Simplifying Staking Data: How Figment's API Streamlines Blockchain Insights - Figment

Simplifying Staking Data: How Figment’s API Streamlines Blockchain Insights

Colton Campbell

Senior Sales Engineer

Published

July 17, 2024

Why Does Staking Data Matter?

Staking data plays a crucial role across many actors in the crypto space. Crypto funds rely on it to track and report performance to their investors, while exchanges and custodians use it to demonstrate user earnings over time. For those staking with multiple validators, this data is essential for comparing provider performance. Virtually every staker requires access to staking data, often across multiple blockchains.

Typically, institutions begin by utilizing a single data source, either by indexing raw chain data in-house or partnering with a third-party provider. However, a growing trend has seen many institutions seeking to meet compliance requirements by incorporating multiple data sources and reconciling any discrepancies. This approach ensures greater accuracy and reliability in their staking data management.

The Challenge of Finding Data Across Multiple Chains

Blockchains exhibit diverse characteristics, each with unique reward structures, penalty mechanisms, and block compositions. Even the key players within one blockchain ecosystem may not have direct counterparts in another. This diversity presents a challenge when extracting specific data across different chains. Imagine trying to locate the same information in raw block data from two distinct blockchains – the method that works for one won’t necessarily apply to the other. It’s similar to finding the letter ‘Y’ on different keyboard layouts: on a QWERTY keyboard, it’s a simple keystroke, while on a T9 keypad, it requires pressing ‘9’ three times. This analogy closely mirrors the complexities of tracking staking rewards across multiple blockchain networks.

While there are obvious reasons for chain differentiation, stakers think of three main questions when staking regardless of the protocol:

  1. How much have I staked?
  2. How many rewards have I earned?
  3. When did I receive my rewards?

Faced with a multitude of blockchains, you may know what data you need, but the method to extract it varies significantly across networks. Developing an effective solution requires a deep dive into each blockchain’s intricacies, followed by careful implementation. This process demands both time and expertise to master the unique characteristics of each chain:

Tracking down these answers and testing them yourself requires navigating different protocol documentation, working with different APIs with different data schemas, and managing lots of the underlying infrastructure yourself. You know what you need, and you deserve to see it simply all in one place.

Solution: Figment API

Instead of sifting through scattered crypto docs and spending valuable time developing, testing, and maintaining an indexing strategy every time you support a new asset, just use Figment’s API. For ETH, SOL, DOT, NEAR, ADA, AVAX, ATOM, and MATIC, our API consumers have access to:

You get all the data you need to answer the questions your users have, all in one API.

Conclusion

In the ever-evolving landscape of blockchain technology, access to accurate and comprehensive staking data is not just a luxury, it’s a necessity. The challenges of navigating diverse blockchain ecosystems and extracting consistent data across multiple networks can be daunting, time-consuming, and resource-intensive.

Figment’s API is a powerful solution to these challenges, offering a unified approach to accessing staking data across various prominent blockchains. By providing a standardized interface for historical staking data, MEV reward information, and comprehensive validator metrics, Figment empowers its partners to focus on what truly matters by building innovative staking products and delivering value to users.