> 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/zama-srb.md).

# Zama SRB

ZAMASRB is a benchmark representing the mean, annualized staking rate across all active Zama Protocol operators.

ZAMASRB is calculated and published by Staking Rewards via the [Zama Profile](https://www.stakingrewards.com/asset/zama) and [Data API](https://www.stakingrewards.com/data-api).<br>

> **TL;DR:** Zama is a cross-chain confidentiality protocol powered by Fully Homomorphic Encryption (FHE), live on Ethereum mainnet. ZAMA is staked by KMS node operators and FHE coprocessor operators, with holders delegating into per-operator vaults. Staking rewards come from minted token emissions (\~5% of supply per year), split 60% to the KMS pool and 40% to the Coprocessor pool, while 100% of protocol fees are burned. The reward rate is derived from the per-second emission rates of both staking pools, annualized and divided by total staked tokens.

$$
ZAMASRB = ((rr\_k + rr\_c) \* t\_y) / ts
$$

<table data-full-width="false"><thead><tr><th width="141">Formula key</th><th width="250">Metric name</th><th>Description</th></tr></thead><tbody><tr><td>rr_k</td><td>KMS Emission Rate</td><td>The per-second ZAMA emission rate of the KMS staking pool, read from the on-chain rewardRate() function of the KMS ProtocolStaking contract</td></tr><tr><td>rr_c</td><td>Coprocessor Emission Rate</td><td>The per-second ZAMA emission rate of the Coprocessor staking pool, read from the on-chain rewardRate() function of the Coprocessor ProtocolStaking contract</td></tr><tr><td>t_y</td><td>Year Constant</td><td>31,536,000 seconds (365 days), used to annualize the per-second emission rates</td></tr><tr><td>ts</td><td>Total Staked</td><td>The total amount of ZAMA staked across both role pools, read from the on-chain totalSupply() function of the KMS and Coprocessor ProtocolStaking contracts</td></tr></tbody></table>

* **Non-compounded**: ZAMASRB excludes returns from reinvestment of rewards, presenting the base annualized rate.
* **Emission-Funded Rewards**: Staking rewards are minted according to a yearly emission schedule (initially \~5% of total supply per year, adjustable by governance). Protocol fees (decryption, proof verification, bridging) are not distributed to stakers — they are 100% burned, creating a burn-and-mint economy.
* **Blended Across Role Pools**: Emissions are split between the KMS pool (60%) and the Coprocessor pool (40%). ZAMASRB blends both pools into a single protocol-wide rate.
* **All Rewards Counted**: Includes both claimed and unclaimed staking rewards.

***

### Zama Staking Model

Zama is a **cross-chain confidentiality protocol** powered by Fully Homomorphic Encryption (FHE). It integrates on top of existing public blockchains (starting with Ethereum) rather than introducing a new Layer 1. All ZAMA staking happens on **Ethereum mainnet**.

Here's how the staking model works:

1. **Delegated PoS**: Two operator roles secure the protocol — **KMS node operators** (threshold key management and decryption) and **FHE coprocessor operators** (encrypted computation). Operators stake ZAMA, and token holders delegate to the operator of their choice via per-operator staking vaults, receiving transferable liquid shares (stZAMA).
2. **Emission Split**: Minted staking emissions are split 60% to the KMS pool and 40% to the Coprocessor pool.
3. **Square-Root Stake Weighting**: Within each role pool, rewards are distributed pro-rata to the **square root of each operator's stake**, incentivizing stake decentralization across operators.
4. **Commission**: Operators charge a commission on delegator rewards, capped at 20% by the protocol.
5. **Operator Set**: Operators are elected by governance. The genesis set consists of 18 operators (13 KMS and 5 coprocessor operators).
6. **Unbonding**: Unstaking is subject to a 7-day cooldown period, read from the on-chain unstakeCooldownPeriod() function.

