# Cash Revenue Methodology

## 1. Overview

Revenue measures the portion of fees that Ether.fi retains from its Cash product, as determined by its protocol take rate. This metric represents the protocol's earnings from user spending activity via the Ether.fi Visa card. Revenue is calculated by applying a specific percentage to the total volume of assets processed through spend events, with the resulting earnings attributed to USDC on the respective chains.

## 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 used in spend transactions

## 3. Step-by-step calculation

### Component A: Cash spend volume extraction

- **Purpose**: Capture the total volume 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, individual asset addresses and their corresponding amounts are extracted to ensure every spend action is captured. Events flagged as removed by the blockchain indexer are filtered out to maintain data integrity.
- **Key fields**: `amount_in_usd` (value of the spend), `token_address` (asset identification), `block_timestamp` (timing)

### Component B: Protocol take rate application

- **Purpose**: Determine the protocol's share of the total spend volume
- **Logic**: A protocol-defined take rate is applied to the daily spend volume to calculate revenue. A rate of 1.38% is applied to all volumes recorded before December 1, 2025. For volumes recorded on or after this date, the take rate is increased to 1.75% in accordance with the protocol fee schedule. The resulting revenue is attributed to USDC on Scroll and Optimism.
- **Key fields**: `spend_usd` (aggregated daily volume), `timestamp` (date of transaction)

### Component C: USD conversion and aggregation

- **Purpose**: Normalize revenue values to USD and aggregate by day
- **Logic**: Asset amounts are normalized by their respective decimal precision. Values are converted to USD using end-of-day price feeds. Daily totals are aggregated by summing the calculated revenue across all protocol versions and supported chains, with UTC day boundaries used for all temporal groupings.
- **Key fields**: `revenue` (final calculated earnings), `timestamp` (daily granularity)

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Revenue

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

Revenue

Revenue

Chain breakdown