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 Revenue Methodology

## 1. Overview

Stader revenue represents the daily USD value of protocol fees earned from liquid staking operations across BNB Smart Chain and Ethereum. This metric captures the protocol's share of staking yields generated from BNB and MATIC liquid staking services. The calculation combines user yield distributions from BNB staking with fee distributions from MATIC staking, applying protocol-specific fee sharing rules to determine actual protocol revenue.

## 2. Data sources

- **BSC blockchain transaction data**: Function call data from Stader's `StakeManager` contract, specifically `addRestakingRewards` function executions that distribute yields to users
- **Ethereum blockchain event data**: Parsed `DistributeFees` events from the `MaticX` contract that record protocol fee distributions
- **End-of-day price feeds**: Token price data for BNB and MATIC tokens for USD conversion
- **Token metadata**: Token contract information including decimal precision for amount normalization

## 3. Step-by-step calculation

### Component A: BNB user yields
- **Purpose**: Captures yield distributions to users in the BNB liquid staking protocol, from which protocol fees are derived
- **Logic**: Extracts data from BSC blockchain function calls to the `StakeManager` contract's `addRestakingRewards` function. Filters for successful transactions only using the `status` field. Records transaction details including timestamp, hash, and the `amount` field representing yield distributions in BNB tokens. Maps to standardized business metadata identifying this as liquid staking activity.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` for uniqueness, `amount` for yield values, `status` for filtering successful operations

### Component B: MATIC protocol yields  
- **Purpose**: Captures direct protocol fee distributions from the MATIC liquid staking protocol
- **Logic**: Extracts data from Ethereum blockchain event logs, specifically `DistributeFees` events emitted by the `MaticX` contract. Filters out removed log entries using the `removed` field to ensure only valid events are included. Records event details including timestamp, transaction hash, log index for uniqueness, and the `amount` field representing fee distributions in MATIC tokens. Maps to standardized business metadata for liquid staking.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for unique identification, `amount` for fee values, `removed` for filtering valid events

### Component C: Protocol fee adjustment
- **Purpose**: Applies Stader's protocol fee sharing model to derive actual protocol revenue from user yield data
- **Logic**: For BNB yields, implements a time-based fee calculation where amounts are divided by 9 for transactions after February 1, 2023, representing the protocol's share of total yields distributed to users. For dates before this threshold, BNB protocol revenue is set to zero. MATIC protocol yields are used directly as they already represent protocol fees rather than user yields.
- **Key fields**: Date comparison using `block_timestamp`, division factor of 9 applied to BNB `amount` values

### Final aggregation
- **Combining components**: Unions the adjusted BNB yields with direct MATIC protocol yields into a single dataset, maintaining all transaction-level details and metadata
- **Currency conversion**: Converts token amounts to USD using end-of-day price feeds, with automatic decimal correction based on token metadata to normalize amounts to standard decimal precision
- **Time aggregation**: Groups transactions by day using timestamp truncation, summing all revenue amounts within each day
- **Final calculation**: The daily revenue equals the sum of all protocol fee amounts (adjusted BNB yields plus direct MATIC fees) converted to USD for each day, with zero-filling applied for days with no activity

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

StaderSD

Revenue

Revenue

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