***

### Operator-Level SRB: ZAMASRB(v)

$$
ZAMASRB(v) = ((E\_r \* w\_v / W\_r) / s\_v) \* (1 - c)
$$

<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>E_r</td><td>Role Pool Annual Emission</td><td>The annualized ZAMA emission of the operator's role pool (KMS or Coprocessor)</td></tr><tr><td>w_v</td><td>Operator Weight</td><td>The square root of the operator's total stake, read from the on-chain weight() function</td></tr><tr><td>W_r</td><td>Total Role Weight</td><td>The sum of all operator weights in the role pool, read from the on-chain totalStakedWeight() function</td></tr><tr><td>s_v</td><td>Operator Stake</td><td>The total amount of ZAMA staked with the operator (self-staked plus delegated)</td></tr><tr><td>c</td><td>Commission</td><td>The operator's commission rate, representing the percentage of delegator rewards retained by the operator (capped at 20%)</td></tr></tbody></table>

Because rewards are weighted by the square root of stake, operators with less stake yield a higher reward rate per staked token, all else being equal.

***

### Observation Period

1. Determined based on the latest on-chain state of the staking contracts (emission rates and staked balances) at the point of evaluation.
2. Annualized by projecting the instantaneous per-second emission rates over a full year (31,536,000 seconds) for a comprehensive year-long projection.

***

### Calculation Frequency

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

***

### Slashing

Slashing is designed in the Zama Protocol but is not currently implemented on mainnet. ZAMASRB does not factor in the possibility of slashing occurrences.

***

### ZAMA Real Reward Rate: ZAMASRB^R

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

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

<table data-full-width="false"><thead><tr><th width="150">Formula key</th><th width="187">Metric name</th><th>Description</th></tr></thead><tbody><tr><td>ir</td><td>Inflation Rate</td><td>The annual rate at which the ZAMA supply increases, calculated as the annualized emission of both staking pools divided by the total token supply</td></tr></tbody></table>

{% hint style="info" %}

#### Inflation Rate Behaviour

ZAMA staking rewards are funded by minted emissions, initially set at \~5% of total supply per year and adjustable by protocol governance. Staking Rewards derives the inflation rate directly on-chain as the annualized emission of the KMS and Coprocessor pools divided by the total ZAMA supply. At the same time, 100% of protocol fees (decryption, ZK proof verification, and bridging fees) are burned, which offsets emissions as protocol usage grows — Zama follows a burn-and-mint token economy, so net supply growth can fall below the gross emission rate.
{% endhint %}

***

### Other Zama metrics calculated by Staking Rewards:

<table><thead><tr><th width="210">Metric</th><th>Description</th></tr></thead><tbody><tr><td>Staked Tokens</td><td>The total number of ZAMA tokens staked across the KMS and Coprocessor staking pools, read from the on-chain totalSupply() functions.</td></tr><tr><td>Delegated Tokens</td><td>The number of ZAMA tokens held in the per-operator staking vaults. Operator self-bond and delegator deposits are fungible within the vaults, so the full vault balance is reported as delegated.</td></tr><tr><td>Staking Ratio</td><td>The percentage of the ZAMA supply that is staked across both role pools.</td></tr><tr><td>Inflation Rate</td><td>The annualized emission of both staking pools divided by the total ZAMA supply.</td></tr><tr><td>Commission</td><td>The fee each operator retains on delegator rewards, read from the on-chain fee configuration of the operator's rewarder contract (capped at 20%).</td></tr><tr><td>Active Operators</td><td>The number of governance-elected operators securing the protocol (currently 18: 13 KMS and 5 coprocessor operators).</td></tr></tbody></table>

***

#### Data Sources:

* [Staking Rewards](https://www.stakingrewards.com/) from on-chain Zama ProtocolStaking contracts (KMS: `0xe9b176CCaA8840DC3b3567bb83e2cD2a6c36F4Ab`, Coprocessor: `0x7147485b892158f2B875f7aC5Ea48A9937C66AE8`) via Ethereum RPC
* [CoinGecko](https://www.coingecko.com/) for ZAMA price and supply data

***

#### References:

* <https://www.zama.org/>
* <https://docs.zama.org/protocol>
* <https://www.stakingrewards.com/asset/zama>

***

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

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

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

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Last updated on 06/12/2026
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