Real Staking Yield

Because staking rewards are largely newly minted units, a headline rate overstates what a staker gains relative to everyone else. The real rate adjusts the nominal rate for the network's net supply growth, isolating the share gain a staker makes against non-stakers. It can be negative when issuance outpaces the reward a staker receives, and it can exceed the nominal rate when a fee burn shrinks supply.

计算方式

((1 + nominal staking yield) / (1 + net token supply growth) - 1) x 100

易产生误导之处

The result depends entirely on which supply-growth figure is used: gross issuance and issuance net of a fee burn can differ enough to flip the sign, and on Ethereum the EIP-1559 base-fee burn can exceed issuance during sustained congestion, making net supply growth negative and the real yield higher than the nominal one. This is dilution-adjusted, not inflation-adjusted in the consumer-price sense, so it says nothing about purchasing power over goods and services. Operator commission, slashing penalties and taxes remain excluded, as they are in the nominal figure. Both inputs are annualized from recent conditions, so the number moves whenever congestion, the burn rate or the staking ratio moves.

与股权的类比，以及为何该类比不成立

Real interest rate. The analogy fails because the deflator here is the token's own supply growth rather than a price index for goods and services, and the payment is made in the same asset being diluted.

如何解读高值或低值

A positive value means a staker's share of total supply grows over time and a negative value means it shrinks despite receiving rewards. It compares stakers with non-stakers of the same asset, not with any other investment.