Stake Effectiveness is a measure of the propostion of staked ETH which is actively participating in consensus. It is calculated as the ratio between the Total Staked Balance, and the Total Effective Balance of the Proof-of-Stake validator set: Stake Effectiveness = Total Effective Balance / Total Staked Balance

This is the Point-in-Time (PiT) variant of Stake Effectiveness. 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.