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.

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# Ether.fi Active loans Methodology

## 1. Overview

Active loans measures the total outstanding debt balance in the Cash lending protocol. The cumulative amount borrowed by users minus repayments, plus accrued interest over time, is represented by this metric. The running balance of all active loans is tracked by processing lending events and maintaining a cumulative sum of net daily changes in debt positions.

## 2. Data sources

- **Blockchain events**: `Borrowed`, `Repaid`, and `UserInterestAdded` events from `CashDebitCore`, `UserSafeEventEmitter`, and `DebtManagerCore` contracts, covering Scroll and Optimism
- **External data**: End-of-day asset price feeds

## 3. Step-by-step calculation

### Component A: Borrow event processing

- **Purpose**: Captures new loan originations that increase active debt
- **Logic**: `Borrowed` events are extracted from `CashDebitCore`, `UserSafeEventEmitter`, and `DebtManagerCore` contracts. Events are deduplicated using block timestamp, transaction hash, and log index. Removed transactions are filtered out. The user address, asset address, and borrowed amount are captured from each event.
- **Key fields**: `user` (borrower address), `token` (asset contract address), `amount` (borrowed amount)

### Component B: Repayment event processing

- **Purpose**: Captures loan repayments that decrease active debt
- **Logic**: `Repaid` events are extracted from `CashDebitCore`, `UserSafeEventEmitter`, and `DebtManagerCore` contracts. Events are deduplicated and filtered to exclude removed transactions. The user address, asset address, and repaid amount are captured from each event.
- **Key fields**: `user` (user address), `token` (asset contract address), `amount` (repaid amount)

### Component C: Interest accrual processing

- **Purpose**: Captures interest additions that increase active debt without new borrowing
- **Logic**: `UserInterestAdded` events are extracted from `UserSafeEventEmitter` and `DebtManagerCore` contracts. Interest amount is calculated as the difference between the borrowing amount after interest and the borrowing amount before interest. Events are deduplicated and filtered to exclude removed transactions.
- **Key fields**: `borrowingAmtAfterInterest` and `borrowingAmtBeforeInterest` (used to calculate interest amount)

### Component D: Daily aggregation

- **Purpose**: Summarizes lending activity by day to enable running balance calculation
- **Logic**: All events are truncated to daily timestamps. Borrows, repays, and interest amounts are summed separately by day. A complete calendar of activity days is created through a union of all event dates. Daily totals are joined with null values coalesced to zero for missing activity.
- **Key fields**: Aggregated daily `borrows_amount`, `repays_amount`, and `interest_amount`

### Component E: Final aggregation

- **Purpose**: Combine components into a running balance and normalize to USD
- **Logic**: Daily net change is calculated as borrows plus interest minus repays for each day. Raw asset amounts are converted to USD using end-of-day price feeds and normalized by decimal precision. Active debt is calculated as the cumulative sum of daily net changes ordered by date, creating a running balance of outstanding loans. A forward-fill strategy is used for missing dates and chain availability filtering is applied to ensure data completeness.

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

Value of loans currently outstanding to borrowers.

Ether.fiETHFI

Active loans

Active loans

Competitive landscape

Chain breakdown