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 Total value locked Methodology

## 1. Overview

Total value locked (TVL) is defined as the total USD value of assets deposited and staked within the Ether.fi ecosystem. This metric is utilized as a key indicator of the protocol's scale and adoption across its core products, including Stake, Liquid, and Cash. TVL is calculated by aggregating the value of staked Ethereum and Bitcoin assets, capital deployed in automated yield vaults, and balances held in user smart contract safes, including collateral supplied to Aave V4. By tracking these deposits, the overall liquidity and revenue-generating potential of the protocol are quantified.

## 2. Data sources

- **Blockchain events**: `UserSafeDeployed` events from `UserSafeFactory` contracts, `BeaconProxyDeployed` events from `CashFactory` and `EtherFiSafeFactory` contracts, `AddReserve`, `Supply`, `Withdraw`, and `LiquidationCall` events from `Spoke` contracts, `AddAsset`, `Add`, and `Remove` events from `CashHub` contracts, token and native asset transfer flows, and oracle and vault state reads, covering Ethereum, Optimism, Scroll, and HyperEVM
- **External data**: End-of-day price feeds for supported assets, and asset metadata

## 3. Step-by-step calculation

### Component A: Stake product TVL

- **Purpose**: Calculates the total value of assets staked in the Stake product, including Ethereum and Bitcoin.
- **Logic**: Total ETH TVL is retrieved from oracle state reads on Optimism. To prevent double-counting, looped category TVL (specifically the `ether.fi Liquid ETH` category, representing ether.fi Liquid ETH) is subtracted from the total oracle TVL after May 6, 2025. Staked ether.fi eBTC balances are retrieved from daily state reads. These net asset amounts are normalized by decimal precision and converted to USD using end-of-day price feeds.
- **Key fields**: `currentTvl` (oracle TVL), `amount` (ether.fi eBTC staked), `token_address` (asset identification)

### Component B: Liquid product TVL

- **Purpose**: Calculates the total value of assets deployed in the Liquid product, including automated yield vaults and HyperEVM HYPE supply.
- **Logic**: Vault configurations, including deployment timestamps, base assets, and decimals, are mapped to each vault. Total supply and exchange rates are retrieved from daily state reads for each active vault. Capital deployed per vault is calculated by dividing total supply and exchange rates by accountant decimal precision, then multiplying by the base asset's decimal precision. Adjustments are applied to the `eth` and `btc` vault groups by subtracting looped category TVL values (such as `Liquid-weth`, `Liquid-vault-weth`, and `Liquid-vault-wbtc`) to prevent double-counting, and these subtracted adjustments are added back as raw `WETH` and `WBTC` balances. For HyperEVM, LiquidHYPE total supply is captured directly, while BeHYPE total supply is multiplied by the BeHYPE-to-HYPE exchange rate. All asset balances are normalized and converted to USD using end-of-day price feeds.
- **Key fields**: `total_supply` (vault supply), `exchange_rate` (vault exchange rate), `amount` (HYPE supply), `token_address` (asset identification)

### Component C: Cash product TVL

- **Purpose**: Calculates the total value of assets held in the Cash product, including user safes and Aave V4 integration.
- **Logic**: Smart contract safe deployments are identified on Scroll and Optimism. Daily token and native asset flows for these safe addresses are aggregated and cumulatively summed to calculate daily safe balances. Additionally, collateral supplied by these safes to the Aave V4 spoke on Optimism is calculated by tracking supply, withdrawal, and liquidation events, and multiplying the resulting shares by the hub share price (excluding debt). Safe balances and Aave V4 supplied balances are combined. For assets without direct price feeds on Scroll or Optimism, addresses are mapped to their Ethereum mainnet equivalents for price lookup. All balances are normalized by decimal precision and converted to USD using end-of-day price feeds.
- **Key fields**: `value` (transfer flows), `supplied_share_delta` (Aave V4 supply changes), `share_price` (Aave V4 hub share price), `token_address` (asset identification)

### Component D: Final TVL aggregation

- **Purpose**: Combines the TVL of all products into a single daily time series.
- **Logic**: The USD-denominated TVL values from the Stake, Liquid, and Cash products are aggregated daily. Any missing days are filled with zeros or forward-filled to ensure a continuous daily time series.
- **Key fields**: `net_deposits` (product TVL), `timestamp` (timing)

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

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Total value locked

Total value locked

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