> For the complete documentation index, see [llms.txt](https://docs.stakingrewards.com/staking-data/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.stakingrewards.com/staking-data/methodologies/story-srb.md).

# Story SRB

Story Staking Rewards Benchmark (IPSRB™) Methodology

IPSRB is a benchmark representing the annualized staking rate earned by a unit of base-tier stake (unlocked IP, flexible delegation) across all bonded Story validators.

IPSRB is calculated and published by Staking Rewards via the [Story Profile](https://www.stakingrewards.com/asset/story-network) and [Data API](https://www.stakingrewards.com/data-api).

> **TL;DR:** Story mints a fixed annual amount of IP, withholds a UBI share, and distributes the rest to bonded validators by **rewards weight** (`rewards_tokens`), not by bonded tokens. A validator's rewards weight is its stake scaled by a token-type multiplier (locked IP 0.025x, unlocked IP 1x) and by any fixed-term period multiplier (1.1x, 1.5x or 2x). IPSRB is the rate for the 1x tier: unlocked IP, flexible delegation.

$$
IPSRB = \frac{R \cdot (1 - ubi)}{\sum\_{v \in bonded} rt\_v}
$$

<table data-full-width="false"><thead><tr><th width="141">Formula key</th><th width="176">Metric name</th><th>Description</th></tr></thead><tbody><tr><td>R</td><td>Inflations Per Year</td><td>The annual IP issuance set by the mint module parameter <code>inflations_per_year</code>.</td></tr><tr><td>ubi</td><td>UBI Share</td><td>The share of minted rewards withheld for Story's UBI pool before rewards reach validators (distribution parameter <code>ubi</code>).</td></tr><tr><td>rt<sub>v</sub></td><td>Rewards Tokens</td><td>Validator v's rewards weight: the sum of its delegations, each scaled by its token-type multiplier and period multiplier. Summed over bonded validators only, because only the bonded set receives rewards.</td></tr></tbody></table>

* Story's distribution module gives each bonded validator a share of the post-UBI rewards equal to `rt_v / Σ rt`. A unit of stake therefore earns in proportion to its rewards weight, not its token amount. IPSRB is the rate for a unit of weight 1.
* Dividing the reward pool by bonded **tokens** instead would give the stake-weighted average across all tiers. Because locked stake earns 40 times less than unlocked stake, that average (about 4.6% in September 2026) is not a rate any staker actually earns.
* IPSRB takes into account all accumulated rewards, whether they have been claimed or remain unclaimed.
* IPSRB operates on a non-compounded basis, meaning it excludes returns generated from the reinvestment of rewards.
* IPSRB is gross of validator commission. Commission is applied in IPSRB(v).

#### Token types and period delegations

Both multiplier sets are chain parameters (`/staking/params`). Staking Rewards reads them live on every run.

<table><thead><tr><th width="220">Tier</th><th width="160">Parameter</th><th width="150">Multiplier</th><th>Rate relative to IPSRB</th></tr></thead><tbody><tr><td>Locked IP (token type 0)</td><td><code>token_types</code></td><td>0.025</td><td>IPSRB × 0.025</td></tr><tr><td>Unlocked IP (token type 1)</td><td><code>token_types</code></td><td>1.0</td><td>IPSRB</td></tr><tr><td>Flexible delegation</td><td><code>periods</code></td><td>1.0</td><td>× 1.0</td></tr><tr><td>90-day period delegation</td><td><code>periods</code></td><td>1.1</td><td>× 1.1</td></tr><tr><td>360-day period delegation</td><td><code>periods</code></td><td>1.5</td><td>× 1.5</td></tr><tr><td>540-day period delegation</td><td><code>periods</code></td><td>2.0</td><td>× 2.0</td></tr></tbody></table>

* Each validator accepts either locked or unlocked IP (`support_token_type`), never both.
* Period delegations are only available on unlocked-IP validators. They are an opt-in commitment for a higher multiplier. The benchmark uses the flexible tier, because that is the tier every holder can access without a commitment. A 540-day delegation to an unlocked validator earns IPSRB × 2.0, before commission.
* The locked multiplier was cut from 0.5 to 0.025 by SIP-00009 (the v1.5.1 hardfork).

#### Slashing

{% hint style="info" %}
IPSRB does not factor in the possibility of slashing occurrences. Story validators can be slashed for double-signing and extended downtime, and delegators share in slashing penalties in proportion to their delegation.
{% endhint %}

***

### Story Validator Staking Rewards Rate: IPSRB(v) <a href="#story-validator-staking-rewards-rate-ipsrb-v" id="story-validator-staking-rewards-rate-ipsrb-v"></a>

Staking Rewards calculates IPSRB(v) for each validator from its token type, commission rate and uptime.

$$
IPSRB(v) = IPSRB \cdot m\_{tt}(v) \cdot (1 - cr) \cdot u
$$

<table data-full-width="false"><thead><tr><th width="129">Formula key</th><th width="176">Metric name</th><th>Description</th></tr></thead><tbody><tr><td>m<sub>tt</sub>(v)</td><td>Token-Type Multiplier</td><td>The rewards multiplier of the token type the validator accepts: 0.025 for locked IP, 1.0 for unlocked IP.</td></tr><tr><td>cr</td><td>Commission Rate</td><td>The percentage commission rate the validator has set as a delegation fee for all delegators.</td></tr><tr><td>u</td><td>Uptime</td><td>The validator's uptime percentage. It is applied only when the validator reports one. Non-bonded validators report none.</td></tr></tbody></table>

* IPSRB(v) is the rate for a flexible delegation. Period delegations to an unlocked validator earn it times the period multiplier.
* If the token-type multiplier for a validator cannot be read, no IPSRB(v) is published for that validator. Staking Rewards never assumes 1x.

