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 Earnings Methodology

## 1. Overview

StakeWise earnings represents the net profit generated by the StakeWise liquid staking protocol, calculated as total revenue minus total expenses. This metric measures the protocol's profitability after accounting for token incentives paid to users. The calculation combines protocol fees earned from staking yield with token incentive costs, providing a comprehensive view of the protocol's financial performance across both V1 and V3 versions.

## 2. Data sources

The earnings calculation relies on several blockchain and external data sources:
- **Protocol yield events**: Parsed StakeWise smart contract events from Ethereum that track yield distribution, including `RewardsUpdated` events from V1 and `StateUpdated` events from V3
- **Token transfer events**: Ethereum `Transfer` events for SWISE tokens from specific reward distribution contracts and accounts
- **Token price feeds**: End-of-day price feeds for SWISE tokens and WETH to enable USD conversion
- **Token metadata**: Decimal precision and symbol information for SWISE and ETH tokens

## 3. Step-by-step calculation

### Component A: Revenue calculation
- **Purpose**: Calculate protocol revenue from staking yield fees
- **Logic**: Extract yield amounts from StakeWise smart contract events across V1 and V3 versions. For V1, parse `RewardsUpdated` events from the `RewardEthTokenV2` contract and apply a 10% protocol fee split to the `periodRewards` amount. For V3, parse `StateUpdated` events from the `OsTokenVaultController` contract and apply a 5% protocol fee split to the `profitAccrued` amount. Filter out removed events to ensure data quality. Convert all amounts to USD using WETH prices and aggregate by day.
- **Key fields**: `periodRewards` (V1 yield amount), `profitAccrued` (V3 yield amount), `protocol_fee_split` (fee percentage), `block_timestamp` (event timing)

### Component B: Token incentives calculation  
- **Purpose**: Calculate SWISE token incentives distributed to users as protocol expenses
- **Logic**: Track SWISE token transfers from two categories of sources. First, collect transfers from the depositor rewards contract address `0xa3f21010e8b9a3930996c8849df38f9ca3647c20`. Second, collect transfers from three liquidity reward account addresses. Filter transfers to only include SWISE tokens at address `0x48c3399719b582dd63eb5aadf12a40b4c3f52fa2`. Convert token amounts to USD using SWISE price feeds and aggregate by day. These distributions represent the protocol's cost of incentivizing user participation.
- **Key fields**: `value` (SWISE token amount), `from_address` (reward distributor), `token_address` (SWISE contract), `block_timestamp` (transfer timing)

### Component C: Expenses aggregation
- **Purpose**: Consolidate all protocol expenses for the earnings calculation
- **Logic**: Take the daily aggregated token incentives from Component B and treat them as the protocol's total expenses. The current implementation only includes token incentive costs as expenses, representing the primary operational cost for StakeWise.
- **Key fields**: `token_incentives` (converted to `expenses` field)

### Final aggregation
- **Combining components**: Join the daily revenue amounts from Component A with the daily expenses from Component C using the earnings calculation macro. The macro performs a simple subtraction: earnings = revenue - expenses
- **Currency conversion**: All amounts are converted to USD using end-of-day price feeds before the final calculation. ETH-denominated yield uses WETH prices, while SWISE incentives use SWISE prices
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation to day level. The calculation maintains separate records for different product versions and chains
- **Final calculation**: For each day, subtract the total USD value of token incentives (expenses) from the total USD value of protocol fees (revenue) to determine net earnings. Apply a zero-fill strategy for any missing dates to ensure complete time series data

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

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