Definition. Stake Effectiveness is the proportion of staked ETH actively participating in consensus, computed as the ratio of Total Effective Balance to Total Staked Balance of the Proof-of-Stake validator set.

Technical. Stake Effectiveness = Total Effective Balance / Total Staked Balance.

Interpretation. A reading of 1 means no validator carries a balance above the 32-ETH effective cap, and lower values measure how much of the staked stock sits as protocol-inert overhang.