# Cash Expenses Methodology

## 1. Overview

Expenses for Ether.fi Cash measures the total value of incentives distributed to users of the Cash product. These costs primarily consist of cashback rewards issued to users during lending and spending activities. This metric reflects the protocol's expenditure on user acquisition and retention for its credit and payment solutions. Reference the project-level methodology for cross-product aggregation details.

## 2. Data sources

- **Blockchain events**: `Cashback` events from `DebtManager` and `CashEventEmitter` contracts, covering Scroll and Optimism
- **External data**: End-of-day price feeds for distributed assets

## 3. Step-by-step calculation

### Component A: Cash cashback reward extraction

- **Purpose**: Capture the value of incentives paid to users of the Cash product
- **Logic**: `Cashback` events are parsed from `DebtManager` (V1) and `CashEventEmitter` (V2, V3, and V4) contracts. The reward amount and the asset address are extracted from each event. Data is filtered to include only successful transactions where the event was not removed due to chain reorganizations.
- **Key fields**: `amount` (reward quantity), `token_address` (asset identification), `block_timestamp` (timing)

### Component B: USD conversion and normalization

- **Purpose**: Normalize reward values to a common currency for reporting
- **Logic**: Reward amounts are normalized by decimal precision based on asset metadata. Values are converted to USD using end-of-day price feeds corresponding to the asset and chain where the event occurred.
- **Key fields**: `amount`, `token_address`, `chain_id`

### Component C: Final aggregation

- **Purpose**: Consolidate daily expense totals for the Cash product
- **Logic**: Normalized USD values are aggregated by day and chain. Daily totals are calculated using UTC day boundaries. The final metric is generated by summing all token-based incentives specifically attributed to the Cash product.
- **Key fields**: `timestamp`, `chain_id`, `expenses`

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

Total project operating and incentive expenses.

Expenses

Lending

Stakers deposit funds into Ether.fi and receive a return on investment in the form of staking rewards (supply-side fees).

Ether.fi is a non-custodial staking protocol built on Ethereum and other blockchains. Ether.fi was founded by Mike Silagadze and launched in 2023.

Ether.fi team & investors own and govern the protocol. They currently take a cut of the total staking rewards earned by the protocol (revenue). Ether.fi’s investors include North Island Ventures, Chapter One, Node Capital, and Arthur Hayes.

Cash

Expenses

Expenses

Chain breakdown