SSV NetworkProtocol Dashboard

What this is

An independent, read-only snapshot of the SSV Network protocol and the cSSV liquid-staking token. Everything on the public tabs is a measurement: a value read from a contract, a public API, or arithmetic over those two. There are no targets, ratings, or recommendations anywhere in the public layer.

Data sources

Three independent APR reconciliations

The same yield is computed three different ways on purpose. They are not averaged, and a gap between them is treated as signal rather than smoothed away.

• Instantaneous (on-chain). Δ cumulative protocol fees over a 1h window → annualized in USD ÷ (staked SSV × SSV price). Falls back to a 6h or 24h window when the 1h window has thin coverage. This is the only estimate derived entirely from chain state.
• Reference / fully-distributed. (fee-paying effective balance ÷ 32) × network fee per block × blocks per year ÷ (staked SSV × SSV price). What the yield would be if every accrued fee were distributed. It is an upper reference, not a forecast.
• Published (SSV API). The 7-day trailing figure stake.ssv.network displays. Included as an external cross-check.

The reconciliation tolerance shown beside the reference APR is 5 percentage points. That number is an editorial choice, not a protocol parameter, and is stated here so it is not mistaken for one. A gap wider than it is displayed, never suppressed.

Revenue vs. market cap — anchor and axis

Both series are plotted in absolute USD on a logarithmic axis, starting at a single anchor: the NetworkFeeUpdated event that activated DIP-50 fees, block 24,920,727. The anchor is an event, not a round date, so it cannot be chosen to flatter a result. Where the first usable sample is later than that block, the chart discloses the resolved timestamp.

The axis is logarithmic because the two are roughly an order of magnitude apart, and because on a log axis the vertical gap between two lines is their ratio — so the distance between them is the price-to-sales multiple, and the gap closing is the multiple compressing. The strip underneath reads that same distance out as a number.

Caveat. The market-cap series holds circulating supply constant across history, because SSV is DAO-mintable but no historical supply series exists; between mints, that series tracks price alone. The revenue series is a trailing-24h fee run-rate sampled every six hours, so it is a rate rather than a realised total, and it is a different measurement from the 7-day figure in the header — both are labelled with their window.

Circulating supply derivation

circulating = totalSupply() − Σ excluded buckets. Total supply is read on-chain. Each excluded bucket is a specific address with a public label whose balance is read on-chain — currently the DAO treasury Safe. Exchange wallets are tracked and shown but are not excluded: tokens on an exchange are circulating.

Which addresses count as non-circulating is an editorial choice, and aggregators make it differently — CoinMarketCap and CoinGecko publish materially different SSV circulating figures. We publish the derivation rather than pick one, so the difference can be audited rather than argued. Every price-to-sales figure on this site states which supply basis it used.

Known gaps

• Several series have no backfill and accumulate forward from first deploy — new entrants, top-100 holder deltas, order-book depth, and treasury balance history. Each says how much of its window it currently spans.
• The cluster activity timeline uses each cluster's last on-chain update, not its migration moment, so post-migration activity re-dates a cluster forward.
• Institution attribution is inferred from operator names and owner-address propagation. It is best-effort, carries a confidence badge, and is wrong sometimes.
• Oracle round coverage depends on our own log scan. When coverage cannot be positively evidenced, cells read "no reading" rather than "missed" — our failure is never rendered as the observed system's failure.
• Legacy wind-down counts active clusters only. Liquidated clusters are excluded from both sides of the subtraction, so it is not a contract-level count of who is still billed in SSV.
• Prices come from a single upstream. During sharp moves, any USD-denominated figure inherits that upstream's timing.

Update cadence

One scheduled aggregation per hour writes a cached snapshot; page loads read that cache and never trigger upstream calls. Most series are sampled once per UTC hour or once per UTC day, as labelled on each card. The holder index and order-book depth refresh on the first tick of each UTC day. The header shows the snapshot time and its age; a banner appears when a source is failing.