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 Fees Methodology

## 1. Overview

Fees measures the total economic value generated by Ether.fi across its primary product lines: Stake, Liquid, and Cash. This metric captures the gross value produced by Liquid staking rewards, yield generated within automated vault strategies, and service fees associated with the protocol's spending features. These fees represent the total cost paid by users or the value generated by assets under management before any protocol or supply-side distributions.

## 2. Data sources

- **Blockchain events**: `Spend` events from `DebtManager` and `CashEventEmitter` contracts, `TokenRebased` events from `stETH` contracts, and state readings for vault exchange rates and total supply from accountant and oracle contracts, covering Ethereum, Scroll, Optimism, and HyperEVM
- **External data**: End-of-day price feeds for native assets and supported vault assets including ETH, BTC, and USDC

## 3. Step-by-step calculation

### Component A: Cash spend fee calculation

- **Purpose**: Captures service fees generated from the Cash product.
- **Logic**: `Spend` events are parsed from `DebtManager` and `CashEventEmitter` contracts to identify transaction volume. Total spend volume is aggregated daily. A take rate is applied to the USD-denominated spend volume to determine the fee: a rate of 1.38% is applied for transactions occurring before December 1, 2025, and a rate of 1.75% is applied for transactions thereafter.
- **Key fields**: `amount_in_usd` (spend volume), `block_timestamp` (timing for rate application)

### Component B: Stake yield and fee extraction

- **Purpose**: Calculates the gross yield generated from Liquid staking activities.
- **Logic**: Net ETH TVL is determined by subtracting looped TVL (identified via `categoryTVL` calls for the `liquideth` category) from the total TVL reported by the protocol oracle. Staking rewards are then calculated by applying the stETH rebase rate—derived from `TokenRebased` events—to the net ETH holdings. This calculation determines the protocol's share of staking rewards based on its equivalent stETH holdings.
- **Key fields**: `preTotalEther`, `postTotalEther`, `preTotalShares`, `postTotalShares` (rebase calculation), `currentTvl` (oracle TVL)

### Component C: Liquid vault yield calculation

- **Purpose**: Captures the yield generated by automated vault strategies and the BeHYPE product.
- **Logic**: Daily states are retrieved from vault accountant contracts to track `total_shares` and `exchange_rate`. Yield is calculated by multiplying the previous day's total shares by the change in the exchange rate between the current and previous day. For the BeHYPE product on HyperEVM, yield is calculated by multiplying the total supply by the daily change in the BeHYPE-to-HYPE conversion rate.
- **Key fields**: `total_shares`, `exchange_rate`, `total_supply` (HYPE), `behype_to_hype_rate`

### Component D: Normalization and USD conversion

- **Purpose**: Standardizes all fee components into a single currency for aggregation.
- **Logic**: All asset amounts are normalized by decimal precision. Values are converted to USD using end-of-day price feeds. Daily totals are aggregated across all products and chains using UTC day boundaries.
- **Key fields**: `timestamp`, `token_address`, `amount` (normalized)

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

Total value users pay to use a protocol (gross fees, user-paid fees).

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