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Economy Calculation and Formulas

Overview​

EigenLayer strives to do its best and provide legibility and transparency to users.

Therefore, we built a website to show the critical metrics of the network, metrics that we deem important for users to understand the protocol and its performance. Please see the Eigen Economy site at economy.eigenlayer.xyz.

Data Quality and Reconciliation​

As a foundation to showcase EigenLayer's economy, we provide the best data quality possible by indexing data from Ethereum directly and reconciling each data point with other independent sources to guarantee the most accurate and up-to-date information.

Data Freshness​

Please refer to each metric below for their data freshness.

Economy Metrics​

ETH TVL / EIGEN TVL / Total TVL in USD​

Definition: Dollar value of total assets staked/restaked in EigenLayer, including all ETH (LSTs and native ETH), EIGEN tokens, and all other permissionless assets restaked.

Formula:

  1. For all strategies' TVL in EigenLayer, except the beacon strategy (aka, native-ETH strategy) and EIGEN strategy:
  • Index strategies in EigenLayer from all StrategyAddedToDepositWhitelist events minus StrategyRemovedFromDepositWhitelist events from the StrategyManager contract, which will include all strategies except the beacon strategy.
  • For each strategy in EigenLayer, get their underlying tokens.
  • Convert underlying tokens to token amounts via token decimals, token amount = underlying token / power(10, token decimals).
  • Multiply token amounts by the corresponding token's pricing from Coingecko, and sum them up.
    • Note that some tokens may lack pricing data on Coingecko; these will be excluded from the TVL in USD calculation.
  1. For the beacon strategy:

  • Index all PodDeployed events from the EigenPodManager contract.

  • For each EigenPod, query the beacon chain to check which validators have pointed their withdrawal credentials to the pod.

    • Withdrawal credentials will be of the format: 0x010000000000000000000000 + <eigen_pod_address>
    • Note: Multiple validator withdrawal credentials can point to a single EigenPod.

  • For each EigenPod, get all its validators' ETH balance

  • Sum up all validators balance, multiply by ETH pricing from Coingecko

  • Note:

    • This approach is also adopted by defillama
    • We will consider in the future to switch to use EigenPod Upgrade native data, to remove dependency on beacon chain data and be more close to rest strategies
  1. For EIGEN strategy:

Follow the same steps in 1, with exception that EIGEN strategy is backed by bEIGEN (Backing EIGEN) token instead of EIGEN token. Coingecko only provides EIGEN token pricing, so we need to use EIGEN token pricing multiply by bEIGEN token amounts to calculate TVL in USD for EIGEN strategy.

  1. Sum up above 3 values to get the total TVL in USD for EigenLayer, or use them separately for ETH TVL and EIGEN TVL

Data Sources: Ethereum events, ERC20 contracts, Beacon Chain data, Coingecko Data Fresh Frequency: Every 1 hour

# of Restakers¹​

Definition: Number of addresses staked/restaked in EigenLayer

Formula:

  • Index OperatorSharesIncreased and OperatorSharesDecreased events from DelegationManager contract.
  • Calculate delegation balance for each staker.
  • Count # of unique stakers who has non-zero balance on at least 1 strategy.

Data Sources: Ethereum events Data Fresh Frequency: Every 1 hour

# of EIGEN Holders​

Definition: Number of unique addresses that hold EIGEN tokens.

Formula:

  • Index all Transfer events from EIGEN token contract.
  • Calculate EIGEN token balance for each wallet address.
  • Count # of unique addresses that have non-zero EIGEN token balance.

Data Sources: Ethereum events Data Fresh Frequency: Every 1 hour

% of ETH Restaked​

Definition: Percentage of total ETH that is restaked, out of ETH circulating supply.

Formula:

  • Index OperatorSharesIncreased and OperatorSharesDecreased events from DelegationManager contract.
  • Calculate total delegated ETH amount for all ETH strategies, by convert shares to underlying tokens by strategy's ratio of shares to underlying token, then convert underlying tokens amount to tokens amount with token decimals token amount = underlying token / 1e18.
  • Divide total delegated ETH amount by ETH circulating supply from Coingecko.

Data Sources: Ethereum events, Coingecko Data Fresh Frequency: Every 1 hour

% of circulating EIGEN staked​

Definition: Percentage of circulating supply of EIGEN that is staked. This excludes locked tokens that are staked.

Formula:

Index OperatorSharesIncreased and OperatorSharesDecreased events from DelegationManager contract.

