# Cash Fees Methodology

## 1. Overview

Fees measures the total value paid by users of the Ether.fi Cash product. This metric represents the economic value generated from user spending activity processed through the protocol's debt management and event emission infrastructure. Fees are calculated by applying a protocol-defined take rate to the total volume of assets spent by users on-chain.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Spend volume extraction

- **Purpose**: Capture the total value of assets spent by users through the Cash product
- **Logic**: `Spend` events are parsed from `DebtManager` and `CashEventEmitter` contracts across protocol versions V1, V2, V3, and v4. For versions utilizing array-based event structures, the token and amount arrays are unnested to identify and capture each individual asset spend within a single transaction. The value of each spend is extracted from the USD-denominated amount field emitted directly within the event data.
- **Key fields**: `in_amountInUsd` (or `amount_in_usd`), `in_token`, and `block_timestamp`

### Component B: Fee rate application

- **Purpose**: Apply the protocol's take rate to the identified spend volume
- **Logic**: A specific take rate is applied to the daily spend volume based on the transaction date. A rate of 1.38% is applied to all spend volume recorded before December 1, 2025. For all spending activity occurring on or after December 1, 2025, the take rate is increased to 1.75% in accordance with the protocol's fee schedule.
- **Key fields**: `spend_usd` and `timestamp`

### Component C: USD conversion and aggregation

- **Purpose**: Normalize fee values and aggregate data to daily granularity
- **Logic**: Fee amounts are normalized by decimal precision and validated against end-of-day asset price feeds to ensure consistent USD valuation across different chains. The resulting values are aggregated by day and chain using UTC day boundaries.
- **Key fields**: `amount` (calculated fee), `token_address`, and `chain_id`

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

Total value users pay to use a protocol (gross fees, user-paid fees).

Fees

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

Fees

Fees

Chain breakdown