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 revenue per user (ARPU) Methodology

## 1. Overview

Average revenue per user (ARPU) measures the revenue generated per active user over a fixed 24-hour window. This metric reflects the protocol's ability to monetize individual users across its primary product offerings, including Stake, Liquid, and Cash. Revenue is derived from staking protocol fees, vault management fees, and a take rate on credit card spend volume, while the user base is determined by unique daily interactions with the protocol's smart contracts.

## 2. Data sources

- **Blockchain events**: `ProtocolFeePaid`, `DepositERC20`, `DepositEth`, `Deposit`, and `Withdraw` events from `LiquidityPool` and `EarlyAdopterPool` contracts; `DepositInstant`, `InstantWithdrawal`, and `RedeemInstant` events from `LiquidHype` and `WithdrawManager` contracts; `Enter` and `Exit` events from `USDVault`, `ETHVault`, and `BTCVault` contracts; `Borrowed`, `Repaid`, and `Spend` events from `CashDebitCore`, `UserSafeEventEmitter`, `DebtManagerCore`, `DebtManager`, and `CashEventEmitter` contracts; and ERC-20 `Transfer` events, covering Ethereum, Scroll, Optimism, and HyperEVM
- **External data**: End-of-day price feeds and asset metadata
- **Revenue**: Derived from the Revenue metric
- **Active users (daily)**: Derived from the Active users (daily) metric

## 3. Step-by-step calculation

### Component A: Stake revenue and user tracking

- **Purpose**: Captures income and user activity from Liquid staking operations.
- **Logic**: `ProtocolFeePaid` events are parsed from `LiquidityPool` contracts to identify protocol-level earnings. Staking-related revenue is further supplemented by identifying ERC-20 `Transfer` events of eETH and EIGEN to designated treasury addresses, as well as withdrawal fees captured from transfers between withdrawal contracts and fee recipients. Active users are identified by aggregating unique addresses from deposit and withdrawal events across Ethereum and HyperEVM.

### Component B: Liquid revenue and user tracking

- **Purpose**: Captures management fees and user activity from automated vault strategies.
- **Logic**: Management fees (platform fees) are calculated by applying the annualized fee percentage to the daily capital deployed in each vault. Capital deployed is determined by multiplying the total supply of vault shares by the current exchange rate and normalizing by decimal precision. Active users are identified from `Enter` and `Exit` events emitted by `USDVault`, `ETHVault`, and `BTCVault` contracts on Ethereum.

### Component C: Cash revenue and user tracking

- **Purpose**: Captures take-rate revenue and user activity from the Cash credit card product.
- **Logic**: Total spend volume is aggregated from `Spend` events on Scroll and Optimism. Protocol revenue is calculated by applying a take rate to the USD spend volume, using a rate of 1.38% for activity prior to December 2024 and 1.75% for activity thereafter. Active users are identified by tracking unique addresses participating in `Borrowed`, `Repaid`, and `Spend` events.

### Component D: Final ARPU calculation

- **Purpose**: Normalizes total protocol revenue by the active user base.
- **Logic**: Daily revenue from Stake, Liquid, and Cash products is summed and converted to USD using end-of-day price feeds. This total is divided by the count of unique active users (daily) across all products. The calculation is performed on a daily basis with UTC day boundaries, and missing values are filled with zeros.

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

Ether.fiETHFI

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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