How this is measured

Own stake and delegated stake are daily aggregates over the current validator and delegator sets, from the chain-metrics indexer. The stacked view keeps the two apart because they behave differently: own stake moves when operators join, leave, or restake; delegated stake follows retail sentiment and unlock schedules.

The staking ratio divides that total by the circulating supply the emission feed reports for the same day — the share of all AVAX in existence that is working as security. Days the two feeds don't share are dropped rather than interpolated.

The delegator count rides the same indexer. A rising count against flat delegated stake means smaller average positions — worth reading together, not separately.