Network participants process transactions and receive fees from users (supply-side fees).

Cosmos Hub is an interoperability & security platform for blockchains and applications. Cosmos was founded by Ethan Buchman & Jae Kwon and launched in 2019.

ATOM holders own and govern the protocol. They currently take a cut of the total transaction fees paid by users (revenue). Cosmos’s investors include Paradigm, IOSG Ventures, 1confirmation, etc.

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Cosmos Hub

# Cosmos Hub Staking market cap Methodology

## 1. Overview

Cosmos staking market cap measures the total USD value of ATOM tokens that are currently staked (delegated) in the Cosmos Hub network. This metric represents the market value of assets locked in the proof-of-stake consensus mechanism, providing insight into network security and token holder participation in staking. The calculation aggregates all delegation and undelegation events historically to maintain a running balance of total staked assets, then converts this balance to USD using end-of-day price feeds.

## 2. Data sources

- **Cosmos Hub message events**: Raw blockchain transaction events containing delegation and undelegation operations with validator addresses and token amounts
- **Genesis state data**: Initial bonded token pool balances from the Cosmos Hub genesis block for historical completeness  
- **End-of-day price feeds**: ATOM token prices from CoinGecko for USD conversion
- **Token metadata**: ATOM token denomination and decimal precision information

## 3. Step-by-step calculation

### Component A: Delegation event processing
- **Purpose**: Extract and process all delegation transactions where users stake ATOM tokens to validators
- **Logic**: Filter Cosmos Hub message events for `delegate` event types, then parse the JSON event attributes to extract validator addresses and staked amounts. The `amount` field is stored as a string with denomination suffix (e.g., "1000000uatom"), so regex extraction removes the "uatom" suffix and converts to numeric format. Each delegation represents an increase in total staked assets.
- **Key fields**: `block_timestamp` for timing, `validator` for validator identification, and `amount` for staked token quantity in microatom units

### Component B: Undelegation event processing  
- **Purpose**: Extract and process all undelegation (unbond) transactions where users unstake ATOM tokens from validators
- **Logic**: Filter Cosmos Hub message events for `unbond` event types, applying the same JSON parsing and regex extraction as delegation events. Undelegation amounts are treated as negative values since they represent decreases in total staked assets. The timing and validator information is captured similarly to delegations.
- **Key fields**: `block_timestamp` for timing, `validator` for validator identification, and `amount` for unstaked token quantity in microatom units (applied as negative)

### Component C: Genesis balance inclusion
- **Purpose**: Include initial bonded token pool balance from the Cosmos Hub genesis state for complete historical tracking
- **Logic**: For non-incremental runs, include the genesis balance from the bonded tokens pool (validator address `cosmos1fl48vsnmsdzcv85q5d2q4z5ajdha8yu34mf0eh`) with denomination `uatom`. This ensures the calculation accounts for tokens that were bonded at network launch before any delegation events occurred.
- **Key fields**: Genesis `amount` representing initial bonded tokens, hardcoded genesis timestamp and block height

### Component D: Daily balance aggregation
- **Purpose**: Calculate net daily changes in staked assets and maintain running cumulative balance
- **Logic**: Group all movements (delegations, undelegations, genesis) by day and sum the net change in staked amount. Apply cumulative sum using window functions ordered by timestamp to calculate the running total of assets staked. This creates a daily time series showing total staked balance evolution over time.
- **Key fields**: `timestamp` truncated to daily granularity and `assets_staked_balance` representing net daily change

### Component E: Time series completion
- **Purpose**: Fill forward missing dates to ensure continuous daily coverage
- **Logic**: Use forward-fill logic to populate staked balance values for days with no staking events, ensuring the metric has continuous daily coverage. This maintains the last known staked balance until new delegation or undelegation activity occurs.
- **Key fields**: `assets_staked` representing the forward-filled daily balance

### Final aggregation
- **Combining components**: The final model references the daily assets staked from the intermediate aggregation and applies additional processing
- **Currency conversion**: Convert from microatom to atom units by dividing by 10^6, then apply USD conversion using CoinGecko end-of-day price feeds for ATOM tokens through the `convert_to_usd_cg` macro
- **Time aggregation**: Data is aggregated at daily granularity with timestamp grain set to 'day'
- **Final calculation**: The staking market cap equals the total staked ATOM balance (in atom units) multiplied by the daily USD price per ATOM token, with final metric formatting applied through the `finalize_metric_staking_market_cap` macro

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

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

Cosmos HubATOM

Staking market cap

Staking market cap

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