Staking and Re-Staking
Liquid Staking
Description
Ethereum Liquid Staking Token Dashboard highlights Ethereum-based liquid staking tokens and their associated yields and supply. Coverage includes:- Rocket Pool: rETH
- Lido: stETH
- Coinbase: cbETH
- Binance: wbETH
- Swell: swETH
- Ankr: ankrETH
- LiquidCollective: lsETH.
Use Cases
**Traders: **APY on liquid staking tokens is a key indicator for traders, as it impacts the profitability of short-term trading strategies. A high APY may signal an opportunity to buy and hold the token to benefit from staking rewards alongside potential price appreciation. Conversely, a declining APY might encourage traders to sell to avoid diminishing returns. Generally, higher yields also imply increased risk. **Researchers: **Blockchain researchers study the economic incentives and behavioral trends within staking ecosystems. APY serves as a vital data point, reflecting how attractive staking mechanisms are to users. By analyzing APY trends, researchers can assess the health, stability, and investor confidence of staking protocols, providing insights into adoption dynamics and protocol success. **Analysts: **Analysts use APY metrics to gauge the robustness of staking systems. A stable or rising APY often signals a healthy protocol and may inform positive investment recommendations. Additionally, analysts compare staking token APYs against traditional financial instruments and other crypto assets to shape portfolio and client investment strategies.Methodology
APY CalculationEach liquid staking token (LST) protocol emits events that provide exchange rate data linking the LST to its underlying ETH peg. The APY is calculated by comparing the exchange rate ratio from yesterday to the current ratio and annualizing the yield using the formula:
APY= \left(\frac{\text{current_ratio}}{\text{yesterday_ratio}} - 1\right) \times 365 \times 100
To smooth short-term fluctuations, a rolling average APY over 7-day and 30-day windows is calculated:
Rolling APY=AVG(apr) OVER (ORDER BY date ASC ROWS BETWEEN 6 PRECEDING AND CURRENT ROW)
Relevant Contract Events for LST APY Calculation
| Token | Event Name | Event Signature (Topic 0) |
|---|---|---|
| rETH | balance_updated | 0x7bbbb137fdad433d6168b1c75c714c72b8abe8d07460f0c0b433063e7bf1f394 |
| ankrETH | ratio_updated | 0xb779c97cee7508e970bdead8c3ef0bd16f8c63dbba28fe88f7c7a56722fc564d |
| cbETH | exchange_rate_updated | 0x0b4e9390054347e2a16d95fd8376311b0d2deedecba526e9742bcaa40b059f0b |
| lsETH | rewards_earned | 0x3d1669e813a9845c288f0e1f642a4343a451103b87886d12de37e63b39bbd942 |
| stETH | token_rebase | 0xff08c3ef606d198e316ef5b822193c489965899eb4e3c248cea1a4626c3eda50 |
| swETH | token_reprice | 0xf0e4379b3fd6b436bf73f47761c746a33d02bbd47835cbd8050b130fb2c6db2e |
| wbETH | exchange_rate_updated | 0x0b4e9390054347e2a16d95fd8376311b0d2deedecba526e9742bcaa40b059f0b |