The theoretical per validator return curve of the Ethereum Proof-of-Stake network. This chart reflects the ETH denominated annual return (%) on a 32-ETH stake validator, with ETH issuance determined based on the number of validators participating in consensus.

It is calculated as Annual ROI per validator = 32 / sqrt(Validator Count)

This is the Point-in-Time (PiT) variant of Estimated Annual Issuance ROI per validator. PiT metrics are strictly append-only and their history is immutable. The historic data does not necessarily reflect the best current knowledge, but the information at the time when a data point was first computed. PiT metrics are ideal candidates for applications in model backtesting and related quantitative purposes. Read our article on PiT metrics for more information.