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 revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the average daily revenue generated per active user on the StakeWise liquid staking protocol. This metric is calculated by dividing daily protocol revenue by daily active users (DAU). The calculation captures revenue from protocol fees across StakeWise V1 solo staking and V3 pool staking products, divided by unique users who performed staking, unstaking, or withdrawal activities on that day.

## 2. Data sources

- **StakeWise V1 events**: Parsed `DepositAdded` events from solo staking contracts and `RewardsUpdated` events for protocol fee collection
- **StakeWise V3 events**: Parsed `Deposited`, `ExitQueueEntered`, and `StateUpdated` events from EthGenesisVault and EthVault contracts
- **Beacon chain data**: Ethereum beacon chain withdrawal records from block data, including validator indexes and withdrawal amounts
- **Token transfer events**: Parsed `Transfer` events for sETH2 (Ethereum) and sGNO (Gnosis) tokens to capture V1 pool staking activity
- **Validator deposit data**: Ethereum beacon chain validator deposit records with deposit addresses and indexes
- **Migration transaction data**: StakeWise V3 migration event logs to exclude V1 token burns during migration
- **External data**: End-of-day ETH/USD price feeds and token metadata for decimal correction

## 3. Step-by-step calculation

### Component A: Daily active users (DAU)

- **Purpose**: Count distinct users who performed staking-related activities each day across all StakeWise products
- **Logic**: Extract user addresses from multiple event types across StakeWise V1 and V3 products. For V1 solo staking, capture depositors from `DepositAdded` events. For V3 pool staking, capture depositors and withdrawers from `Deposited` and `ExitQueueEntered` events on both EthGenesisVault and EthVault contracts. For V1 pool staking, identify users through sETH2 and sGNO token mints (deposits) and burns (withdrawals), excluding transactions that occurred during V3 migration. Add beacon chain withdrawal participants for solo stakers by matching validator indexes to StakeWise deposit addresses. Filter beacon chain withdrawals to include only full stake amounts (32 ETH or multiples) to exclude consensus rewards. Aggregate users by day using HyperLogLog algorithm for efficient distinct counting across multiple dimensions (chain, user type, product). Apply chain availability filters to ensure data completeness.
- **Key fields**: User addresses from `sender` and `receiver` event parameters, beacon chain `validator_index` and withdrawal `address`, token transfer `from_address` and `to_address`

### Component B: Daily protocol revenue

- **Purpose**: Calculate daily revenue earned by the StakeWise protocol from staking fees
- **Logic**: Extract protocol yield data from reward distribution events across StakeWise versions. For V1, capture `periodRewards` from `RewardsUpdated` events and apply 10% protocol fee split. For V3, capture `profitAccrued` from `StateUpdated` events and apply 5% protocol fee split. All yield amounts are denominated in ETH. Convert ETH amounts from wei (18 decimal places) to standard units, then convert to USD using end-of-day price feeds with forward-filling for missing price data. Calculate daily protocol revenue by multiplying total yield by the respective protocol fee percentage. Aggregate revenue by day across all products and versions, applying 'fill_zeros' strategy for days with no activity.
- **Key fields**: Yield amounts (`periodRewards`, `profitAccrued`), protocol fee splits (10% for V1, 5% for V3), ETH token address for price conversion

### Final aggregation

- **Combining components**: Join daily revenue and daily active user metrics on timestamp, ensuring both components use the same daily time boundaries and chain availability filters
- **Currency conversion**: All revenue converted to USD using end-of-day ETH price feeds, with decimal correction applied before USD conversion
- **Time aggregation**: Daily aggregation with consistent timestamp truncation to day boundaries, zero-filling applied for missing days in both revenue and user metrics
- **Final calculation**: ARPU = Daily Protocol Revenue (USD) ÷ Daily Active Users, where protocol revenue includes fees from all StakeWise products and DAU includes unique users across solo staking, pool staking, and withdrawal activities

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

StakeWiseSWISE

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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