Definition. Estimated Annual Issuance ROI per Validator is the theoretical ETH-denominated annual return (%) on a 32-ETH stake validator, with ETH issuance determined by the number of validators participating in consensus.

Technical. Computed as Annual ROI per validator = 32 / sqrt(Validator Count). The curve reflects native consensus-layer issuance only, excluding MEV, priority fees, and any liquid-staking or restaking layer compounded on top.