***

**Observation Period:**

1. IPSRB is determined based on the chain parameters and the bonded validator set at the point of evaluation.
2. This data is then annualized for a comprehensive year-long projection.

**Calculation**

The calculation happens every 2 hours and is immediately published via [Data API](https://www.stakingrewards.com/data-api).

**Limitations**

* IPSRB employs a 365-day convention for annualizing staking rewards. This convention remains consistent and does not accommodate adjustments for leap years.
* IPSRB uses the nominal `inflations_per_year`. The chain mints `inflations_per_year / blocks_per_year` per block, and `blocks_per_year` assumes 2.4-second blocks. Blocks have recently been produced faster than that, about 2.2 seconds, so realised issuance and the realised rate run several percent above the nominal figure. Inflation Rate uses the same nominal basis, so the two stay consistent.
* IPSRB excludes transaction fees distributed to validators.
* The Story Foundation staking API publishes its own estimated APR, which is lower than IPSRB. It divides the same reward pool by the rewards weight of all validators, including unbonded and jailed ones, but only bonded validators receive rewards. Staking Rewards does not use that figure.
* If any input is unavailable, Staking Rewards omits IPSRB for that run rather than publishing an estimate.
* Individual validator returns vary based on token type, commission, uptime and period commitments. IPSRB(v) does not guarantee what an individual delegator receives.

***

### IP Real Reward Rate (IPSRB^R) <a href="#ip-real-reward-rate-ipsrb-r" id="ip-real-reward-rate-ipsrb-r"></a>

The real reward rate calculates the IPSRB adjusted for inflation in the network.

$$
IPSRB^R = (1+IPSRB) /(1+ir)-1
$$

<table data-full-width="false"><thead><tr><th width="150.33333333333331">Formula key</th><th width="265">Metric name</th><th>Description</th></tr></thead><tbody><tr><td>ir</td><td>Inflation Rate</td><td>The annual inflation rate, calculated as inflations_per_year divided by the total token supply.</td></tr></tbody></table>

**Inflation Rate Behaviour**

Story's issuance is a fixed annual amount set by the mint module parameter `inflations_per_year`, not a percentage of supply. SIP-00009 set it to 15,315,000 IP per year. The inflation rate is therefore:

$$
ir = inflationsPerYear / totalSupply
$$

With a fixed issuance, the rate falls as total supply grows. The issuance can be changed through governance or a network upgrade.

***

### Other Story metrics calculated by Staking Rewards:

<table><thead><tr><th width="190">Metric</th><th>Description</th></tr></thead><tbody><tr><td>Staked Tokens</td><td>The number of IP tokens bonded to active validators, from the staking pool.</td></tr><tr><td>Delegated Tokens</td><td>The number of IP tokens delegated to bonded validators by external delegators.</td></tr><tr><td>Self Staked Tokens</td><td>The number of IP tokens staked by bonded validators directly from their own balance.</td></tr><tr><td>Staking Wallets</td><td>The total number of delegations on-chain.</td></tr><tr><td>Rewards Per Year</td><td>Annual rewards distributed to bonded stake in USD, gross of commission: inflations_per_year × (1 − ubi) × price. Rewards are split by rewards weight, not by bonded tokens, so this is the post-UBI issuance rather than Staked Tokens × IPSRB.</td></tr><tr><td>Unstaking Time</td><td>The unbonding period, read live from the staking parameters (14 days).</td></tr></tbody></table>

***

#### Data Sources:

* Staking Rewards from indexed Story Cosmos REST endpoints: mint parameters (`inflations_per_year`), distribution parameters (`ubi`) and staking parameters (`token_types`, `periods`, `unbonding_time`)
* Story Foundation staking API: the staking pool, and the validator set with each validator's status, `rewards_tokens`, `support_token_type`, commission and uptime
* CoinGecko (price, circulating supply, total supply)

***

#### References:

* <https://docs.story.foundation/>
* <https://www.story.foundation/>
* <https://github.com/piplabs/story>

***

:books: [Learn more about IP Staking](https://www.stakingrewards.com/asset/story-network)

:bar\_chart: [Calculate your IP Staking Rewards](https://www.stakingrewards.com/calculator?asset=story-network)

:gear: [Access historic Story Staking Data via API](https://www.stakingrewards.com/data-api)

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Last updated on 09/24/2026
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