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 Fees Methodology

## 1. Overview

The StakeWise fees metric measures the protocol's revenue from its liquid staking service on Ethereum. This metric captures the fees earned by the StakeWise protocol from staking rewards distributed to users, calculated by applying version-specific fee splits to the total yield generated. The metric answers the business question: "How much revenue does StakeWise generate from its liquid staking operations?" The calculation applies protocol fee percentages (10% for V1, 5% for V3) to yield events and aggregates them daily in USD terms.

## 2. Data sources

The calculation relies on the following raw data sources:

- **Blockchain events**: Parsed Ethereum event logs from StakeWise smart contracts, specifically `RewardsUpdated` events from V1 `RewardEthTokenV2` contracts and `StateUpdated` events from V3 `OsTokenVaultController` contracts
- **Transaction data**: Ethereum transaction metadata including block timestamps, transaction hashes, and log indices for event tracking
- **External data**: End-of-day WETH price feeds for USD conversion and token metadata for decimal precision corrections
- **Protocol metadata**: StakeWise version information, contract addresses, and protocol-specific fee split configurations

## 3. Step-by-step calculation

### Component A: Protocol yield extraction
- **Purpose**: Extract raw yield data from StakeWise V1 and V3 contracts with version-specific configurations
- **Logic**: The system identifies yield distribution events from two StakeWise contract types. For V1, it extracts `RewardsUpdated` events from `RewardEthTokenV2` contracts, capturing the `periodRewards` field which represents rewards distributed in each period. For V3, it extracts `StateUpdated` events from `OsTokenVaultController` contracts, capturing the `profitAccrued` field which represents accumulated profits. The system filters out any events marked as removed to ensure data quality. Each event is tagged with its respective version (V1 or V3) and assigned the appropriate protocol fee split percentage.
- **Key fields**: `periodRewards` and `profitAccrued` amounts, `block_timestamp` for timing, `transaction_hash` and `log_index` for unique identification, and `removed` flag for filtering

### Component B: Fee calculation and standardization
- **Purpose**: Apply protocol fee splits and standardize the data structure across StakeWise versions
- **Logic**: The system applies version-specific protocol fee splits to the raw yield amounts - 10% for V1 rewards and 5% for V3 profits. All records are standardized with consistent metadata including business classification as "Liquid staking", market sector as "liquid_staking", and product identification as "poolstaking". The WETH contract address is assigned to all records for consistent price conversion. Account names are set to "ETH" to represent the underlying staked asset.
- **Key fields**: `protocol_fee_split` percentage (0.1 for V1, 0.05 for V3), `amount` (calculated fees), `token_address` (WETH), and standardized classification fields

### Component C: Time aggregation and processing
- **Purpose**: Aggregate fee data to daily boundaries and prepare for currency conversion
- **Logic**: Block timestamps are truncated to daily boundaries using day-level precision, creating consistent time buckets for aggregation. The timestamp grain is explicitly set to "day" for downstream processing. Chain information is migrated from text format to standardized chain identifiers for compatibility with conversion macros.
- **Key fields**: `timestamp` (truncated to day), `timestamp_grain` (set to "day"), and `chain_id` (standardized chain identifier)

### Final aggregation
- **Combining components**: The processed fee data flows through standardized Token Terminal macros for decimal correction and USD conversion, using WETH as the base token for price lookups
- **Currency conversion**: Amounts are converted to USD using end-of-day WETH price feeds, with decimal precision corrected based on token metadata to ensure accurate monetary values
- **Time aggregation**: Daily fee amounts are aggregated and missing days are filled with zeros using the "fill_zeros" strategy to maintain consistent time series data
- **Final calculation**: The final metric represents daily StakeWise protocol fees in USD, calculated as the sum of all fee-eligible yield events for each day, with version-specific fee splits applied and converted to standard USD denomination

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

Total value users pay to use a protocol (gross fees, user-paid fees).

StakeWiseSWISE

Fees

Fees

Competitive landscape

Chain breakdown