AVSs (Autonomous Verifiable Services) reward stakers and operators in exchange for security for third party services (supply-side fees).

EigenCloud is a marketplace connecting stakers and operators with applications that need active security. EigenCloud was founded by Sreeram Kannan and launched in 2023.

EigenCloud team and investors own and govern the protocol. They do not currently take a cut of the total rewards paid by AVSs (revenue). EigenCloud's investors include Blockchain Capital, Polychain Capital, Coinbase Ventures, etc.

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# EigenCloud Supply-side fees Methodology

## 1. Overview

EigenLayer fees supply side measures the daily USD value of rewards claimed by operators and delegated stakers in the EigenLayer restaking protocol. This metric represents the supply-side revenue distribution in EigenLayer, capturing the actual claimed rewards that flow to network participants who provide restaking services. The calculation tracks `RewardsClaimed` events from EigenLayer's RewardsCoordinator contract on Ethereum, aggregates the claimed amounts by day and token, converts to USD, and classifies these as supply-side fees.

## 2. Data sources

- **EigenLayer reward events**: Parsed `RewardsClaimed` events from the EigenLayer v1 RewardsCoordinator contract on Ethereum, containing claim transactions with earner, claimer, recipient details, token addresses, and claimed amounts
- **End-of-day price feeds**: Token price data for USD conversion of claimed reward amounts
- **Token metadata**: Token decimal information for proper amount normalization and conversion

## 3. Step-by-step calculation

### Component A: Reward claim event extraction
- **Purpose**: Extract and parse individual reward claim transactions from EigenLayer's reward distribution system
- **Logic**: Retrieve `RewardsClaimed` events from the EigenLayer RewardsCoordinator contract on Ethereum. Each event contains the block timestamp, reward root hash, earner address (the entity that earned the reward), claimer address (who initiated the claim), recipient address (who receives the reward), token address, and claimed amount. The raw `claimedAmount` field is cast to a big numeric type to handle large token amounts properly.
- **Key fields**: `block_timestamp` for timing, `earner` for reward earner, `claimer` for claim initiator, `recipient` for reward recipient, `token_address` for reward token, `claimedAmount` for claimed reward amount

### Component B: Daily aggregation and USD conversion
- **Purpose**: Aggregate claimed rewards by day and convert to standardized USD values
- **Logic**: Truncate block timestamps to daily boundaries and group claimed amounts by day, chain (Ethereum), and token address. Sum all claimed amounts for each token per day. Apply USD conversion using end-of-day price feeds and correct for token decimal places to ensure accurate monetary values. Set chain as 'ethereum' and product as null since EigenLayer operates as a single protocol on Ethereum.
- **Key fields**: `timestamp` (daily), `chain_id` (ethereum), `token_address`, `fees` (aggregated USD amount)

### Final aggregation: Supply-side classification
- **Combining components**: Select the daily aggregated fees from the USD-converted data and rename the `fees` field to `fees_supply_side` to explicitly classify these as supply-side revenue
- **Currency conversion**: USD conversion applied using end-of-day token prices with proper decimal correction for each reward token
- **Time aggregation**: Daily boundary aggregation using timestamp truncation to day level
- **Final calculation**: The final metric represents the total USD value of rewards claimed daily by EigenLayer operators and delegated stakers, classified as supply-side fees since these payments flow to the network participants providing restaking services

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Portion of fees distributed to service providers or supply-side participants.

EigenCloudEIGEN

Supply-side fees

Supply-side fees

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