# Stake Assets staked Methodology

## 1. Overview

Assets Staked measures the total value of user deposits that have been Staked or reStaked through the Ether.fi Stake product. The metric represents the total supply of assets, including Ethereum (ETH) and Bitcoin (eBTC), that are actively managed by the protocol. This value serves as a proxy for the project's revenue-generation capacity, as protocol fees are typically earned as a percentage of the rewards generated by these Staked assets.

## 2. Data sources

- **Blockchain events**: `getTvl` and `categoryTVL` function calls from oracle contracts on Optimism, and state balance records for eBTC on Ethereum
- **External data**: End-of-day price feeds for ETH and BTC, and asset metadata for decimal normalization

## 3. Step-by-step calculation

### Component A: ETH staking balance calculation

- **Purpose**: Calculate the net value of ETH Staked within the protocol by adjusting for looped positions.
- **Logic**: Total ETH balances are retrieved from daily oracle reports. For data recorded from May 6, 2025 onwards, a secondary oracle report representing looped positions (specifically the `Liquideth` category) is also retrieved. The net Staked ETH amount is calculated by subtracting the looped category value from the total oracle TVL, ensuring the final value is never less than zero.
- **Key fields**: `amount` (total and category-specific TVL), `token_address`

### Component B: eBTC staking balance extraction

- **Purpose**: Capture the total value of Bitcoin-denominated assets Staked in the protocol.
- **Logic**: Staked eBTC balances are extracted from daily state balance snapshots. These records are filtered to include only assets associated with the Stake product.
- **Key fields**: `amount` (BTC quantity), `token_address`

### Component C: USD conversion and final aggregation

- **Purpose**: Normalize all Staked assets into a unified USD-denominated metric.
- **Logic**: Asset amounts are normalized by decimal precision based on asset metadata. The normalized quantities are multiplied by end-of-day price feeds for the respective assets. Daily values are forward-filled to maintain continuity across dates where state changes may not occur. The final metric is aggregated by day, chain, and product.

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

Value of assets staked or restaked through the project.

Assets staked

Liquid staking

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.

Stake

Assets staked

Assets staked

Chain breakdown