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 Total value locked Methodology

## 1. Overview

StaFi's Total Value Locked (TVL) represents the total value of ETH assets staked through the StaFi liquid staking protocol. The metric is calculated by tracking the outstanding supply of rETH (StaFi's liquid staking token) and converting this supply to USD value. The methodology uses a token supply-based approach where TVL equals the total outstanding rETH tokens valued at current ETH prices, representing the underlying ETH assets locked in the protocol.

## 2. Data sources

- **Blockchain events**: Parsed Ethereum `Transfer` events for the rETH token contract, specifically tracking mints and burns
- **Token transfers**: Ethereum token transfer records to identify when rETH tokens are created (minted) or destroyed (burned)
- **External data**: End-of-day price feeds for ETH/WETH to convert token amounts to USD values
- **Token metadata**: Token contract information for decimal corrections and proper amount normalization

## 3. Step-by-step calculation

### Component A: rETH mint tracking
- **Purpose**: Identifies when new rETH tokens are minted, representing new ETH deposits into the staking protocol
- **Logic**: Extracts Ethereum `Transfer` events where rETH tokens are transferred from the null address (`0x0000000000000000000000000000000000000000`) to user addresses. These mint events occur when users deposit ETH and receive rETH in return. Each mint event includes the transaction timestamp, amount of rETH minted, and transaction details for tracking.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` for uniqueness, `value` for token amount minted

### Component B: rETH burn tracking  
- **Purpose**: Identifies when rETH tokens are burned, representing ETH withdrawals from the staking protocol
- **Logic**: Extracts Ethereum `Transfer` events where rETH tokens are transferred from user addresses to the null address (`0x0000000000000000000000000000000000000000`). These burn events occur when users redeem their rETH tokens to withdraw underlying ETH. Each burn event includes the transaction timestamp, amount of rETH burned, and transaction details.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` for uniqueness, `value` for token amount burned (converted to negative values)

### Component C: Outstanding supply calculation
- **Purpose**: Calculates the net outstanding supply of rETH tokens over time as a cumulative balance
- **Logic**: Combines mint and burn events into a single dataset, where mints are positive amounts and burns are negative amounts. Groups transactions by day and calculates net daily changes (total mints minus total burns). Applies decimal corrections to normalize token amounts. Fills any missing days with zero net change to maintain complete time series. Calculates running cumulative sum of net changes to determine total outstanding rETH supply at each point in time.
- **Key fields**: `timestamp` for daily aggregation, `net_amount` for daily net changes, `outstanding_supply` as cumulative sum

### Component D: Token address switching logic
- **Purpose**: Handles a protocol change in pricing methodology that occurred on June 3, 2023
- **Logic**: For dates after June 3, 2023, switches the token address used for pricing from the original rETH contract address to WETH address for more accurate price conversion. This ensures consistent and accurate USD valuation throughout the protocol's history while maintaining the same underlying supply calculation.
- **Key fields**: `token_address` switched based on date comparison logic

### Final aggregation
- **Combining components**: Uses the outstanding rETH supply directly as the measure of assets staked, since each rETH token represents staked ETH in the protocol
- **Currency conversion**: Converts outstanding rETH supply to USD using end-of-day ETH/WETH price feeds, applying the appropriate token address for pricing based on the date switching logic
- **Time aggregation**: Maintains daily grain with gap-filling to ensure complete time series without missing dates
- **Final calculation**: TVL equals the USD value of outstanding rETH supply, representing the total value of ETH assets locked in the StaFi staking protocol. The metric applies finalization logic to validate data quality, ensure proper schema compliance, and apply chain availability filters.

*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.

StaFiFIS

Total value locked

Total value locked

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