# Cash Transaction volume Methodology

## 1. Overview

Transaction volume measures the total value of assets spent or transferred by users through the Ether.fi Cash product. This metric reflects the scale of economic activity processed by the application's non-custodial spending infrastructure. Transaction volume for Cash is primarily generated from user spending events on the Scroll and Optimism networks across various protocol versions.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Spend activity extraction for Cash V1 and V3 on Scroll

- **Purpose**: Capture individual spending transactions from the initial and V3 iterations of the Cash product on Scroll.
- **Logic**: `Spend` events are parsed from `DebtManager` and `CashEventEmitter` contracts. For each event, the asset address, user address, and raw transaction amount are extracted. Duplicate events across multiple emitters are filtered to ensure transaction uniqueness.
- **Key fields**: `amount` (raw spend quantity), `token` (asset identification), and `user_address`.

### Component B: Multi-asset spend extraction for Cash V2, V4, and Optimism V3

- **Purpose**: Capture spending activity from protocol versions that support batched or multi-token transactions.
- **Logic**: `Spend` events are parsed from `CashEventEmitter` contracts. For these versions, the contract emits data in array format to accommodate multiple assets within a single log. The asset and amount arrays are unnested to identify each individual asset transfer. Each element in the array is treated as a distinct spend volume contribution.
- **Key fields**: `tokens` (array of asset addresses) and `amounts` (array of spend quantities).

### Component C: Normalization and USD conversion

- **Purpose**: Standardize transaction values across different assets and timeframes.
- **Logic**: Raw amounts are normalized by decimal precision using asset metadata. The normalized values are then multiplied by end-of-day price feeds to determine the USD value at the time of the transaction.
- **Key fields**: `amount_in_usd` and `block_timestamp`.

### Component D: Daily aggregation and finalization

- **Purpose**: Provide a consolidated view of economic activity.
- **Logic**: Volume is aggregated by day using UTC boundaries. The data is processed to ensure no gaps exist in the time series, with missing days being assigned a zero value to reflect inactivity. The final output is filtered based on chain availability and verified against canonical metadata.

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

Total USD value of transactions processed by the application.

Transaction volume

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

Transaction volume

Transaction volume

Chain breakdown