Daily average annualised over the 45,020.15 POKT bonded. Backward-looking: it reflects the settlement volume these validators actually earned in the window, not a promised or forward rate.

The slice uses the stake bonded today. Cosmos staking messages are not indexed, so a delegation that changed size inside the window cannot be corrected for and would skew both the daily average and the APR. A validator’s total delegated stake also moved during this window, so its share is a mean rather than an exact figure.

Separate money, and deliberately excluded from every figure above. This is the Cosmos distribution pool fed by the protocol’s minimum inflation, which cannot be set to zero. Settlement income never passes through it.