Chainflip operates a decentralized network of 150 validators that collectively control multi-chain vaults using threshold signature schemes (TSS). The protocol uses a Just-In-Time (JIT) AMM where liquidity providers compete to fill swap orders at the moment of execution, enabling capital-efficient cross-chain swaps. A portion of each swap fee is used to buy and burn FLIP tokens.

Chainflip is a decentralized cross-chain swap protocol that enables native asset exchanges across blockchains including Bitcoin, Ethereum, and Solana without wrapped tokens or traditional bridges. It was launched in 2023 by Chainflip Labs and uses a JIT AMM model combined with MPC-based vault technology to provide competitive pricing on cross-chain trades.

Chainflip is governed by its validator set and FLIP tokenholders. Validators stake FLIP to participate in the network and earn fees from swaps. The protocol is developed and maintained by Chainflip Labs.

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# Chainflip Staking market cap Methodology

## 1. Overview

Staking market cap measures the total value of native FLIP assets currently staked on Chainflip Chain. The total capital bonded by validators to secure the protocol's decentralized state chain is represented by this metric. Staking market cap is utilized to assess the economic security and validator alignment of the Chainflip Chain network.

## 2. Data sources

- **Blockchain events**: `BondUpdated` events from the `flip` pallet, covering Chainflip Chain
- **External data**: End-of-day price feeds for the native FLIP asset

## 3. Step-by-step calculation

### Component A: Bonded amount extraction

- **Purpose**: Extract the raw bonded amounts for each validator
- **Logic**: `BondUpdated` events are parsed from the `flip` pallet on Chainflip Chain. For each event, the validator account and the raw bond amount are extracted. The raw amounts are normalized by the asset's decimal precision to represent the bond amount in FLIP.
- **Key fields**: `account` (validator identifier), `amount` (raw bond amount), `block_timestamp` (event time)

### Component B: Daily validator state tracking

- **Purpose**: Determine the active bond amount for each validator on a daily basis
- **Logic**: The latest `BondUpdated` event for each validator is selected for each day. To account for days without updates, a fill-forward algorithm is applied to carry the last known bond amount of each validator to subsequent days. The active bond amounts are then summed across all validators for each day to calculate the total daily bonded FLIP.
- **Key fields**: `validator` (validator identifier), `bond_amount_flip` (normalized bond amount), `timestamp` (day boundary)

### Component C: USD conversion and final aggregation

- **Purpose**: Convert the daily bonded FLIP to USD and ensure data continuity
- **Logic**: The daily total bonded FLIP is multiplied by the end-of-day price of the native FLIP asset to calculate the staking market cap in USD. A final fill-forward strategy is applied to handle any missing days and ensure a continuous daily time series.
- **Key fields**: `staking_market_cap` (calculated staking market cap in USD), `timestamp` (day boundary)

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

Value of native tokens currently staked to secure a proof-of-stake network.

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Staking market cap

Staking market cap

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