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 Expenses Methodology

## 1. Overview

The StakeWise expenses metric measures the total token incentives distributed by the protocol as operational expenses. This metric captures the cost of SWISE token rewards paid to depositors and liquidity providers as part of StakeWise's liquid staking operations. The calculation aggregates daily SWISE token distributions from protocol reward contracts and converts them to USD values, treating these token incentives as direct protocol expenses.

## 2. Data sources

- **Ethereum token transfers**: Parsed `Transfer` events from Ethereum blockchain, specifically filtering for SWISE token movements from protocol reward contracts
- **End-of-day price feeds**: Token price data used for USD conversion of SWISE token amounts
- **Token metadata**: Decimal precision data for proper token amount normalization during currency conversion

## 3. Step-by-step calculation

### Component A: Depositor rewards extraction
- **Purpose**: Captures SWISE tokens distributed to staking depositors as rewards
- **Logic**: Extracts `Transfer` events from Ethereum where the `from_address` is the depositor rewards contract (`0xa3f21010e8b9a3930996c8849df38f9ca3647c20`) and the `token_address` is SWISE (`0x48c3399719b582dd63eb5aadf12a40b4c3f52fa2`). Each transfer represents a reward payment to a depositor
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for uniqueness, `value` for SWISE token amount, classified under liquid staking business line with poolstaking product and v1 version

### Component B: Liquidity rewards extraction  
- **Purpose**: Captures SWISE tokens distributed to liquidity providers as incentives
- **Logic**: Extracts `Transfer` events from Ethereum where the `from_address` is one of three liquidity reward accounts (`0x5f032f15b4e910252edaddb899f7201e89c8cd6b`, `0x2cb9e71a5cf989008ba93dad8edb988ec1b4182f`, `0xba7ebdef7723e55c909ac44226fb87a93625c44e`) and the `token_address` is SWISE. These transfers represent incentive payments to liquidity providers
- **Key fields**: Similar structure to depositor rewards but without version classification, maintaining the same business dimensions and SWISE token focus

### Component C: Token incentives aggregation
- **Purpose**: Combines both reward streams and converts to USD values
- **Logic**: Unions the depositor and liquidity reward datasets, then groups by daily timestamp (truncated to day), chain, and product dimensions. Applies USD conversion using end-of-day price feeds and corrects for SWISE token decimals to get accurate dollar amounts
- **Key fields**: `timestamp` (daily), `chain_id`, `product_id`, `token_incentives` (USD value), along with business classification fields

### Final aggregation
- **Combining components**: The token incentives data is directly used as the expenses metric, with the `token_incentives` field renamed to `expenses`
- **Currency conversion**: SWISE token amounts are converted to USD using end-of-day price feeds with proper decimal adjustment for accurate valuation
- **Time aggregation**: Data is aggregated at daily boundaries using timestamp truncation to day level
- **Final calculation**: The final expenses value equals the sum of USD-converted SWISE token distributions across all reward types (depositor + liquidity rewards) for each day, representing the total cost of token incentives as protocol expenses

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

Total project operating and incentive expenses.

StakeWiseSWISE

Expenses

Expenses

Competitive landscape

Chain breakdown