How is Terra's staking yield calculated?

When looking at the documentation we can find that the staking yield is calculated using many different variables: tax rewards, oracle rewards, gas, MIR and ANC airdrop rewards and the price of LUNA.

Unfortunately, there is no documentation on how much each variable contributes to the final APY in the Terra station. Therefore, in this dashboard, the staking yield will be estimated using rewards that validators receive.

As can be seen, the graph above runs until October 30th 2021, the day the Columbus-5 upgrade was conducted on Terra. Unfortunately, there is no reliable staking reward data after Columbus-5, so we have to settle Columbus-4 data

As can be expected, the staking rewards in USD value follows the price of LUNA quite closely, since the staking rewards are paid out in LUNA.