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 Revenue Methodology

## 1. Overview

Revenue measures the portion of fees retained by Ether.fi across its Stake, Liquid, and Cash products. For the Stake product, revenue consists of protocol fees from Liquid staking rewards, withdrawal fees, and miscellaneous asset transfers to the protocol treasury. For the Liquid product, revenue is derived from management fees accrued by automated vaults. For the Cash product, revenue is calculated by applying a protocol take rate to the total spend volume processed through the platform. This metric represents the gross earnings of the protocol before the deduction of operating expenses or token incentives.

## 2. Data sources

- **Blockchain events**: `ProtocolFeePaid` events from `LiquidityPool` contracts, `Spend` events from `DebtManager` and `CashEventEmitter` contracts, and ERC-20 `Transfer` events, covering Ethereum, Scroll, and Optimism
- **Blockchain states**: Accountant state readings for vault management fee configurations on Ethereum
- **External data**: End-of-day price feeds for native assets and Liquid staking tokens

## 3. Step-by-step calculation

### Component A: Stake product revenue

- **Purpose**: Captures all revenue streams associated with Liquid staking operations
- **Logic**: Protocol fees are extracted from `ProtocolFeePaid` events emitted by `LiquidityPool` contracts. Miscellaneous staking revenue is identified through ERC-20 `Transfer` events of EETH and EIGEN to the protocol treasury address. Withdrawal fees are captured by tracking EETH transfers from the withdrawal contract to the designated fee recipient address.
- **Key fields**: `protocolFees`, `value`, `token_address`

### Component B: Liquid product management fees

- **Purpose**: Calculates the protocol's share of management fees from automated vaults
- **Logic**: Vault configurations and states are retrieved from accountant contracts to identify the `platform_fee` basis points. Daily revenue is calculated by multiplying the total value deployed in each vault by the platform fee rate, annualized over a 365-day period. This calculation accounts for exchange rates and total shares to determine the underlying asset value.
- **Key fields**: `platform_fee`, `exchange_rate`, `total_shares`, `total_supply`

### Component C: Cash product spend revenue

- **Purpose**: Determines revenue generated from user spending activity
- **Logic**: Total spend volume is aggregated from `Spend` events emitted by `DebtManager` and `CashEventEmitter` contracts across all supported versions. A protocol take rate is applied to the USD-denominated spend volume. A take rate of 1.38% is applied to volume generated before December 1, 2025, and a take rate of 1.75% is applied to volume generated on or after this date.
- **Key fields**: `amount_in_usd`, `block_timestamp`

### Component D: Normalization and USD conversion

- **Purpose**: Standardizes revenue values across different assets and chains into a single USD metric
- **Logic**: All captured fee amounts are normalized by their respective asset decimal precision. Normalized amounts are multiplied by end-of-day price feeds for each asset. Daily totals are aggregated across all products and chains using UTC day boundaries.
- **Key fields**: `timestamp`, `token_address`, `amount`

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Ether.fiETHFI

Revenue

Revenue

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