Stakers deposit funds into StaFi and receive a return on investment in the form of staking rewards (supply-side revenue).

StaFi is a non-custodial liquid staking protocol built on Ethereum and other blockchains. StaFi was co-founded by Liam Young and launched in 2020.

FIS tokenholders own and govern the protocol. They currently take a cut of the total staking rewards earned by the protocol (revenue). StaFi’s investors include Focus Labs, Spark Digital Capital & a number of angel investors.

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Liquid staking

StaFi

# StaFi Assets staked Methodology

## 1. Overview

The StaFi assets staked metric measures the total value of ETH staked through the StaFi liquid staking protocol by tracking the outstanding supply of rETH (StaFi's liquid staking token). The metric calculates the cumulative net supply of rETH tokens by monitoring mint and burn events on Ethereum, then converts this supply to USD value to represent the total assets under management in the liquid staking protocol.

## 2. Data sources

The calculation uses the following raw data sources:
- **Ethereum ERC-20 token transfer events**: Parsed `Transfer` events from Ethereum for the rETH token contract (`0x9559aaa82d9649c7a7b220e7c461d2e74c9a3593`)
- **End-of-day token price feeds**: USD price data for ETH and WETH tokens used for currency conversion
- **Token metadata**: Decimal precision information for proper token amount calculations

## 3. Step-by-step calculation

### Component A: rETH mint identification
- **Purpose**: Identifies when new rETH tokens are minted (representing new ETH staked)
- **Logic**: Filters Ethereum token transfer events for the rETH contract where the `from_address` is the null address (`0x0000000000000000000000000000000000000000`). In ERC-20 token standards, transfers from the null address represent token minting events.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `token_address`, and `value` (the amount of rETH minted)

### Component B: rETH burn identification  
- **Purpose**: Identifies when rETH tokens are burned (representing ETH unstaking)
- **Logic**: Filters Ethereum token transfer events for the rETH contract where the `to_address` is the null address (`0x0000000000000000000000000000000000000000`). In ERC-20 token standards, transfers to the null address represent token burning events.
- **Key fields**: Same as mints - `block_timestamp`, `transaction_hash`, `log_index`, `token_address`, and `value` (the amount of rETH burned)

### Component C: Daily net mint/burn calculation
- **Purpose**: Combines mint and burn events to calculate daily net changes in rETH supply
- **Logic**: 
  - Unions mint and burn events into a single dataset
  - Converts burn amounts to negative values for net calculation
  - Truncates timestamps to daily boundaries for aggregation
  - Applies decimal corrections based on token metadata (rETH uses 18 decimals)
  - Groups by day and sums all net mint/burn amounts
  - Fills missing days with zero net amounts to ensure continuous time series
- **Key fields**: Daily `timestamp`, `net_amount` (sum of mints minus burns)

### Component D: Outstanding supply calculation
- **Purpose**: Calculates the cumulative outstanding rETH supply over time
- **Logic**: 
  - Uses a cumulative sum window function ordered by timestamp to calculate running total of net mint/burn amounts
  - This running sum represents the total outstanding rETH supply at each point in time
  - Includes special logic for token address switching: after June 3, 2023, the tracking switches from rETH token address to WETH address (`0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2`) for price conversion purposes
- **Key fields**: `outstanding_supply` (cumulative sum of net amounts), `token_address` (conditionally set based on date)

### Final aggregation
- **Currency conversion**: Applies USD conversion using end-of-day price feeds for the appropriate token (rETH before June 3, 2023, then WETH)
- **Schema finalization**: Applies standardization macro that validates business identifiers, ensures proper time series structure, and fills any remaining gaps using a "fill zeros" strategy
- **Chain filtering**: Applies availability filters to ensure data quality across different blockchain networks
- **Final calculation**: The final metric value represents the USD value of total ETH staked through StaFi's liquid staking protocol, calculated as the outstanding rETH supply multiplied by the appropriate token price

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

Value of assets staked or restaked through the project.

StaFiFIS

Assets staked

Assets staked

Competitive landscape