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 Revenue Methodology

## 1. Overview

StakeWise revenue represents the protocol's earnings from its liquid staking operations on Ethereum. This metric captures the portion of staking rewards that StakeWise retains as protocol fees. The calculation identifies yield distribution events from different StakeWise contract versions, applies version-specific fee splits to determine the protocol's revenue share, and converts the results to USD for consistent reporting.

## 2. Data sources

The calculation relies on the following data sources:
- **StakeWise v1 events**: Parsed `RewardsUpdated` events from the `RewardEthTokenV2` contract on Ethereum, containing periodic reward distributions
- **StakeWise v3 events**: Parsed `StateUpdated` events from the `OsTokenVaultController` contract on Ethereum, tracking profit accruals
- **End-of-day price feeds**: Token price data for USD conversion, specifically using WETH pricing since StakeWise yields are denominated in ETH
- **Token metadata**: Information needed for decimal correction during currency conversion

## 3. Step-by-step calculation

### Component A: Protocol yield extraction
- **Purpose**: Identifies and aggregates yield distribution events from both StakeWise versions
- **Logic**: Extracts events from two distinct contract types representing different StakeWise versions. For v1, uses `RewardsUpdated` events that contain `periodRewards` amounts representing periodic reward distributions. For v3, uses `StateUpdated` events with `profitAccrued` amounts tracking accumulated profits. Filters out any removed events to ensure only valid transactions are included. All amounts are treated as ETH-denominated yields and use WETH token address for consistent pricing
- **Key fields**: `periodRewards` from v1 events and `profitAccrued` from v3 events, both representing yield amounts distributed to the protocol

### Component B: Protocol fee application
- **Purpose**: Applies version-specific fee splits to determine protocol revenue from total yields
- **Logic**: Applies different protocol fee percentages based on StakeWise version - 10% fee split for v1 operations and 5% fee split for v3 operations. These splits represent the portion of total staking yields that the protocol retains as revenue versus what is distributed to stakers
- **Key fields**: `protocol_fee_split` values of 0.1 for v1 and 0.05 for v3, applied as multipliers to the yield amounts

### Component C: Currency conversion and standardization
- **Purpose**: Converts ETH-denominated amounts to USD and applies decimal corrections
- **Logic**: Uses end-of-day price feeds to convert yield amounts from ETH to USD using WETH pricing. Applies decimal corrections to ensure proper scaling of token amounts. Standardizes chain identifiers and applies daily timestamp truncation to align with reporting periods
- **Key fields**: `amount` values converted to USD equivalents with proper decimal scaling

### Final aggregation
- **Combining components**: Revenue is calculated by multiplying the USD-converted yield amounts by their respective protocol fee splits
- **Currency conversion**: All amounts are converted to USD using end-of-day WETH price feeds
- **Time aggregation**: Data is aggregated to daily intervals using timestamp truncation to day boundaries
- **Final calculation**: The final revenue metric represents the USD value of staking yields retained by the StakeWise protocol after applying version-specific fee splits, providing a measure of the protocol's earnings from its liquid staking services

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

StakeWiseSWISE

Revenue

Revenue

Competitive landscape

Chain breakdown