# Stake Supply-side fees Methodology

## 1. Overview

Supply-side fees measures the share of fees that goes to the service providers. For Stake, this represents the portion of gross staking rewards and yield generated by deposited assets that is distributed to depositors. This metric is calculated as the difference between the total yield generated (including stETH rebases and restaking rewards) and the protocol's retained revenue, which includes management fees, withdrawal fees, and treasury transfers.

## 2. Data sources

- **Blockchain events**: `TokenRebased` events from `stETH` contracts, `ProtocolFeePaid` events from `LiquidityPool` contracts, and ERC-20 `Transfer` events, covering Ethereum
- **External data**: End-of-day price feeds for ETH, stETH, and EIGEN

## 3. Step-by-step calculation

### Component A: Gross staking yield calculation

- **Purpose**: Determine the total yield generated by staked assets prior to protocol fee deductions.
- **Logic**: Net staked assets are identified by subtracting looped category TVL from the total oracle-reported TVL. `TokenRebased` events from `stETH` contracts are parsed to extract the change in the ether-to-share ratio. Gross fees are calculated by multiplying the net staked asset balance by the delta in the stETH exchange rate, serving as a proxy for the total rewards earned by the underlying collateral.
- **Key fields**: `preTotalEther`, `preTotalShares`, `postTotalEther`, `postTotalShares`, and `net_amount` (staked holdings).

### Component B: Protocol revenue extraction

- **Purpose**: Identify the portion of gross yield retained by the protocol as revenue.
- **Logic**: Revenue is aggregated from three distinct sources. First, `ProtocolFeePaid` events are parsed from `LiquidityPool` contracts. Second, withdrawal fees are captured by identifying ERC-20 `Transfer` events of eETH from the withdrawal contract to the designated fee recipient address. Third, miscellaneous revenue is captured from ERC-20 `Transfer` events of eETH and EIGEN to the protocol treasury address.
- **Key fields**: `protocolFees`, `value` (transfers), and `token_address`.

### Component C: Supply-side fee derivation

- **Purpose**: Calculate the net value distributed to depositors.
- **Logic**: Supply-side fees are derived by subtracting the aggregated protocol revenue from the gross staking fees. A full outer join is performed on timestamp and chain to ensure data consistency across components. The final value is calculated as the greater of zero or the result of total fees minus protocol revenue.
- **Key fields**: `fees` and `revenue`.

### Component D: USD conversion and aggregation

- **Purpose**: Normalize all fee components to USD for standardized reporting.
- **Logic**: All asset amounts are normalized by decimal precision and multiplied by end-of-day price feeds. Data is aggregated to daily granularity using UTC day boundaries.
- **Key fields**: `timestamp`, `amount`, and `price_usd`.

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

Portion of fees distributed to service providers or supply-side participants.

Supply-side 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

Supply-side fees

Supply-side fees

Chain breakdown