Stakers deposit funds into Swell and receive a return on investment in the form of staking rewards (supply-side revenue).

Swell is a non-custodial liquid staking protocol built on Ethereum. Swell was founded by Daniel Dizon and launched in 2023.

SWELL tokenholders own and govern the protocol. They currently don’t take a cut of the total return on investment (revenue).

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# Swell Assets staked Methodology

## 1. Overview

The Swell assets staked metric measures the total value of ETH deposited in the Swell liquid staking protocol on a daily basis, expressed in USD. This metric tracks the cumulative amount of ETH that users have staked through Swell's smart contracts to participate in Ethereum validation while maintaining liquidity through swETH tokens. The calculation processes deposit events from Swell's contracts, aggregates them daily, and converts the ETH amounts to USD using end-of-day pricing.

## 2. Data sources

- **Ethereum event logs**: Parsed `ETHDepositReceived` events from Swell's liquid staking smart contracts on Ethereum
- **Smart contract events**: Two contract versions are monitored - the original swETH contract (v1) and the upgraded swETHV2 contract (v2)
- **Transaction data**: Ethereum transaction metadata including block timestamps, transaction hashes, and log indices for event deduplication
- **End-of-day price feeds**: Token price data for converting ETH amounts to USD values
- **Token metadata**: Decimal precision information for proper amount formatting

## 3. Step-by-step calculation

### Component A: Raw deposit event extraction
- **Purpose**: Captures individual ETH deposit events from Swell's liquid staking contracts
- **Logic**: Extracts `ETHDepositReceived` events from both Swell v1 and v2 contracts on Ethereum. Each event contains a `newTotalETHDeposited` field representing the cumulative amount of ETH deposited in the protocol after that specific deposit. Events are filtered to exclude any reverted or removed transactions using the `removed` flag. The token address is standardized to the WETH contract address for all deposits since Swell handles ETH staking.
- **Key fields**: `newTotalETHDeposited` (cumulative ETH amount), `block_timestamp` (event timing), `transaction_hash` and `log_index` (for deduplication), contract version information

### Component B: Daily timestamp normalization and business categorization
- **Purpose**: Converts event-level data to daily granularity with proper business classifications
- **Logic**: Block timestamps are truncated to daily boundaries to create consistent time series data. All deposits are categorized under the "Liquid staking" business line with appropriate market sector and business segment identifiers. The account name is set to "ETH" since all tracked deposits represent ETH staking. Version information from the contract source is preserved to distinguish between v1 and v2 protocol iterations.
- **Key fields**: `timestamp` (daily boundary), business categorization fields (`business_line`, `market_sector_id`, `business_segment_id`), `version` (contract version), `account_name` ("ETH")

### Component C: Decimal correction and daily aggregation
- **Purpose**: Applies proper decimal formatting and handles multiple events within the same day
- **Logic**: The decimal correction macro processes the raw `newTotalETHDeposited` amounts to ensure proper token decimal handling for ETH. When multiple deposit events occur on the same day, the amounts are averaged across all dimensions to produce a single daily value. This averaging approach handles the cumulative nature of the `newTotalETHDeposited` field appropriately.
- **Key fields**: `assets_staked` (decimal-corrected ETH amount), all dimensional grouping fields maintained for granular tracking

### Component D: Time series continuity
- **Purpose**: Ensures continuous daily data points even when no new deposits occur
- **Logic**: Forward-filling is applied to maintain continuous time series data. Since staked assets represent a cumulative balance, the most recent deposit amount is carried forward for days when no new deposit events occur. This ensures the metric accurately reflects the total assets staked even during periods of low deposit activity.
- **Key fields**: `assets_staked` (forward-filled values), all dimensional fields maintained for proper time series construction

### Final aggregation
- **Combining components**: The decimal-corrected and forward-filled daily ETH amounts are processed as a single time series representing total assets staked in the Swell protocol
- **Currency conversion**: ETH amounts are converted to USD using end-of-day price feeds, with the conversion macro handling both price lookup and any additional decimal adjustments needed for USD representation
- **Time aggregation**: Daily boundary logic ensures consistent daily snapshots of total staked assets, with the cumulative nature of deposit events properly reflected
- **Final calculation**: The final metric represents the total USD value of ETH staked in the Swell liquid staking protocol on each day, with proper schema validation and gap-filling applied through the finalization macro to ensure data quality and completeness

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

Value of assets staked or restaked through the project.

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Assets staked

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