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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Liquid staking

Ether.fi

# Ether.fi Expenses Methodology

## 1. Overview

Expenses measures the total cost incurred by Ether.fi to operate its business, specifically focusing on token incentives distributed to users. These costs are comprised of ETHFI rewards claimed by participants in the Stake product and cashback incentives distributed through the Cash product. These expenses are categorized as the protocol's investment in user acquisition and retention across its Liquid staking and lending offerings.

## 2. Data sources

- **Blockchain events**: `ETHFIRewards_Claimed` events from `ETHFIRewards` contracts and `Cashback` events from `DebtManager` and `CashEventEmitter` contracts, covering Ethereum, Arbitrum, Base, Scroll, and Optimism
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Stake product reward tracking

- **Purpose**: Captures the value of ETHFI rewards distributed to Liquid staking participants
- **Logic**: `ETHFIRewards_Claimed` events are parsed from `ETHFIRewards` contracts. Reward amounts are extracted from the `amount` or `balance` fields depending on the contract version. Data is filtered to exclude removed log entries and mapped to the Stake product.
- **Key fields**: `amount`, `balance`, `token_address` (ETHFI)

### Component B: Cash product cashback tracking

- **Purpose**: Captures the value of cashback incentives distributed to lending and credit card users
- **Logic**: `Cashback` events are parsed from `DebtManager` and `CashEventEmitter` contracts. The cashback amounts are extracted from fields including `cashbackAmount`, `cashbackAmountInToken`, and `cashbackAmountToSafe` across versions V1, V2, V3, and V4. These events are mapped to the Cash product.
- **Key fields**: `cashbackAmount`, `cashbackAmountInToken`, `cashbackAmountToSafe`, `token_address`

### Component C: Normalization and USD conversion

- **Purpose**: Consolidate incentive data and normalize values to USD
- **Logic**: Token incentive data from all products is consolidated. Amounts are normalized by decimal precision and converted to USD using end-of-day price feeds. Daily totals are aggregated by product and chain using UTC timestamps.
- **Key fields**: `timestamp`, `token_incentives`, `price_usd`

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

Total project operating and incentive expenses.

Ether.fiETHFI

Expenses

Expenses

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Chain breakdown