# Cash Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total value of user deposits held within the Cash product of Ether.fi. This metric is calculated as the sum of all asset balances maintained in Cash safe accounts across supported networks, as well as collateral supplied by these safes to the Aave V4 spoke. TVL is utilized as a key indicator of the adoption and capital efficiency of the Cash product, representing the total liquidity available for user spending, yield generation, and collateralized borrowing.

## 2. Data sources

- **Blockchain events**: `UserSafeDeployed` events from `UserSafeFactory` contracts, `BeaconProxyDeployed` events from `CashFactory` and `EtherFiSafeFactory` contracts, `AddReserve`, `Supply`, `Withdraw`, and `LiquidationCall` events from `Spoke` contracts, and `AddAsset`, `Add`, and `Remove` events from `CashHub` contracts, as well as ERC-20 asset transfers and native asset transfers, covering Scroll and Optimism
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Cash safe account identification

- **Purpose**: The identification of all deployed Cash safe accounts across supported chains
- **Logic**: Safe deployments are tracked by parsing `UserSafeDeployed` events from `UserSafeFactory` contracts and `BeaconProxyDeployed` events from `CashFactory` contracts on Scroll, as well as `BeaconProxyDeployed` events from `EtherFiSafeFactory` contracts on Optimism. Deployed safe addresses are extracted and consolidated to establish the complete registry of Cash safe accounts.
- **Key fields**: `safe_address`, `chain`, `block_timestamp`

### Component B: Cash safe balance tracking

- **Purpose**: The tracking of daily balances of native and ERC-20 assets held directly within Cash safe accounts
- **Logic**: Daily ERC-20 asset and native asset flows are aggregated for all identified Cash safe accounts on Scroll and Optimism. ERC-20 asset transfers and native asset transfers are summed daily to calculate cumulative running balances for each asset held in each safe.
- **Key fields**: `account_address`, `token_address`, `value`, `block_timestamp`

### Component C: Cash safe Aave V4 spoke collateral tracking

- **Purpose**: The calculation of the value of collateral supplied by Cash safes to the Aave V4 spoke on Optimism
- **Logic**: Spoke reserves are mapped to underlying assets by joining `AddReserve` events from `Spoke` contracts with `AddAsset` events from `CashHub` contracts. Daily share prices are calculated using `Add` and `Remove` events from `CashHub` contracts to determine the underlying asset amount per share. Supplied share balances for each Cash safe are tracked using `Supply`, `Withdraw`, and `LiquidationCall` events from `Spoke` contracts. Cumulative supplied shares are multiplied by the daily share price to determine the total underlying asset balance supplied as collateral.
- **Key fields**: `spoke_reserve_id`, `user_address`, `supplied_share_delta`, `share_price`

### Component D: Cash USD conversion and aggregation

- **Purpose**: The conversion of asset balances to USD and aggregation to calculate the total TVL for Cash
- **Logic**: Direct safe balances and Aave V4 supplied balances are combined. Asset amounts are normalized by decimal precision. For assets with direct price feeds on Scroll or Optimism, balances are multiplied by their respective end-of-day prices. For other assets, addresses are mapped to their Ethereum mainnet equivalents using asset metadata to retrieve end-of-day price feeds. USD values are aggregated daily by chain to produce the final TVL for the Cash product.
- **Key fields**: `amount`, `price_usd`, `timestamp`

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Total value locked

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

Total value locked

Total value locked

Chain breakdown