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 Total value locked Methodology

## 1. Overview

Stader TVL measures the total USD value of assets staked through Stader's liquid staking protocol across multiple blockchain networks. The metric tracks the cumulative value of user deposits into Stader's liquid staking pools, net of any withdrawals. This represents the total value locked in Stader's protocol and indicates the scale of assets under management for their liquid staking services.

The calculation follows a deposit-withdrawal approach where token mints represent deposits and token burns represent withdrawals. The net cumulative balance across all supported chains and tokens provides the total TVL figure.

## 2. Data sources

The calculation utilizes several types of blockchain and external data:

- **Token transfer events**: BSC, Ethereum, and Fantom token transfer logs for liquid staking tokens (BNBx, ETHx, sFTMx)
- **Smart contract events**: Parsed Ethereum events for MaticX protocol including `Submit` and `ClaimWithdrawal` events  
- **End-of-day price feeds**: Token price data for USD conversion of staked asset values
- **Token metadata**: Decimal precision information for proper amount normalization across different token standards

## 3. Step-by-step calculation

### Component A: Deposit tracking
- **Purpose**: Captures all user deposits into Stader's liquid staking pools
- **Logic**: Identifies token mints by filtering token transfer events where the `from_address` is the null address (`0x0000000000000000000000000000000000000000`). This captures the creation of new liquid staking tokens when users deposit underlying assets. For MaticX on Ethereum, deposits are tracked through parsed `Submit` events from the MaticX contract. The system tracks specific token contracts: BNBx on BSC (`0x1bdd3cf7f79cfb8edbb955f20ad99211551ba275`), ETHx on Ethereum (`0xa35b1b31ce002fbf2058d22f30f95d405200a15b`), sFTMx on Fantom (`0xd7028092c830b5c8fce061af2e593413ebbc1fc1`), and MaticX on Ethereum (`0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0`)
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for uniqueness, `chain` for network identification, `token_address` for asset type, `amount` for deposit quantity

### Component B: Withdrawal tracking  
- **Purpose**: Captures all user withdrawals from Stader's liquid staking pools
- **Logic**: Identifies token burns by filtering token transfer events where the `to_address` is either the null address (`0x0000000000000000000000000000000000000000`) or dead address (`0x000000000000000000000000000000000000dead`). This captures the destruction of liquid staking tokens when users withdraw their underlying assets. For MaticX on Ethereum, withdrawals are tracked through parsed `ClaimWithdrawal` events. Uses the same token contracts as deposits
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for uniqueness, `chain` for network identification, `token_address` for asset type, `amount` for withdrawal quantity

### Component C: Net balance calculation
- **Purpose**: Calculates the net change in staked assets per day by combining deposits and withdrawals
- **Logic**: Combines deposit amounts (positive values) with withdrawal amounts (converted to negative values) to calculate daily net flows. Groups data by day using timestamp truncation, then aggregates amounts by chain and token address. Applies decimal correction using token metadata to ensure proper amount normalization. Fills any gaps in the time series with zero values to maintain continuity
- **Key fields**: `timestamp` truncated to daily boundaries, `net_amount` representing daily change, `chain` and `token_address` for grouping

### Component D: Cumulative balance tracking
- **Purpose**: Builds running totals of staked assets from protocol inception
- **Logic**: Uses window functions with cumulative sum to calculate total accumulated balance for each chain and token combination. Orders by timestamp to ensure proper chronological accumulation. Applies special token address mapping where ETHx (`0xa35b1b31ce002fbf2058d22f30f95d405200a15b`) is converted to WETH address (`0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2`) for price lookup purposes
- **Key fields**: `account_balance` representing cumulative staked amount, `chain` and `token_address` for asset identification

### Final aggregation
- **Combining components**: The daily cumulative balances across all chains and tokens are combined to represent total assets staked in Stader's protocol
- **Currency conversion**: Token amounts are converted to USD using end-of-day price feeds, with ETHx amounts priced using WETH rates due to price feed availability  
- **Time aggregation**: Data is aggregated to daily boundaries with consistent timestamp truncation to ensure alignment across all calculations
- **Business rules**: Fantom sFTMx data is excluded after February 15, 2024, reflecting the transfer of sFTMx management to Beethoven X protocol
- **Final calculation**: The total TVL equals the sum of USD-converted cumulative balances across all supported chains and liquid staking tokens, representing the total value of assets locked in Stader's liquid staking protocol

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

StaderSD

Total value locked

Total value locked

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