At The Cardano Record we measure Cardano from our own cardano-db-sync node. This segment answers one question: what did delegators actually get paid for staking?

The figure most people quote is the one pools advertise. We measure a different one, the realized yield: rewards actually paid, divided by the stake that earned them. Both halves of that ratio are on-chain and exact, and the division is the whole segment.

The two inputs

Rewards. These come from db-sync's reward table. We sum reward.amount by earned_epoch , the epoch the reward was earned in, not the one it was paid in. Member rewards (paid to delegators) and leader rewards (paid to pool operators) are kept apart.

Stake. This comes from epoch_stake.amount , the stake that was active for each pool in that same epoch.

The headline yield is the member rewards for one epoch divided by the delegated stake for that epoch. We annualize it by multiplying by the number of epochs in a year, which is 73.…