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 Active users (weekly) Methodology

## 1. Overview

Weekly Active Users (WAU) for StaFi measures the number of unique users who interact with StaFi's liquid staking protocol within any 7-day period. This metric answers the business question "How many unique users are actively using StaFi's liquid staking services each week?" The calculation uses a rolling 7-day window approach where each day's WAU includes unique users from that day plus the previous 6 days, utilizing HyperLogLog data structures for efficient unique user counting without double-counting users who are active on multiple days within the same week.

## 2. Data sources

The calculation relies on these raw data sources:
- **Ethereum smart contract events**: Parsed `RETHToken_TokensMinted` and `StafiWithdraw_Unstake` events from StaFi's liquid staking contracts on Ethereum
- **Blockchain transaction data**: Ethereum transaction timestamps, block numbers, transaction hashes, and log indices for event context
- **Chain availability data**: Configuration data that defines which chains and time periods have reliable data coverage

## 3. Step-by-step calculation

### Component A: User activity extraction
- **Purpose**: Identifies unique users interacting with StaFi liquid staking protocol and classifies their activity type
- **Logic**: Extracts user addresses from two types of Ethereum smart contract events. From `RETHToken_TokensMinted` events, the `to` parameter identifies users as 'Depositor' type who are minting liquid staking tokens. From `StafiWithdraw_Unstake` events, the `from` parameter identifies users as 'Withdrawer' type who are unstaking tokens. Each event includes blockchain metadata like timestamps, transaction hashes, and log indices. All activity is classified under the 'liquid_staking' market sector and business segment.
- **Key fields**: `block_timestamp`, `user_address`, `user_type` (Depositor or Withdrawer), `chain` (ethereum), `transaction_hash`, `log_index`

### Component B: Daily active user aggregation
- **Purpose**: Aggregates user activity to daily granularity using HyperLogLog for efficient unique counting
- **Logic**: Groups the extracted user events by day using timestamp truncation to daily boundaries. Creates HyperLogLog sketches initialized with precision 15 to efficiently store and count unique user addresses per day. Aggregates data across dimensions including chain, user type, market sector, business segment, and product. Applies chain availability filters to ensure only data from reliable time periods and chains is included.
- **Key fields**: `timestamp` (daily), `user_dau` (unique user address), `chain`, `user_type`, `product_id`, `timestamp_grain` (day)

### Component C: Weekly rolling window creation
- **Purpose**: Creates 7-day rolling windows to calculate weekly active users from daily active user data
- **Logic**: Generates a continuous datespine covering the full date range to avoid gaps in the time series. For each day in the datespine, creates a 7-day window by joining with the 6 preceding days using timestamp arrays. This approach ensures each day's WAU calculation includes unique users from a complete 7-day period ending on that day. Uses incremental processing with configurable lookback periods for efficiency.
- **Key fields**: `timestamp`, `joinday` (each day in the 7-day window), `hll` (HyperLogLog sketch from daily data)

### Final aggregation
- **Combining components**: Merges HyperLogLog sketches across the 7-day window for each timestamp, then extracts the final unique count. This approach avoids double-counting users who were active on multiple days within the same week while maintaining computational efficiency.
- **Multi-dimensional breakdowns**: Calculates separate WAU metrics across four dimension levels: overall project level (project_dbt_tag), chain level, user type level (Depositor vs Withdrawer), and product level. Each breakdown aggregates the appropriate subset of data while nullifying other dimensions.
- **Time aggregation**: Uses daily timestamp boundaries with each day representing the end date of a 7-day rolling window. The datespine approach ensures consistent daily reporting without gaps even when some days have zero activity.
- **Final calculation**: The weekly active user count for any given day equals the number of unique user addresses who had at least one interaction with StaFi liquid staking protocol during that day or the previous 6 days, calculated by extracting the cardinality from merged HyperLogLog sketches across the 7-day window.

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

Unique revenue-generating users over a rolling 7-day window.

StaFiFIS

Active users (weekly)

Active users (weekly)

Competitive landscape