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 Transaction volume Methodology

## 1. Overview

The total USD value of spending activity through Cash lending products on the Scroll and Optimism blockchains is measured by transaction volume for Ether.fi. User spending transactions across multiple versions of Ether.fi's smart contracts are captured, providing a comprehensive view of capital deployment through the platform. Daily spending volumes are aggregated from parsed blockchain events, with deduplication and standardization applied to ensure accurate volume reporting.

## 2. Data sources

- **Blockchain events**: `Spend` events from `DebtManager` and `CashEventEmitter` contracts, covering Scroll and Optimism
- **External data**: End-of-day asset price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Cash spend event consolidation

- **Purpose**: Spending events are consolidated across all Cash contract versions on Scroll and Optimism
- **Logic**: `Spend` events are extracted from multiple contract sources using UNION ALL operations. For V1, events are collected from both `DebtManager` and `CashEventEmitter` contracts. For V2 and V4 on Scroll, as well as V3 on Optimism, array-based asset structures are handled by unnesting `tokens` and `amounts` arrays with corresponding indices. For V3 on Scroll, single-asset spend events are processed. All events are filtered to exclude removed transactions using the `removed = false` condition
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for unique identification, `user_address` for the spending user, `token_address` for the spent asset, `amount` for raw asset amounts, and `amount_in_usd` for pre-calculated USD values

### Component B: Cash daily volume aggregation

- **Purpose**: Daily spending volumes are calculated from individual spend events
- **Logic**: Spend events are deduplicated using a distinct selection on `block_timestamp`, `transaction_hash`, `log_index`, `user_address`, and `amount_in_usd` to handle potential duplicate events. Events are grouped by day and chain using date truncation of `block_timestamp` to daily boundaries. The `amount_in_usd` values are summed for each day and chain to calculate total daily spend volume
- **Key fields**: `timestamp` as the daily date boundary, `chain` for network identification, `spend_usd` as the aggregated daily spending volume in USD

### Component C: Cash metric standardization

- **Purpose**: Standard Token Terminal metric formatting and validation are applied
- **Logic**: Required metadata fields are added, including business line as 'Lending', market sector as 'lending', business segment as 'lending', product identifier as 'Cash', and account name as 'EtherFi Cash'. A conditional asset address is assigned based on the chain: `0x06efdbff2a14a7c8e15944d1f4a48f9f95f663a4` is set for Scroll, and `0x0b2c639c533813f4aa9d7837caf62653d097ff85` is set for Optimism. The daily spend volume is mapped to the `transaction_volume` field
- **Key fields**: Standard metadata fields for Token Terminal schema compliance and `transaction_volume` containing the USD spend amounts

### Final aggregation

- **Combining components**: Spend events are processed through sequential transformation stages: first consolidation across contract versions and chains, then daily aggregation, and finally standardization
- **Currency conversion**: USD conversion is applied through the `convert_to_usd_and_correct_decimals` macro, where existing USD amounts are processed and decimal corrections are applied based on asset metadata
- **Time aggregation**: Events are aggregated to daily boundaries using date truncation, with a zero-fill strategy applied for missing days by the `finalize_metric_transaction_volume` macro
- **Final calculation**: The total USD value of all spending activity through Cash products is represented for each day, with validation, gap-filling, and chain availability filtering applied

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

Total USD value of transactions processed by the application.

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Transaction volume

Transaction volume

Competitive landscape

Chain breakdown