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 Supply-side fees Methodology

## 1. Overview

Supply-side fees measures the portion of total fees generated by Ether.fi products that is distributed to depositors and service providers. This metric represents the net yield earned by users after protocol-level fees are deducted. It encompasses yield generated through the Stake product (Liquid staking and restaking), the Liquid product (automated vault strategies), and the Cash product (spending and lending).

## 2. Data sources

- **Blockchain events**: `Spend` events from `DebtManager` and `CashEventEmitter` contracts, `ProtocolFeePaid` events from `LiquidityPool` contracts, `TokenRebased` events from `stETH` contracts, and ERC-20 `Transfer` events, covering Ethereum, Scroll, Optimism, and HyperEVM
- **Blockchain states**: Total supply, exchange rates, and fee configurations retrieved from vault and accountant contracts
- **External data**: End-of-day price feeds for assets including ETH, BTC, and USDC

## 3. Step-by-step calculation

### Component A: Cash product fee tracking

- **Purpose**: Capture total fees generated by the Cash product.
- **Logic**: `Spend` events are parsed from `DebtManager` and `CashEventEmitter` contracts across Scroll and Optimism. Total spend volume is aggregated daily. A take rate is applied to this volume to determine total fees, using 1.38% for periods before December 1, 2025, and 1.75% thereafter.
- **Key fields**: `amount_in_usd`, `block_timestamp`, `chain`

### Component B: Liquid product yield calculation

- **Purpose**: Calculate the gross yield generated by automated vault strategies.
- **Logic**: Daily states are retrieved for vault accountant contracts. 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 BeHYPE on HyperEVM, yield is derived by multiplying the total supply by the change in the BeHYPE-to-HYPE exchange rate.
- **Key fields**: `exchange_rate`, `total_shares`, `total_supply`, `behype_to_hype_rate`

### Component C: Stake product yield tracking

- **Purpose**: Determine the gross rewards generated from Liquid staking and restaking.
- **Logic**: `TokenRebased` events from `stETH` contracts are parsed to identify the daily rebase rate. This rate is applied to the net ETH holdings, which are calculated as the total oracle-reported TVL minus any looped liquidity (specifically the 'liquideth' category). Additional rewards are captured via ERC-20 `Transfer` events of EETH and EIGEN to the protocol treasury.
- **Key fields**: `preTotalEther`, `postTotalEther`, `preTotalShares`, `postTotalShares`, `in_currentTvl`

### Component D: Protocol revenue deduction

- **Purpose**: Isolate the share of fees distributed to the supply-side.
- **Logic**: Protocol revenue is calculated as the sum of `ProtocolFeePaid` events from `LiquidityPool` contracts, withdrawal fees (identified as EETH transfers from the withdrawal contract to the fee recipient), and management fees from Liquid vaults. Management fees are calculated by applying the `platform_fee` basis points to the vault's capital deployed. Supply-side fees are then calculated as `total_fees - protocol_revenue`.
- **Key fields**: `in_protocolFees`, `platform_fee`, `value` (transfers)

### Component E: USD conversion and aggregation

- **Purpose**: Normalize all fee components to a common currency.
- **Logic**: All calculated amounts are normalized by their respective decimal precision. Values are converted to USD using end-of-day price feeds. Results are aggregated by product and chain with a daily granularity using UTC day boundaries.

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

Portion of fees distributed to service providers or supply-side participants.

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Supply-side fees

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