Stakers deposit funds into BENQI and receive a return on investment in the form of staking rewards (supply-side fees).

BENQI Liquid Staking is the liquid staking derivative business line of BENQI. BENQI was founded by an international team of software developers and launched in 2021.

BENQI tokenholders own and govern the BENQI protocol, including the BENQI Liquid Staking business line. They currently take a cut of the total staking rewards earned by the protocol (revenue). BENQI's investors include Dragonfly Capital, Mechanism Capital, Spartan, etc.

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Liquid staking

BENQI Liquid Staking

# BENQI Liquid Staking Assets staked Methodology

## 1. Overview

The assets staked metric measures the total cumulative value of assets staked in the BenqiLSD liquid staking protocol on Avalanche. This metric tracks the net amount of sAVAX tokens outstanding, representing the total value staked by users in the protocol. The calculation monitors mint and burn events for the sAVAX token to determine the running balance of staked assets, converted to USD for standardized reporting.

## 2. Data sources

- **Avalanche blockchain events**: Parsed `StakedAvax_Submitted_event` logs from the Benqi v1 protocol contract, capturing when users stake AVAX and receive sAVAX tokens
- **Avalanche blockchain events**: Parsed `StakedAvax_Redeem_event` logs from the Benqi v1 protocol contract, capturing when users redeem sAVAX tokens to unstake AVAX
- **End-of-day price feeds**: Token price data for USD conversion of sAVAX token values
- **Token metadata**: Decimal precision data for proper token amount standardization

## 3. Step-by-step calculation

### Component A: sAVAX mint tracking
- **Purpose**: Captures when users stake AVAX and receive sAVAX tokens (increases total staked)
- **Logic**: Extracts `StakedAvax_Submitted_event` logs from the Benqi v1 protocol on Avalanche. Each event represents a user staking transaction where AVAX is deposited and sAVAX tokens are minted. The `shareAmount` field contains the quantity of sAVAX tokens minted to the user.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for uniqueness, `shareAmount` for the quantity of sAVAX tokens minted, hardcoded sAVAX token address `0x2b2c81e08f1af8835a78bb2a90ae924ace0ea4be`

### Component B: sAVAX burn tracking  
- **Purpose**: Captures when users redeem sAVAX tokens to unstake AVAX (decreases total staked)
- **Logic**: Extracts `StakedAvax_Redeem_event` logs from the Benqi v1 protocol on Avalanche. Each event represents a user unstaking transaction where sAVAX tokens are burned and AVAX is withdrawn. The `shareAmount` field contains the quantity of sAVAX tokens burned.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for uniqueness, `shareAmount` for the quantity of sAVAX tokens burned, hardcoded sAVAX token address `0x2b2c81e08f1af8835a78bb2a90ae924ace0ea4be`

### Component C: Net staking activity calculation
- **Purpose**: Combines mint and burn events to calculate daily net staking activity
- **Logic**: Unions the mint and burn events, treating burn amounts as negative values to represent reductions in staked assets. Groups transactions by day using timestamp truncation and sums the net `amount` (mints minus burns) for each day. This produces daily net changes in staked assets.
- **Key fields**: Daily `timestamp`, `chain` identifier, protocol metadata fields, and daily net `assets_staked` amount

### Component D: Cumulative assets staked calculation
- **Purpose**: Calculates the running total of assets staked over time
- **Logic**: Uses a window function to calculate the cumulative sum of daily net staking activity. The window is partitioned by `chain`, `version`, and `token_address` and ordered by `timestamp` to ensure proper chronological accumulation. This produces the total outstanding sAVAX token balance for each day.
- **Key fields**: Daily cumulative `assets_staked` representing total sAVAX tokens outstanding

### Final aggregation
- **Combining components**: The cumulative calculation flows directly from the net activity component without additional joins
- **Currency conversion**: Applies the `convert_to_usd_and_correct_decimals` macro to convert sAVAX token amounts to USD using end-of-day price feeds and correct for token decimal precision
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: The final metric represents the USD value of total sAVAX tokens outstanding each day, indicating the cumulative assets staked in the BenqiLSD protocol. The `finalize_metric_assets_staked` macro ensures proper schema validation, ID consistency, and zero-fills any missing periods in the time series.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of assets staked or restaked through the project.

BENQI Liquid Staking

Assets staked

Assets staked

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