Description

Ethereum Liquid Staking Token Dashboard highlights Ethereum-based liquid staking tokens and their associated yields and supply. We currently cover Rocket Pool: rETH, Lido: stETH, Coinbase: cbETH, Binance: wbETH, Swell: swETH, Ankr: ankrETH, and LiquidCollective: lsETH.

Use Case

Traders

APY of liquid staking tokens is crucial for traders because it influences the profitability of short-term trading strategies. A high APY could signal a moment to buy and hold the token to benefit from staking rewards in addition to potential price appreciation. Conversely, a declining APY might prompt a trader to sell off the token to avoid diminishing returns. Additionally, higher yields likely indicate a higher risk.

Researchers
Blockchain researchers are interested in the factors that influence the adoption and success of different cryptocurrencies, including staking mechanisms. The APY is an important data point for researchers because it reflects the economic incentives driving stakers and validators. By analyzing APY trends, researchers can deduce the health and stability of a staking protocol, as well as investor confidence and behavior within that ecosystem.

Analysts
A stable or increasing APY can indicate a robust staking system and might lead to positive investment recommendations. Additionally, analysts use APY to compare the performance of these tokens against traditional financial products or other cryptocurrencies to guide investment strategies for clients.

Methodology

APY: Each protocol emits data in slightly different ways but they all generally allow you to calculate APY by using the following methodology.

Each LST emits data that indicates an exchange rate that allows us to get the LST to ETH peg. From the events, we can compare yesterday's ratio to the current ratio and annualize it. It would look something like this: ((yesterdayratio-current_ratio)(365))_100. After this, we can take the rolling Average APY for 7 and 30-day periods to smooth out the yield.

AVG(apr) OVER (ORDER BY date ASC ROWS BETWEEN 6 PRECEDING AND CURRENT ROW)

Relevant Events For Contracts:

rETH: balance_updated

event_signature: 0x7bbbb137fdad433d6168b1c75c714c72b8abe8d07460f0c0b433063e7bf1f394

ankrETH: ratio_updated

event_signature: 0xb779c97cee7508e970bdead8c3ef0bd16f8c63dbba28fe88f7c7a56722fc564d

cbETH: exchange_rate_updated

event_signature: 0x0b4e9390054347e2a16d95fd8376311b0d2deedecba526e9742bcaa40b059f0b

lsETH: rewards_earned

event_signature: 0x3d1669e813a9845c288f0e1f642a4343a451103b87886d12de37e63b39bbd942

stETH: token_rebase

event_signature: 0xff08c3ef606d198e316ef5b822193c489965899eb4e3c248cea1a4626c3eda50

swETH: token_reprice

event_signature: 0xf0e4379b3fd6b436bf73f47761c746a33d02bbd47835cbd8050b130fb2c6db2e

wbETH: exchange_rate_updated

event_signature: 0x0b4e9390054347e2a16d95fd8376311b0d2deedecba526e9742bcaa40b059f0b