  • Calculate total delegated EIGEN amount for EIGEN strategy, by converting shares amount to underlying tokens amount as 1:1, then convert underlying tokens amount to tokens amount with token decimals token amount = underlying token / 1e18.
  • Subtract the amount of locked tokens that are staked from the total delegated EIGEN amount.
  • Divide the adjusted EIGEN amount by EIGEN circulating supply from Coingecko.

Data Sources: Ethereum events, Coingecko Data Fresh Frequency: Every 1 hour

Total Rewards Earned​

Definition: Dollar value of total rewards earned in EigenLayer.

Formula:

  • Index all AVSRewardsSubmissionCreated and RewardsSubmissionForAllEarnersCreated events from the RewardsCoordinator contract.
  • For each rewards submission, get the token amount by converting amount with the reward token decimals.
  • Multiply the token amount by the corresponding token's pricing from Coingecko, and sum them up.

Data Sources: Ethereum events, ERC20 contracts, Coingecko Data Fresh Frequency: Every 1 hour

Total AVS FDV​

Definition: US Dollar value of all AVS Token FDVs

Note: EIGEN is not counted in the AVS FDV calculation.

Formula:

  • Retrieve tokens from all Mainnet AVSs that have an associated token.
  • For each token, obtain its FDV (Fully Diluted Valuation) from Coingecko.
  • Sum up the FDVs of all tokens to get the total AVS FDV.

Data Sources: Coingecko Data Fresh Frequency: Every 1 hour

Restakers Funnel​

Definition: The funnel of restakers in EigenLayer, which includes the number of restakers who restaked (delegated) more than $1M, $50M, and $100M cumulatively.

Formula:

  • Index OperatorSharesIncreased and OperatorSharesDecreased events from the DelegationManager contract.
  • For each restaker, get their delegated shares amount to date, convert shares to underlying tokens by strategy's ratio of shares to underlying token, then convert to tokens amount via token decimals, then convert to USD amount by multiplying with the corresponding token pricing from Coingecko.
  • Sum up all USD value of delegated tokens for each restaker, count them by $1M, $50M, and $100M thresholds.
  • Cumulate thresholds, meaning the number of restakers who delegated more than $1M includes that of who delegated more than $50M and $100M, the number of restakers who delegated more than $50M includes that of who delegated more than $100M.

Data Sources: Ethereum events, ERC20 contracts, Coingecko. Data Fresh Frequency: Every 1 hour.

Operators Funnel​

Definition: The funnel of operators in EigenLayer, which includes the number of operators who:

  1. Registers on EigenLayer.
  2. Are active (registers to at least one AVS on EigenLayer with delegated shares larger than 0 in ETH or EIGEN strategies) on EigenLayer.
  3. Have earned rewards.

Formula:

  • Registered Operators: Index OperatorMetadataURIUpdated event from the AVSDirectory contract, count the number of unique operator addresses registered
  • Active Operators:
    • Index OperatorAVSRegistrationStatus event from the AVSDirectory contract, count the number of unique operator addresses who are registered to at least 1 AVS.
    • Index OperatorSharesIncreased and OperatorSharesDecreased events from DelegationManager contract, count the number of operators who have shares larger than 0 in any of ETH and EIGEN strategies, and also registered to at least 1 AVS, as "number of active operators".
  • Operators that have earned rewards: Count number of operators above who have earned rewards, by querying rewards data published (see rewards section for details).

Data Sources: Ethereum events, EigenLayer rewards data Data Fresh Frequency: Every 1 hour.

AVSs Funnel​

Definition: The funnel of AVSs in EigenLayer, which includes AVSs who:

  1. Are in development on EigenLayer testnet and mainnet.
  2. Are active by having at least 1 active operator registered to it on EigenLayer mainnet.
  3. Have distributed rewards to operators and stakers on EigenLayer mainnet.

Note this is the only metric that contains data from testnet, all other metrics are for mainnet only.

Formula:

  • AVSs in Development: Use data across mainnet, testnet and private channels.
  • Active AVSs: Count number of AVSs who have at least 1 "active operator" registered to it on EigenLayer mainnet.
  • AVSs that have distributed rewards: Index avs_reward_submission_created event from the RewardCoordinator contract, count number of AVSs who have also have distributed rewards to operators and stakers, and also in above "active AVSs" list.

Data Sources: Ethereum events from testnet and mainnet, private data. Data Fresh Frequency: Every 1 hour.

¹ The number of restakers reflects the various ways LRT holders create EigenPods. As a result, many users of LRT platforms may appear as one or a few wallets in the data. This metric aims to provide insight into the LRT-holders' participation.