# Stake Fees Methodology

## 1. Overview

Fees are measured as the total economic value generated by the Ether.fi Stake product. This value is primarily comprised of staking rewards accrued from underlying Liquid staking assets, such as stETH from Lido, which are held as collateral. These fees represent the gross yield generated by the staked assets before any protocol or supply-side distributions are applied.

## 2. Data sources

- **Blockchain events**: `TokenRebased` events from `stETH` contracts, and oracle-reported TVL data from `getTvl` and `categoryTVL` functions, covering Ethereum
- **External data**: End-of-day price feeds for assets

## 3. Step-by-step calculation

### Component A: Net staked asset tracking

- **Purpose**: The determination of the base amount of assets eligible for yield generation.
- **Logic**: Total TVL is retrieved from protocol oracle contracts. Looped TVL, specifically for the `liquideth` category, is subtracted from the total to determine a net staked ETH balance. Looped TVL is only included for data points following May 6, 2025. This net balance is utilized as the proxy for the protocol's underlying yield-bearing asset holdings.
- **Key fields**: `amount` (TVL quantities), `category_id` (category identification)

### Component B: Staking yield calculation

- **Purpose**: The calculation of rewards generated by the underlying staked assets.
- **Logic**: `TokenRebased` events from `stETH` contracts are parsed to identify changes in the share-to-asset exchange rate. The yield is calculated by dividing the net staked balance by the pre-rebase exchange rate to determine the protocol's share balance, which is then multiplied by the change in the exchange rate (the difference between post-rebase and pre-rebase values). The daily accrual of staking rewards is captured through this process.
- **Key fields**: `pre_total_ether`, `pre_total_shares`, `post_total_ether`, `post_total_shares` (rebase parameters)

### Component C: USD conversion and aggregation

- **Purpose**: The normalization of fee values to USD for cross-asset comparison.
- **Logic**: Calculated yield amounts are normalized by decimal precision. Values are multiplied by end-of-day price feeds for the respective assets. Data is aggregated to a daily granularity using UTC day boundaries. Missing data points are zero-filled to ensure a continuous time series.
- **Key fields**: `timestamp` (timing), `amount` (yield quantities)

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

Total value users pay to use a protocol (gross fees, user-paid fees).

Fees

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

Fees

Fees

Chain breakdown