# Tezos SRB

XTZSRB is a benchmark representing the mean, annualized staking rate across all active Tezos bakers.

XTZSRB is calculated and published by Staking Rewards via the [Tezos Profile](https://www.stakingrewards.com/asset/tezos) and [Data API](https://www.stakingrewards.com/data-api).

> **TL;DR:** Tezos staking rewards are based on maximum theoretical block rewards (block reward + bonus slots + endorsement rewards) multiplied by blocks per year, divided by total baking power. Baker-level rates factor in performance and commission.

$$
XTZSRB = maxRewardsPerBlock \times blocksPerYear / totalBakingPower
$$

<table data-full-width="false"><thead><tr><th width="200">Formula key</th><th width="200">Metric name</th><th>Description</th></tr></thead><tbody><tr><td>maxRewardsPerBlock</td><td>Max Rewards Per Block</td><td>The maximum rewards that can be earned per block, calculated as: <code>blockReward + (blockBonusPerSlot * (endorsersPerBlock - consensusThreshold)) + (endorsersPerBlock * endorsementRewardPerSlot)</code>. These values are sourced from the TzKT protocol constants and current cycle data.</td></tr><tr><td>blocksPerYear</td><td>Blocks Per Year</td><td>The theoretical number of blocks produced per year, calculated as: <code>365 * 24 * 60 * 60 / timeBetweenBlocks</code>, where <code>timeBetweenBlocks</code> is sourced from the Tezos protocol constants.</td></tr><tr><td>totalBakingPower</td><td>Total Baking Power</td><td>The total baking power across all active bakers in the current cycle, sourced from TzKT cycle data. Baking power determines each baker's share of block production rights.</td></tr></tbody></table>

* XTZSRB is non-compounded and represents the staking rate before reinvesting rewards.
* Includes both claimed and unclaimed baking and endorsement rewards.
* Uses maximum theoretical rewards per block, representing the optimal case where all endorsement slots are filled.
* The benchmark reflects the protocol's reward parameters as defined by the current Tezos protocol upgrade.

#### Slashing

1. XTZSRB does not factor in the possibility of slashing occurrences.
2. Tezos implements slashing for double-baking and double-endorsement violations. Slashed amounts are burned.

***

### XTZ Baker Staking Reward Rate: XTZSRB(v)

Staking Rewards calculates the XTZSRB for each baker based on their actual rewards from the previous completed cycle.

$$
XTZSRB(v) = (rewardsPerBlock\_v \times blocksPerYear / bakingPower\_v) \times (1 - commission) \times performance
$$

<table data-full-width="false"><thead><tr><th width="200">Formula key</th><th width="200">Metric name</th><th>Description</th></tr></thead><tbody><tr><td>rewardsPerBlock_v</td><td>Validator Rewards Per Block</td><td>The baker's total rewards (block rewards + endorsement rewards + block fees) from the previous completed cycle, divided by blocks per cycle. Sourced from TzKT baker rewards API.</td></tr><tr><td>bakingPower_v</td><td>Baker's Baking Power</td><td>The baker's individual baking power in the previous cycle, sourced from TzKT.</td></tr><tr><td>commission</td><td>Commission</td><td>The baker's fee rate. Primary source: on-chain <code>edgeOfBakingOverStaking</code> parameter (in billionths). Fallback: Baking Bad v3 API for legacy bakers.</td></tr><tr><td>performance</td><td>Performance</td><td>The baker's block production and attestation performance, calculated as: <code>(actualBlocks / expectedBlocks + actualAttestations / expectedAttestations) / 2</code>, capped at 1.0. Sourced from TzKT baker rewards data.</td></tr></tbody></table>

> **Note:** Performance data requires both expected and actual block/attestation counts to be available from TzKT. If unavailable, the performance factor is omitted: `XTZSRB(v) = (rewardsPerBlock_v * blocksPerYear / bakingPower_v) * (1 - commission)`.

***

#### Observation Period:

1. The XTZSRB is determined based on the current protocol constants and cycle data at the point of evaluation.
2. Validator-level rates are based on the most recently completed Tezos cycle.
3. 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

1. XTZSRB employs a 365-day convention for annualizing block rewards. This convention remains consistent and does not accommodate adjustments for leap years.
2. XTZSRB uses the maximum theoretical rewards per block. Actual rewards may be lower if endorsement slots are not fully utilized across the network.
3. Individual baker rates depend on actual block production and attestation performance, which can vary cycle to cycle.
4. The benchmark assumes the current protocol parameters remain constant for the projection period. Protocol upgrades may change reward parameters.

### XTZ Real Reward Rate: XTZSRB^R

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

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

<table data-full-width="false"><thead><tr><th width="141">Formula key</th><th width="158">Metric name</th><th>Description</th></tr></thead><tbody><tr><td>ir</td><td>Inflation Rate</td><td>The annualized inflation rate, computed as: <code>totalCreatedPerYear / totalSupply</code>, where <code>totalCreatedPerYear = (maxRewardsPerBlock + lbSubsidyPerBlock) * blocksPerYear</code> and <code>totalSupply</code> is sourced from TzKT.</td></tr></tbody></table>

#### Inflation Rate Behavior

Tezos inflation is determined by the protocol's block reward schedule, which includes both baking rewards and liquidity baking (LB) subsidies. The total annual token creation combines the maximum block rewards (baking + endorsement) and the LB subsidy per block. The LB subsidy is calculated as `5,000,000 mutez * timeBetweenBlocks / 60`. Tezos inflation parameters can change with each protocol upgrade through the on-chain governance process.

***

### Other Tezos metrics calculated by Staking Rewards:

<table data-full-width="false"><thead><tr><th width="212.99999999999994">Metric</th><th>Description</th></tr></thead><tbody><tr><td>Delegated Tokens</td><td>The number of XTZ tokens delegated to bakers, including both own and external delegations.</td></tr><tr><td>Self Staked Tokens</td><td>The number of XTZ tokens staked by bakers directly, including own staked balance.</td></tr><tr><td>Staking Wallets</td><td>Total number of delegators per baker, sourced from TzKT delegates API (<code>numDelegators</code>).</td></tr><tr><td>Total Baking Power</td><td>Aggregate baking power across all active bakers in the current cycle.</td></tr><tr><td>Fee Revenue</td><td>Annualized transaction fees in USD.</td></tr></tbody></table>

#### Data Sources:

* [Staking Rewards](https://www.stakingrewards.com/) from indexed Tezos Blockchain RPC Endpoints
* [TzKT](https://tzkt.io/) for cycle data, baker rewards, and protocol constants

***

#### References:

* <https://tezos.com/developers/docs/>
* <https://www.stakingrewards.com/asset/tezos>

***

:books: [Learn more about XTZ Staking](https://www.stakingrewards.com/asset/tezos)

:bar\_chart: [Calculate your XTZ Staking Rewards](https://www.stakingrewards.com/calculator?asset=tezos)

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

```
Last updated on 04/04/2026
```


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