Stakers deposit funds into Stader and receive a return on investment in the form of staking rewards (supply-side revenue). Fantom fees and revenues are not included. 

Stader is a non-custodial liquid staking protocol built on Ethereum and other blockchains. Stader was founded by Amitej Gajjala, Dheeraj Borra & Sidhartha Doddipalli and launched in 2021.

SD tokenholders own and govern the protocol. They currently take a cut of the total return on investment (revenue). Stader’s investors include GoldenTree Asset Management, Blockchain.com, Pantera Capital etc.

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Liquid staking

Stader

# Stader Assets staked Methodology

## 1. Overview

Assets staked measures the total value of assets deposited in Stader's liquid staking protocol across multiple blockchain networks. This metric tracks the cumulative balance of liquid staking tokens that represent staked native assets (ETH, BNB, FTM, MATIC) in Stader's staking pools. The calculation aggregates deposit and withdrawal flows over time to maintain running balances of staked assets, converted to USD for standardized reporting.

## 2. Data sources

The calculation relies on several raw blockchain data sources:

- **Token transfer events**: Parsed `Transfer` events from BSC, Ethereum, and Fantom chains for liquid staking tokens (BNBx, ETHx, sFTMx)
- **Custom contract events**: Parsed Stader v1 contract events on Ethereum including `Submit` events for MATIC deposits and `ClaimWithdrawal` events for MATIC withdrawals
- **External price data**: End-of-day token price feeds for USD conversion
- **Token metadata**: Token decimal information for amount normalization
- **Chain availability data**: Network availability filters applied through business logic

## 3. Step-by-step calculation

### Component A: Deposit identification
- **Purpose**: Identifies when users stake native assets and receive liquid staking tokens
- **Logic**: Extracts token transfer events where liquid staking tokens are minted (transferred from the null address `0x0000000000000000000000000000000000000000`) across BSC, Ethereum, and Fantom chains. For Ethereum MATIC staking, captures `Submit` events from Stader's MaticX contract. Each deposit event includes the `block_timestamp`, `transaction_hash`, `log_index`, target token address, and deposit `amount`
- **Key fields**: The `amount` field represents the quantity of liquid staking tokens minted, `token_address` identifies the specific liquid staking token, and `account_name` categorizes the asset type (BNB, ETH, FTM, MATIC)

### Component B: Withdrawal identification  
- **Purpose**: Identifies when users withdraw staked assets by burning liquid staking tokens
- **Logic**: Extracts token transfer events where liquid staking tokens are burned (transferred to null address or dead address `0x000000000000000000000000000000000000dead`) across the same chains. For Ethereum MATIC unstaking, captures `ClaimWithdrawal` events from the MaticX contract. Withdrawal amounts are treated as negative values to offset previous deposits
- **Key fields**: The `amount` field represents burned tokens (applied as negative values), with the same token and account classification as deposits

### Component C: Net flow aggregation
- **Purpose**: Combines deposit and withdrawal events to calculate daily net changes in staked assets
- **Logic**: Unions deposit events (positive amounts) with withdrawal events (negative amounts), then aggregates by day using `timestamp_trunc` to convert block timestamps to daily boundaries. Groups by chain, account name, and token address to calculate daily net flows. Applies decimal correction to normalize token amounts based on each token's decimal precision
- **Key fields**: Results in daily `net_amount` values representing the net change in staked assets for each token on each chain

### Component D: Running balance calculation
- **Purpose**: Maintains cumulative balances of staked assets over time
- **Logic**: Applies gap-filling logic to ensure continuous daily time series with zero values for missing dates. Calculates running cumulative sum of net amounts using window functions partitioned by chain, account name, and token address, ordered by timestamp. Maps ETHx token address to WETH address for consistent price lookups
- **Key fields**: Produces daily `account_balance` values representing total staked assets for each token

### Final aggregation
- **Combining components**: The running balances represent the final asset quantities before USD conversion, with each balance tracking cumulative staked amounts for specific tokens on specific chains
- **Currency conversion**: Token balances are converted to USD using end-of-day price feeds through the `convert_to_usd_and_correct_decimals` macro, which handles both decimal correction and price conversion in a single step  
- **Time aggregation**: Daily timestamp boundaries are maintained throughout the calculation, with forward-filling applied to ensure no gaps in the time series
- **Final calculation**: Applies business logic correction to exclude Fantom chain data after February 15, 2024, when sFTMx management was acquired by Beets (Beethoven X). The final metric represents total USD value of assets staked in Stader's liquid staking protocol, aggregated across all supported chains and tokens, with proper schema validation and chain availability filtering applied

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

Value of assets staked or restaked through the project.

StaderSD

Assets staked

Assets staked

Competitive landscape

Chain breakdown