Staking Ratio

Staking means bonding tokens to a validator so they can be penalized if that validator misbehaves, in exchange for a share of issuance and fees. The ratio expresses bonded tokens as a percentage of supply. On most chains the reward rate is designed to fall as this ratio rises, so the two move against each other.

计算方式

(tokens staked / circulating supply) x 100

易产生误导之处

Numerator and denominator often come from different sources with different definitions, and using total supply rather than circulating supply can shift the answer by tens of percentage points for the same chain on the same day. Staked no longer means illiquid: liquid staking tokens let a holder stake and simultaneously trade a transferable claim on the position, so a high ratio does not imply that supply is unavailable to sell. Exchange-managed staking pools customer balances behind one entry, and reported totals include tokens already queued to exit through an unbonding period. Locked team and foundation allocations that are also staked appear here as securing the network even though they were never available to trade.

与股权的类比，以及为何该类比不成立

Share lockup or restricted float. The analogy fails because staked tokens are not restricted securities: they can usually be exited on a defined schedule and liquid staking derivatives trade freely against them in the meantime.

如何解读高值或低值

A higher ratio means a larger share of supply is bonded to validators and a lower ratio means less. Because reward rates typically decline as the ratio rises, the two are best read together.