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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Stader

# Stader Fees Methodology

## 1. Overview

Stader fees represent the total fees generated by Stader's liquid staking protocol across BSC and Ethereum. This metric combines both protocol revenue (fees retained by Stader) and supply-side fees (yields distributed to stakers) to show the complete fee generation of the protocol. The calculation uses a 10% protocol fee model where 90% of generated yields go to users as supply-side fees and 10% are retained as protocol revenue.

## 2. Data sources

The calculation uses the following raw data sources:

- **BSC function calls**: `addRestakingRewards` function calls on the Stader StakeManager contract that distribute BNB staking rewards to users
- **Ethereum event logs**: `DistributeFees` events from the MaticX contract that record MATIC fee distributions on Ethereum
- **End-of-day token price feeds**: USD price data for BNB and MATIC tokens to enable currency conversion
- **Token metadata**: Decimal precision information for BNB (18 decimals) and MATIC (18 decimals) tokens

## 3. Step-by-step calculation

### Component A: BNB user yields
- **Purpose**: Captures BNB staking rewards distributed to users on BSC
- **Logic**: Extracts successful `addRestakingRewards` function calls from the Stader StakeManager contract on BSC. These function calls represent the distribution of BNB staking rewards to users. Only successful transactions (status = true) are included. The `amount` field represents the total yield generated for users.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` for uniqueness, `amount` for yield value, `status` for transaction success validation

### Component B: MATIC protocol yields  
- **Purpose**: Captures MATIC fee distributions on Ethereum from the MaticX contract
- **Logic**: Extracts `DistributeFees` event logs from the MaticX contract on Ethereum. These events represent fee distributions in the MATIC liquid staking system. Only non-removed events (removed = false) are included to ensure valid blockchain state. The `amount` field represents the base fee amount before user/protocol split calculations.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for uniqueness, `amount` for fee value, `removed` for event validity

### Component C: Revenue calculation
- **Purpose**: Calculates protocol revenue (fees retained by Stader)
- **Logic**: For BNB yields, protocol revenue is calculated as the user yield amount divided by 9, representing a 10% protocol fee (1/9 of the 90% user portion). This calculation only applies to transactions from February 1, 2023 onwards; before this date, BNB revenue is set to zero. For MATIC yields, protocol revenue equals the full `DistributeFees` amount, as this event already represents the protocol's portion.
- **Key fields**: `amount` divided by 9 for BNB (with date filter), full `amount` for MATIC

### Component D: Supply-side fees calculation  
- **Purpose**: Calculates fees distributed to users (supply-side participants)
- **Logic**: For BNB yields, supply-side fees equal the full user yield amount, representing the 90% portion that goes to stakers. For MATIC yields, supply-side fees are calculated by multiplying the `DistributeFees` amount by 9, representing the 90% user portion (since the base amount represents the 10% protocol portion).
- **Key fields**: Full `amount` for BNB, `amount` multiplied by 9 for MATIC

### Final aggregation
- **Combining components**: Revenue and supply-side fees are combined using a union operation, creating a unified dataset where each row represents either protocol revenue or user fees for a specific day and token
- **Currency conversion**: Token amounts are converted to USD using end-of-day price feeds, with proper decimal correction applied (both BNB and MATIC use 18 decimal places)
- **Time aggregation**: All data is aggregated to daily granularity using timestamp truncation, with transactions grouped by day, chain, and token
- **Final calculation**: The total fees metric represents the sum of protocol revenue and supply-side fees, providing a complete view of the economic activity generated by Stader's liquid staking operations across both chains

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

Total value users pay to use a protocol (gross fees, user-paid fees).

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