# Stake Revenue Methodology

## 1. Overview

Revenue for Stake measures the total value retained by the protocol from its Liquid staking operations. This metric includes protocol fees captured from staking rewards, fees associated with asset withdrawals, and miscellaneous revenue streams directed to the protocol treasury. These earnings represent the project's share of generated value before the distribution of incentives or operating expenses.

## 2. Data sources

- **Blockchain events**: `ProtocolFeePaid` events from `LiquidityPool` contracts and ERC-20 `Transfer` events, covering Ethereum
- **External data**: End-of-day price feeds for eETH, EIGEN, and other relevant staking assets

## 3. Step-by-step calculation

### Component A: Protocol fee extraction

- **Purpose**: Captures the primary revenue generated from staking rewards within the liquidity pool.
- **Logic**: `ProtocolFeePaid` events are parsed from `LiquidityPool` contracts on Ethereum. The `protocolFees` amount is extracted from each event. Data is filtered to exclude entries prior to October 9, 2024, to maintain consistency with protocol upgrades.
- **Key fields**: `protocolFees` (fee amount), `token_address` (asset identification)

### Component B: Withdrawal fee tracking

- **Purpose**: Identifies revenue generated from users exiting their staking positions.
- **Logic**: ERC-20 `Transfer` events for the eETH asset are monitored. Transfers are classified as withdrawal fees when the originating address matches the designated withdrawal contract and the recipient address matches the protocol fee recipient.
- **Key fields**: `value` (transfer amount), `from_address` (withdrawal contract), `to_address` (fee recipient)

### Component C: Miscellaneous staking revenue

- **Purpose**: Accounts for additional revenue streams, such as EIGEN rewards or other treasury-directed transfers.
- **Logic**: ERC-20 `Transfer` events for eETH and EIGEN are filtered to identify payments made directly to the Ether.fi treasury address. These transfers are aggregated and categorized as miscellaneous staking revenue.
- **Key fields**: `value` (transfer amount), `to_address` (treasury address), `token_address` (asset identification)

### Component D: Normalization and USD conversion

- **Purpose**: Standardizes all revenue components into a common currency for reporting.
- **Logic**: All extracted amounts are normalized by their respective asset decimal precision. The resulting values are multiplied by end-of-day price feeds for each specific asset. Daily totals are aggregated across all components to calculate the final revenue for the Stake product.

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Revenue

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

Revenue

Revenue

Chain breakdown