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Discrepancy between the auction winning APY on the PSR dashboard and on the web

The auction winning bid APY is what is theoretically possible to achieve, but there are a few limitations that result in the difference with the production APY:
  • Rebalancing costs: As the winning set of validators changes, the production delegation lags behind the most efficient set shown on the PSR dashboard. Moving stake around affects the APY, so there’s a balance between updating the delegation set and not moving too much to keep the stake productive.
  • Take rate: To fund protocol operations, a take rate is applied to bids, which also impacts the production APY.