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 Supply-side fees Methodology

## 1. Overview

Supply-side fees represent the portion of StakeWise protocol fees that are distributed to liquidity providers (stakers) rather than retained by the protocol. This metric answers the question: "How much value is being returned to users who provide liquidity to the StakeWise staking pools?" The calculation takes total protocol yield and applies version-specific fee splits to determine the portion allocated to supply-side participants.

## 2. Data sources

- **Ethereum event logs**: Parsed `RewardEthTokenV2_RewardsUpdated` events from StakeWise v1 contracts and `OsTokenVaultController_StateUpdated` events from StakeWise v3 contracts
- **Protocol configuration**: Version-specific protocol fee split percentages hardcoded based on StakeWise tokenomics
- **End-of-day price feeds**: Token price data for USD conversion of ETH amounts
- **Token metadata**: Decimal precision information for accurate amount calculations

## 3. Step-by-step calculation

### Component A: Protocol yield extraction
- **Purpose**: Extract yield distribution events from both StakeWise v1 and v3 protocols on Ethereum
- **Logic**: The system identifies two types of yield events. For StakeWise v1, it captures `RewardEthTokenV2_RewardsUpdated` events and extracts the `periodRewards` field, which represents rewards distributed to stakers in a given period. For StakeWise v3, it captures `OsTokenVaultController_StateUpdated` events and extracts the `profitAccrued` field, which represents profit accumulated in the vault. Both event types are filtered to exclude removed events (where `removed` = false) to ensure data quality
- **Key fields**: `periodRewards` from v1 events and `profitAccrued` from v3 events are mapped to a standardized `amount` field, `block_timestamp` for timing, transaction and log identifiers for traceability

### Component B: Protocol fee split application
- **Purpose**: Apply version-specific protocol fee percentages to determine total fees
- **Logic**: Each StakeWise version has a different protocol fee structure. Version 1 uses a 10% protocol fee split, meaning 10% goes to the protocol and 90% to stakers. Version 3 uses a 5% protocol fee split, meaning 5% goes to the protocol and 95% to stakers. These percentages are applied as hardcoded values based on each version's tokenomics design
- **Key fields**: `protocol_fee_split` values of 0.1 for v1 and 0.05 for v3, `version` field to distinguish between protocol versions

### Component C: Data standardization and conversion
- **Purpose**: Normalize data across versions and convert to USD for consistent reporting
- **Logic**: All records are standardized with common business classification fields including 'Liquid staking' as business line, 'liquid_staking' identifiers for market sector and business segment, and 'poolstaking' as product identifier. Token addresses are standardized to WETH address for price lookup. The system then applies decimal correction to ensure amounts are properly scaled based on token precision, and converts ETH amounts to USD using end-of-day exchange rates
- **Key fields**: `token_address` standardized to WETH, `chain` identifier, business classification fields, USD-converted `amount`

### Final aggregation
- **Combining components**: Yield data from both StakeWise versions is combined into a single dataset with standardized fields and converted amounts
- **Currency conversion**: All amounts are converted to USD using end-of-day price feeds, with decimal correction applied before conversion to ensure accurate scaling
- **Time aggregation**: Data is aggregated to daily boundaries using `timestamp_trunc` to day level, with timestamps representing the day when yield was distributed
- **Final calculation**: Supply-side fees are calculated using the formula: total fees multiplied by (1 minus protocol fee split). This represents the portion of fees that flows to liquidity providers rather than the protocol. For v1, this equals fees × (1 - 0.1) = fees × 0.9. For v3, this equals fees × (1 - 0.05) = fees × 0.95. The final metric includes zero-filling for days with no activity to maintain consistent time series reporting

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

Portion of fees distributed to service providers or supply-side participants.

StakeWiseSWISE

Supply-side fees

Supply-side fees

Competitive landscape

Chain breakdown