The annual percentage yield (APY) is defined as the real rate of return earned on an investment(Investopedia).

Monthly APY formula used - (1 + .005)^12 - 1 Here - .005 is the interest rate and 12 is the number of months in a year. This gives us the monthly APY.

Formula Used for the dashboard below: (1+(r.avg_reward/s.avg_staked) * 100))^11

Per Terra documentation, staking rewards come from three sources: gas (compute fees), taxes, and seigniorage rewards.

Hence, for the chart below: I compared total amount staked vs rewards earned to calculate the APY. The rewards for Terra are dependent upon the price of LUNA. As we can see, there has been a steady increase in APY from June to September due to the strong growth of LUNA price.