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 Token incentives Methodology

## 1. Overview

The EtherFi token incentives metric measures the total value of token rewards and cashbacks distributed to users across EtherFi's Liquid staking and lending products. This metric combines two primary incentive mechanisms: ETHFI token rewards claimed by Liquid staking participants and cashback tokens distributed through EtherFi's Cash lending product. The metric captures the total incentive value distributed daily in USD terms, providing insight into EtherFi's user acquisition and retention spending across multiple blockchain networks.

## 2. Data sources

The calculation draws from several blockchain event sources and external data:

- **ETHFI rewards events**: Parsed `Claimed` events from `ETHFIRewards` contracts across Ethereum (V1 and V2), Arbitrum (V1), and Base (V1) networks, capturing when users claim their Liquid staking rewards
- **Cashback events**: Multiple types of cashback events from EtherFi's Cash lending product on Scroll and Optimism:
 - `Cashback` events from `DebtManager` contracts (V1)
 - `Cashback` events from `CashEventEmitter` contracts (V2, V3, and V4)
- **Token metadata**: Token contract information including decimal places for proper amount calculation
- **End-of-day price feeds**: Daily token price data for USD conversion of incentive amounts

## 3. Step-by-step calculation

### Component A: ETHFI staking rewards

- **Purpose**: Captures ETHFI token rewards claimed by Liquid staking participants across multiple chains
- **Logic**: Extracts `Claimed` events from `ETHFIRewards` contracts across Ethereum, Arbitrum, and Base networks. Filters out removed events (reorged transactions). Standardizes the data structure by mapping different contract versions that use varying field names for user addresses (`account` vs `user`) and amounts (`amount` vs `balance`). All rewards are categorized under the Liquid staking business line and assigned to the 'Stake' product with ETHFI token address `0xfe0c30065b384f05761f15d0cc899d4f9f9cc0eb`
- **Key fields**: `user_address` (recipient), `amount` (ETHFI tokens claimed), `block_timestamp` (when claimed), `chain` (network), and standardized business metadata

### Component B: Cash lending cashbacks
- **Purpose**: Aggregates cashback tokens distributed through EtherFi's Cash lending product on Scroll and Optimism
- **Logic**: First consolidates cashback events from multiple contract versions on Scroll and Optimism - V1 `DebtManager` and V2-V4 `CashEventEmitter` contracts. Each version has different field names for amounts and recipients. Deduplicates events using transaction hash and log index, then aggregates daily by summing total cashback amounts per token per day. All cashbacks are categorized under the lending business line and assigned to the 'Cash' product
- **Key fields**: `token_address` (cashback token), `amount` (tokens distributed), `timestamp` (daily aggregation), and business categorization fields

### Final aggregation

- **Combining components**: The two components are combined using UNION ALL, creating a unified dataset with standardized schema including `timestamp`, `product_id`, `chain_id`, `token_address`, and `token_incentives`
- **Currency conversion**: Applied using the `convert_to_usd_and_correct_decimals` macro which corrects token decimals based on token metadata and converts amounts to USD using end-of-day token prices matched by date and token address
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with ETHFI rewards captured at the transaction level and cashbacks pre-aggregated daily
- **Final calculation**: The `finalize_metric_token_incentives` macro applies business logic validation, ensures schema consistency, fills missing data points with zeros using the 'fill_zeros' strategy, and applies chain availability filtering to include only supported blockchain networks in the final output

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

Value of native tokens distributed as incentives.

Ether.fiETHFI

Token incentives

Token incentives

Competitive landscape

Chain breakdown