW, but it should be noted that market cap alone doesn't define the success or utility of a blockchain model. |
pos_assets_marketcap | This metric represents the total market capitalization of all Proof of Stake (PoS) assets tracked by Staking Rewards. It's determined by summing up the market capitalizations of all PoS assets. Remember, it may not fully represent the entire PoS market, as it only includes the assets tracked by Staking Rewards. |
pow_assets_marketcap | This metric shows the total market capitalization of all Proof of Work (PoW) assets. It's calculated by summing up the market capitalizations of all PoW assets. |
staking_wallets | This metric indicates the total number of unique staking addresses across all assets. It's derived by summing up the number of unique staking addresses for each asset. This can give a sense of the spread and participation of staking, but it might not indicate the distribution of assets among stakers. |
crypto_gdp | This refers to the total revenue of all assets tracked by Staking Rewards. It's calculated by summing up the revenue generated by all these assets. Keep in mind that this figure may not fully represent the "GDP" of the entire crypto market, as it only includes the assets tracked by Staking Rewards. |
net_staking_flow_7d | This metric can be used as an indicator of the general trend in the Staking ecosystem over the past week. It shows the net value of all assets staked or unstaked over the last week. It's calculated by summing up the value of all assets staked and subtracting the value of all assets unstaked. |
total_vsp_aum | This metric indicates the value of assets under management for all the verified staking providers, in USD. It is calculated by adding up the staked assets, multiplied by price, for all verified staking providers. |
total_vsp_wallets | This metric indicates the number of unique wallets staking for verified staking providers. It's derived by summing up the number of unique staking addresses for each provider. |
total_vsps | This metric indicates the current number of verified staking providers. |
To query global metrics, make sure to apply a filter that excludes any asset, provider, reward option, or validator relation:
Sample Query
{
metrics(
where: {
asset: null
provider: null
rewardOption: null
validator: null
metricKeys: ["marketcap"]
}
limit: 1
) {
defaultValue
changeAbsolutes
changePercentages
createdAt
}
}