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 Earnings Methodology

## 1. Overview

Earnings measures the net value retained by Ether.fi after all expenses are subtracted from protocol revenue. This metric reflects the onchain profitability of the protocol across its core product lines: Stake, Liquid, and Cash. Revenue is generated through staking protocol fees, vault management fees, and a take rate on card spending, while expenses primarily consist of ETHFI token incentives and cashback rewards.

## 2. Data sources

- **Blockchain events**: `ProtocolFeePaid` events from `LiquidityPool` contracts; `Claimed` events from `ETHFIRewards` contracts; `Cashback` and `Spend` events from `DebtManager` and `CashEventEmitter` contracts; and ERC-20 `Transfer` events, covering Ethereum, Scroll, Optimism, Arbitrum, and Base
- **External data**: End-of-day price feeds for ETH, BTC, and other supported assets

## 3. Step-by-step calculation

### Component A: Revenue calculation

- **Purpose**: To aggregate gross protocol income from all Ether.fi products
- **Logic**: Revenue is summed from three primary sources. For Stake, `ProtocolFeePaid` events are parsed from `LiquidityPool` contracts, and specific ERC-20 `Transfer` events are tracked to capture withdrawal fees and treasury transfers. For Liquid, management fees are calculated by applying the `platform_fee` rate to the total value deployed in vaults, using state data from `Accountant` contracts. For Cash, a take rate (1.38% prior to December 2025 and 1.75% thereafter) is applied to the USD volume extracted from `Spend` events.

### Component B: Expenses calculation

- **Purpose**: To identify all onchain costs, specifically token-based incentives
- **Logic**: Expenses are defined as the total value of token incentives distributed to users. This includes ETHFI rewards identified through `Claimed` events from `ETHFIRewards` contracts across Ethereum, Arbitrum, and Base. Additionally, cashback rewards are captured from `Cashback` events emitted by `DebtManager` and `CashEventEmitter` contracts on Scroll and Optimism.

### Component C: Earnings aggregation and USD conversion

- **Purpose**: To calculate the final net value and normalize to USD
- **Logic**: Earnings are calculated by subtracting the total expenses (Component B) from the total revenue (Component A). All asset amounts are normalized by decimal precision and multiplied by end-of-day price feeds to determine the USD value. Data is aggregated daily using UTC boundaries, and a zero-fill strategy is applied to ensure a continuous time series for all products.

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

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