Staker Conviction
Tracks how stakers manage their rewards: compounding (reinvesting as TUNA), claiming (withdrawing as SOL), or mixing both. Segments the population by behavior and stake size to reveal conviction levels and reinvestment trends.
Current Metrics
Data
Use Cases
This page helps you:
- Assess protocol conviction: Measure how many stakers reinvest rewards vs. extract them, indicating long-term belief
- Identify loyalty trends: Track whether the compound-only cohort is growing or shrinking over time
- Analyze whale behavior: See if large stakers (whales) are more or less likely to compound compared to smaller holders
- Evaluate reward strategies: Understand which behavior patterns (compound, claim, mixed) are most common
- Segment by stake size: Identify whether conviction differs between small, medium, and large stakers
How to Read This Chart
Click to expand chart reading guide
How to Use:
- Start with the two summary metrics to separate wallet-count conviction from amount-weighted reinvestment
- Use the waterfall chart to see how active stakers split into no reward activity, compound-only, mixed, and claim-only cohorts
- Use the stake-size chart to see whether behavior differs across small and large stakers
- Hover both charts for exact counts, percentages, rewards, and stake totals
Loyalty Summary Statistics:
- Compound-Only Rate: Percentage of reward-active stakers who have ONLY compounded (never claimed) - a wallet-count-based metric
- Reinvestment Rate: Percentage of total reward SOL that was compounded rather than claimed - an amount-weighted metric that is much lower than the Compound-Only Rate because large claimers (whales) dominate total SOL volume
How Stakers Manage Their Rewards (Waterfall Chart): Shows a hierarchical decomposition of the staker population:
- All Active Stakers (Teal): Total wallets with non-zero staking balances
- Without Reward Activity (Gray): Stakers who haven't yet managed rewards
- With Reward Activity (Teal): Stakers who have claimed or compounded at least once
- Compound-only (Green): Never claimed, always reinvest - highest conviction
- Mixed (Amber): Sometimes compound, sometimes claim - flexible strategy
- Claim-only (Red): Never compound, always claim - may indicate different liquidity strategy
Dotted connector lines chain each bar to the next, showing the decomposition flow. Percentages inside bars show the share relative to the parent group. The three behavior bars (Compound-only + Mixed + Claim-only) sum to the "With Reward Activity" total.
Compound Rate by Stake Size (Stacked Bar Chart): Displays how behavior differs across stake size tiers:
- Y-axis: Stake size tiers (from smallest at bottom to largest at top)
- X-axis: Percentage breakdown (always totals 100%)
- Bar segments: Green (compound-only), Amber (mixed), Red (claim-only)
- Right side annotations: Total rewards and staker count per tier
Helps identify whether whales (large stakers) or shrimp (small stakers) are more likely to reinvest rewards.
Interactive Features:
- Hover on charts: See exact values and percentages
- Legend toggles (stacked bar chart only): Click legend items to show/hide specific behavior segments
Methodology
Click to expand technical details
Data Sources
- Staking transactions: On-chain ClaimReward and CompoundReward instructions from DefiTuna staking program
- Transaction logs: Reward amounts extracted from instruction logs
- Wallet tracking: Each unique wallet address (fee payer) tracked separately
- Active staker counts: Daily snapshots of wallets with non-zero staking balances
For complete pipeline details, see Data Pipeline.
Metric Calculations
Compound-Only Rate:
Compound-Only Rate = (Compound-only Stakers / Total Reward-Active Stakers) × 100
Where:
- Compound-only Stakers = Wallets that have ONLY executed CompoundReward (never ClaimReward)
- Total Reward-Active Stakers = All wallets that have claimed OR compounded at least once
Reinvestment Rate:
Reinvestment Rate = (Total Compounded SOL / Total Rewards SOL) × 100
Where:
- Total Compounded SOL = Sum of all SOL amounts from CompoundReward instructions
- Total Rewards SOL = Total Compounded SOL + Total Claimed SOL
Staker Behavior Segments:
Stakers are classified into exactly one category based on their transaction history:
- Compound-only: Executed ≥1 CompoundReward, 0 ClaimReward transactions
- Claim-only: Executed ≥1 ClaimReward, 0 CompoundReward transactions
- Mixed: Executed ≥1 of both ClaimReward AND CompoundReward transactions
Stake Size Tiers:
Stakers are grouped by their current staked TUNA balance into six displayed tiers: <10K, 10K-100K, 100K-500K, 500K-1M, 1-10M, and >=10M TUNA. For each tier, the chart shows a 100%-stacked bar with three segments:
Compound-only % = Compound-only Stakers in Tier / Total Stakers in Tier × 100
Mixed % = Mixed Stakers in Tier / Total Stakers in Tier × 100
Claim-only % = Claim-only Stakers in Tier / Total Stakers in Tier × 100
Staker Population Context
- Current Active Stakers: Wallets with non-zero staking balance on the most recent date (from daily staker snapshots)
- Reward Active Stakers: Subset of active stakers who currently hold a non-zero staking balance AND have claimed OR compounded at least once during the analysis period. Wallets that had reward activity but have since fully unstaked are excluded
Not all active stakers have reward activity - some may have staked recently and haven't accumulated enough rewards yet, or their rewards are still unclaimed.
Date Range
Analysis covers the period available in the current conviction dataset, from reward tracking start through the latest data update.
Reward Extraction
Reward amounts are extracted from transaction logs:
- ClaimReward instructions: SOL amount sent to wallet (extracted from logs)
- CompoundReward instructions: SOL amount reinvested as TUNA stake (extracted from logs)
Both instruction types credit the wallet with SOL rewards, but CompoundReward immediately converts to additional TUNA stake while ClaimReward sends SOL to the wallet.
Important Distinctions
- Claiming ≠ Extracting/Selling: Stakers who claim rewards receive SOL but this doesn't mean they're leaving the protocol or selling. Many claim to optimize timing - they may want to buy TUNA when prices are more favorable, use SOL for other opportunities, or maintain liquidity flexibility while remaining protocol believers.
- Compound-only = Highest Conviction: These stakers have never claimed rewards, automatically reinvesting all earnings back into TUNA stake, demonstrating maximum protocol belief and long-term commitment.
- Mixed Strategy = Tactical Approach: May be the most sophisticated - compound when APR is high to maximize returns, claim when they need liquidity, expect TUNA price appreciation, or want to time their TUNA purchases strategically. This behavior doesn't necessarily indicate lower conviction, just different liquidity management.
Relationship to Other Views
This conviction analysis complements:
- Stakers: Shows all active stakers ranked by activity frequency
- Staking Overview: Shows total staked/unstaked treasury allocation
- Wallet Timeline: Shows individual wallet's complete staking history
Update Frequency
Data is automatically updated once per day. Check the "Last updated" timestamp in the site header for data freshness.
Known Limitations
- Behavior segmentation is only defined for reward-active stakers. Wallets without reward activity are still shown as a separate group in the waterfall chart when current active-staker data is available, but they are not assigned to compound-only, mixed, or claim-only behavior buckets.
- Doesn't track unclaimed rewards still accumulating in staking contracts
- Wallet-level tracking (multi-wallet stakers counted separately)
- Historical data only (no predictive modeling of future behavior)
- Claiming behavior may be influenced by factors outside protocol conviction (tax planning, liquidity needs, market timing, etc.)