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

# Ether.fi Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) measures the average value paid by each active user to Ether.fi within a fixed 24-hour window. This metric is calculated by dividing the total daily fees by the number of active users (daily). It provides insight into the monetization efficiency and user behavior across the Stake, Liquid, and Cash product suites. Fees are generated through Liquid staking rewards, vault performance, and transaction take rates, while active users are identified through unique wallet interactions with the protocol's smart contracts.

## 2. Data sources

- **Fees**: Derived from the Fees metric
- **Active users (daily)**: Derived from the Active users (daily) metric
- **Blockchain events**: `DepositERC20`, `DepositEth`, `Deposit`, `Withdraw`, `Enter`, `Exit`, and `TokenRebased` events from Ethereum; `DepositInstant`, `InstantWithdrawal`, and `RedeemInstant` events from HyperEVM; `Borrowed`, `Repaid`, and `Spend` events from Scroll and Optimism
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Active user identification

- **Purpose**: Identifies the daily count of unique wallet addresses interacting with Ether.fi products.
- **Logic**: Unique user addresses are extracted from various product-specific interactions. For the Stake product, addresses are parsed from `DepositERC20`, `DepositEth`, `Deposit`, and `Withdraw` events on Ethereum, as well as `DepositInstant`, `InstantWithdrawal`, and `RedeemInstant` events on HyperEVM. For the Liquid product, addresses are identified from `Enter` and `Exit` events across `USDVault`, `ETHVault`, and `BTCVault` contracts on Ethereum. For the Cash product, addresses are captured from `Borrowed`, `Repaid`, and `Spend` events on Scroll and Optimism. All addresses are aggregated daily to determine the total number of unique active users (daily) across the project.
- **Key fields**: `user_address`, `block_timestamp`, `chain`

### Component B: Cash product fee calculation

- **Purpose**: Calculates the revenue generated from user spending via the Cash product.
- **Logic**: Total spend volume is aggregated from `Spend` events emitted by `DebtManager` and `CashEventEmitter` contracts on Scroll and Optimism. A take rate is applied to the USD-denominated spend volume to determine the fees. A rate of 1.38% is applied to volumes recorded before December 1, 2025, and a rate of 1.75% is applied to volumes recorded on or after this date.
- **Key fields**: `amount_in_usd`, `block_timestamp`, `chain`

### Component C: Stake product fee calculation

- **Purpose**: Captures fees generated from Liquid staking activities, primarily stETH rewards.
- **Logic**: Staking rewards are calculated by parsing `TokenRebased` events from `stETH` contracts. The protocol's share of the rebase is determined by applying the change in the stETH exchange rate (calculated from `postTotalEther`, `postTotalShares`, `preTotalEther`, and `preTotalShares`) to the protocol's equivalent WETH holdings. These rewards are treated as fees generated by the Stake product.
- **Key fields**: `preTotalEther`, `preTotalShares`, `postTotalEther`, `postTotalShares`, `net_amount` (holdings)

### Component D: Liquid product fee calculation

- **Purpose**: Determines fees generated by the performance of automated strategy vaults.
- **Logic**: Yield is calculated for the Liquid product by tracking changes in vault exchange rates. For each vault accountant, the daily yield is determined by multiplying the previous day's total shares by the difference between the current and previous exchange rates. Additionally, yield for specific assets like BeHYPE is calculated by multiplying the total supply by the change in the BeHYPE-to-HYPE conversion rate. These yield values are normalized by decimal precision and converted to USD.
- **Key fields**: `exchange_rate`, `total_shares`, `behype_to_hype_rate`, `total_supply`

### Component E: Final AFPU aggregation

- **Purpose**: Combines all fee and user components to produce the final AFPU metric.
- **Logic**: Total daily fees are summed across the Cash, Stake, and Liquid products. This total is divided by the count of unique active users (daily) for the same 24-hour period. All values are normalized to USD using end-of-day price feeds. In the event of missing data for specific days, values are zero-filled to maintain a continuous time series.
- **Key fields**: `fees`, `user_dau`, `timestamp`

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

Ether.fiETHFI

Average fees per user (AFPU)

Average fees per user (AFPU)

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