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

StakeWise is a non-custodial staking protocol built on Ethereum. StakeWise was founded by Dmitri Tsumak & Kirill Kutakov and launched in 2021.

SWISE tokenholders own and govern the protocol. They currently take a cut of the total return on investment (revenue). StakeWise’s investors include Blockdaemon, Boldstart Ventures, Collider, etc.

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StakeWise

# StakeWise Average fees per user (AFPU) Methodology

## 1. Overview

AFPU measures the average daily fees earned by StakeWise protocol per daily active user. This metric indicates the monetization efficiency of the liquid staking platform by dividing total daily protocol fees by the number of unique users active each day. The calculation combines fee data from both StakeWise v1 and v3 versions with comprehensive user activity tracking across solo staking, pool staking, and beacon chain withdrawals.

## 2. Data sources

The AFPU calculation relies on these raw data sources:

**Blockchain events**: 
- Parsed StakeWise v1 `DepositAdded` events from solo staking deposits
- Parsed StakeWise v3 `Deposited` and `ExitQueueEntered` events from EthGenesisVault and EthVault contracts
- Parsed StakeWise v1 `RewardsUpdated` events from RewardEthTokenV2 contract
- Parsed StakeWise v3 `StateUpdated` events from OsTokenVaultController contract
- Parsed StakeWise v3 `Migrated` events from EthGenesisVault contract for migration tracking

**Transaction data**: 
- Ethereum and Gnosis token transfer events for sETH2 and sGNO tokens
- Ethereum beacon chain block data with validator withdrawal information

**External data**: 
- End-of-day token price feeds for USD conversion
- Token metadata for decimal correction

## 3. Step-by-step calculation

### Component A: User identification and tracking
- **Purpose**: Identify all unique users interacting with StakeWise protocol across different products and versions
- **Logic**: Collect user addresses from multiple event types. For solo staking, extract depositor addresses from `DepositAdded` events and account addresses from beacon chain validator withdrawals. For pool staking, extract receiver addresses from `Deposited` and `ExitQueueEntered` events in both EthGenesisVault and EthVault contracts. For StakeWise v1 pool users, identify addresses from sETH2 and sGNO token mint events (transfers from zero address) as depositors and burn events (transfers to zero address) as withdrawers, excluding migration transactions to prevent double counting
- **Key fields**: User addresses are captured as `sender`, `receiver`, `to_address`, and `from_address` depending on the event type. Block timestamps enable daily aggregation. Transaction hashes and log indexes provide event uniqueness

### Component B: Daily active user aggregation
- **Purpose**: Count distinct daily active users efficiently across multiple dimensions
- **Logic**: Group user interactions by day using block timestamps truncated to daily boundaries. Apply HyperLogLog sketching algorithm to count distinct users efficiently while supporting multiple breakdown dimensions including chain, product type (solo staking vs pool staking), and user type (depositor vs withdrawer). Aggregate across project level, individual chains, user types, and product categories
- **Key fields**: Daily timestamps as `timestamp`, user addresses as `user_dau`, dimensional breakdowns as `chain_id`, `product_id`, and `user_type`

### Component C: Protocol fee calculation
- **Purpose**: Calculate fees earned by StakeWise protocol from staking yield
- **Logic**: Extract reward amounts from protocol events and apply version-specific fee splits. For StakeWise v1, use `periodRewards` amounts from `RewardsUpdated` events and apply 10% protocol fee split. For StakeWise v3, use `profitAccrued` amounts from `StateUpdated` events and apply 5% protocol fee split. Filter out removed events to ensure accuracy. Group by day using block timestamp truncation
- **Key fields**: Raw reward amounts as `periodRewards` and `profitAccrued`, protocol fee percentages as `protocol_fee_split`, calculated fees as `amount`

### Component D: Fee processing and USD conversion
- **Purpose**: Standardize fee amounts in USD for consistent reporting
- **Logic**: Take daily protocol fee amounts and correct for token decimals (ETH uses 18 decimals). Convert amounts to USD using end-of-day token price feeds, specifically using WETH prices as proxy for ETH. Apply currency conversion and decimal correction through the convert to USD macro. Group fees by timestamp, chain, product, and version dimensions
- **Key fields**: Fee amounts as `fees`, token addresses as `token_address`, timestamps as `timestamp`

### Final aggregation
- **Combining components**: The ARPU calculation macro divides the processed daily fee amounts by the corresponding daily active user counts for the same time periods. This creates the fees per user ratio for each day
- **Currency conversion**: All fees are standardized to USD using end-of-day price feeds before the division calculation
- **Time aggregation**: Both numerator (fees) and denominator (users) are aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: AFPU equals total daily protocol fees in USD divided by the count of distinct daily active users, producing average fees earned per user per day

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

StakeWiseSWISE

Average fees per user (AFPU)

Average fees per user (AFPU)

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