ethwatch ← Methodology

Staking methodology

Staked ETH, validator queues, yields and who runs the validators.

10 of 12 entries carry independent evidence · Current values: /llms-full.txt

Total staked (ETH)

api
Source
ultrasound.money supply-parts (beaconBalancesSum)
Endpoint or contract
https://ultrasound.money/api/v2/fees/supply-parts
Derivation
Actual beacon-chain balances.

Evidence

2026-08-28: actual balance 42,731,530 ETH against an effective-balance sum of 42,500,168 — a 231,362 ETH difference.

Caveats

  • Deliberately NOT the effective balance, which is what issuance is computed from. Using effective balance here understated total staked by that 231k.

Lido liquid-staking exposure (tokens, ETH/token, ETH, %)

on-chain
Source
stETH contract
Endpoint or contract
0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84
Derivation
totalSupply() is already denominated in ETH because stETH rebases; exchange rate is 1. ETH equivalent / total staked gives token exposure share.

Evidence

Verified on-chain 2026-08-28: 9,628,340 stETH = 9,628,340 ETH, or 22.53% of total staked.

Caveats

  • Comparable with Lido's provider share because nearly all Lido staking is represented by stETH.

Rocket Pool liquid-staking exposure (tokens, ETH/token, ETH, %)

on-chain
Source
rETH contract
Endpoint or contract
0xae78736Cd615f374D3085123A210448E74Fc6393
Derivation
totalSupply() x getExchangeRate() gives ETH equivalent; divide by total staked for token exposure share.

Evidence

Verified on-chain 2026-08-28: exchange rate 1.1705 and 374,246 ETH equivalent.

Caveats

  • rETH excludes node-operator collateral, so its 0.88% token exposure is not Rocket Pool's provider share.

Coinbase liquid-staking exposure (tokens, ETH/token, ETH, %)

on-chain
Source
cbETH contract
Endpoint or contract
0xBe9895146f7AF43049ca1c1AE358B0541Ea49704
Derivation
totalSupply() x exchangeRate() gives ETH equivalent; divide by total staked for token exposure share.

Evidence

Verified on-chain 2026-08-28: exchange rate 1.1381 and 448,145 ETH equivalent.

Caveats

  • cbETH excludes Coinbase's non-tokenised institutional staking, so its 1.05% token exposure is not Coinbase's provider share.

Swell liquid-staking exposure (tokens, ETH/token, ETH, %)

on-chain
Source
swETH contract
Endpoint or contract
0xf951E335afb289353dc249e82926178EaC7DEd78
Derivation
totalSupply() x getRate() gives ETH equivalent; divide by total staked for token exposure share.

Evidence

Verified on-chain 2026-08-28: exchange rate 1.1297 and 12,927 ETH equivalent.

Caveats

    Frax liquid-staking exposure (tokens, ETH/token, ETH, %)

    on-chain
    Source
    sfrxETH contract
    Endpoint or contract
    0xac3E018457B222d93114458476f3E3416Abbe38F
    Derivation
    totalSupply() x pricePerShare() gives ETH equivalent; divide by total staked for token exposure share.

    Evidence

    Verified on-chain 2026-08-28: exchange rate 1.1679 and 43,400 ETH equivalent.

    Caveats

      Tracked liquid-staking exposure (ETH and %)

      derived
      Source
      sum of the five on-chain token exposures above
      Endpoint or contract
      —
      Derivation
      Sum only when every token's ETH equivalent is available; divide by total staked for aggregate share.

      Evidence

      Verified inputs totalled 10,507,058 ETH, 24.6% of 42,737,707 ETH staked on 2026-08-28.

      Caveats

      • mETH, ETHx and osETH were checked and excluded: their rates are not exposed under the usual function names and require protocol-specific research.
      • Null rather than a partial total when any contract read fails.

      Entry queue (ETH)

      api
      Source
      public beacon node, pending_deposits
      Endpoint or contract
      https://ethereum-beacon-api.publicnode.com/eth/v1/beacon/states/head/pending_deposits
      Derivation
      Sum of the amount field across pending deposits.

      Evidence

      2026-08-28: 29,851 deposit objects totalling 2,112,541 ETH; the smallest was 0.0000253 ETH and the largest 1,026.9 ETH.

      Caveats

      • Reported in ETH, never as a count. Since EIP-7251 a queue entry is a deposit of arbitrary size, so counting entries treats a 0.00003 ETH top-up and a 1,000 ETH consolidation as equal.
      • The endpoint returns about 13 MB, so it is the most likely staking feed to time out.

      Exit queue (validators)

      api
      Source
      public beacon node, validators?status=active_exiting
      Endpoint or contract
      —
      Derivation
      Count of validators currently in the active_exiting state.

      Evidence

      Not independently verified

      Caveats

      • A different unit from the entry queue, and labelled as such. The two sides are not comparable and the dashboard does not present them as if they were.

      Validators (count)

      api
      Source
      public consensus-layer beacon node; Rocket Pool fallback
      Endpoint or contract
      https://ethereum-beacon-api.publicnode.com/eth/v1/beacon/states/head/validators?status=active
      Derivation
      Count active validator records from the beacon state. Use Rocket Pool's published count only when the consensus-layer read fails.

      Evidence

      Not independently verified

      Caveats

      • Emits null only when both the beacon node and Rocket Pool fail. It never falls back to stakedTotal / 32: post-EIP-7251 that retired arithmetic gave 1,335,410 against a real 903,116, a 48% overstatement.

      Execution tips, 30d (ETH)

      on-chain
      Source
      eth_getBlockReceipts over sampled blocks
      Endpoint or contract
      —
      Derivation
      Sum of gasUsed x (effectiveGasPrice - baseFee) across every transaction in 20 blocks strided over the last day, taken as a mean block and annualised.

      Evidence

      2026-08-28: 116 ETH/day against ultrasound's independent tips+mev APR implying 111 ETH/day — within 5%.

      Caveats

      • A FLOOR on proposer execution revenue. Priority-fee MEV is included; the builder-to-proposer coinbase payment is an off-chain relay figure and is not.
      • Emits null when the sample fails. It previously fell back to rewards30d x 0.35, a multiplier with no source.

      Provider shares and APRs (% and %)

      curated
      Source
      rated.network benchmarks; Lido and Rocket Pool APRs live
      Endpoint or contract
      https://eth-api.lido.fi/v1/protocol/steth/apr/sma
      Derivation
      Market shares are curated. A LIVE APR always wins over the curated one: Lido's stETH SMA APR and Rocket Pool's rETH APR override their curated entries.

      Evidence

      The curated Lido share is measurably off: stETH represents 22.53% of total staked on-chain against a curated 25.4%, a 2.9 point drift (checked 2026-08-28). The dashboard surfaces both figures.

      Caveats

      • Shares are the weakest numbers in this section and are marked curated in the UI.
      • rETH cannot simply be divided into the staked total: it represents only the staker-supplied portion of a minipool and excludes node-operator collateral.