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 Active users (daily) Methodology

## 1. Overview

Active users (daily) measures the number of unique user addresses that interact with any Ether.fi protocol product on a given day. User engagement is captured across Stake, Liquid, and Cash products. Distinct user addresses are identified from all transaction types including deposits, withdrawals, borrows, repayments, and spends, then aggregated by day to provide a comprehensive view of daily protocol usage.

## 2. Data sources

- **Blockchain events**: `EarlyAdopterPool_DepositERC20`, `EarlyAdopterPool_DepositEth`, `LiquidityPoolImplementation_Deposit`, `LiquidityPool_Deposit`, and `LiquidityPool_Withdraw` events from staking contracts; `Enter` and `Exit` events from `USDVault`, `ETHVault`, and `BTCVault` contracts; `LiquidHypeDepositVault_DepositInstant`, `WithdrawManager_InstantWithdrawal`, and `LiquidHypeRedemptionVaultWithSwapper_RedeemInstant` events; `Borrowed` and `Repaid` events from `CashDebitCore`, `UserSafeEventEmitter`, and `DebtManagerCore` contracts; and `Spend` events from `DebtManager`, `CashEventEmitter`, and `UserSafeEventEmitter` contracts, covering Ethereum, HyperEVM, Scroll, and Optimism
- **External data**: Asset metadata for token identification

## 3. Step-by-step calculation

### Component A: Stake activities

- **Purpose**: Captures user interactions with Stake products on Ethereum and HyperEVM
- **Logic**: User addresses are extracted from blockchain events including ERC-20 and ETH deposits to early adopter pools, liquidity pool deposits and withdrawals on Ethereum, and instant deposit/withdrawal activities on HyperEVM. Each event is used to identify the `user_address` and is classified by activity type. Events are filtered to exclude removed transactions and standardized with chain and product metadata.
- **Key fields**: `block_timestamp` for daily aggregation, `user_address` for counting, `user_type` for activity classification, `chain` for multi-chain tracking

### Component B: Liquid activities

- **Purpose**: Captures user interactions with Liquid products on Ethereum
- **Logic**: `Enter` and `Exit` events are consolidated from `USDVault`, `ETHVault`, and `BTCVault` contracts on Ethereum. `Enter` events represent deposits where the `from` address is identified as the user. `Exit` events represent withdrawals where the `to` address is identified as the user. All events include vault addresses, asset addresses, and transaction quantities.
- **Key fields**: `user_address` extracted from `from`/`to` parameters, `amount` and `shares` for transaction sizing, `vault_address` and `token_address` for asset tracking

### Component C: Cash activities

- **Purpose**: Captures user interactions with Cash products on Scroll and Optimism
- **Logic**: Three types of Cash activities are consolidated across multiple contract versions on Scroll and Optimism. `Borrowed` events from `CashDebitCore`, `UserSafeEventEmitter`, and `DebtManagerCore` contracts are used to track loan originations. `Repaid` events from the same contracts are used to track debt reductions. `Spend` events from `DebtManager`, `CashEventEmitter`, and `UserSafeEventEmitter` contracts are used to track the expenditure of borrowed funds, with array-based event structures unnested to handle multiple assets per transaction.
- **Key fields**: `user_address` from various parameters (`user`, `userSafe`, `safe`), `amount` for transaction values, `amount_in_usd` for USD-denominated tracking where available, `token_address` for asset identification

### Component D: Final aggregation

- **Purpose**: Combine activities and calculate daily unique users
- **Logic**: All user activities from Stake, Liquid, and Cash products are combined into a single dataset with standardized fields. Block timestamps are truncated to daily boundaries using UTC day-level granularity. The `user_address` field is used with distinct aggregation to count each unique user address once per day. A chain availability filter is applied to ensure only data from active chains is included in the final count.

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

Unique revenue-generating users over a fixed 24-hour window.

Ether.fiETHFI

Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown