# Stake Total value locked Methodology

## 1. Overview

Total value locked (TVL) for the Ether.fi Stake product is calculated as the cumulative USD value of all assets deposited for Liquid staking. Staked assets, specifically Ethereum (ETH) and staked Bitcoin (ether.fi eBTC), are tracked to evaluate the protocol's growth and utility. These deposits are utilized to generate staking yields while providing liquidity to depositors through Liquid staking assets. The metric is determined by aggregating net staked asset balances and converting them to USD using end-of-day price feeds.

## 2. Data sources

- **Blockchain events**: Oracle TVL reports and state reads from Ether.fi oracle and staking contracts, covering Ethereum
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Net staked Ethereum calculation

- **Purpose**: Calculate the net amount of ETH staked in the protocol, excluding looped category TVL.
- **Logic**: Total ETH TVL is extracted from daily oracle reports generated by the `getTvl` function. Looped category TVL is extracted from oracle reports generated by the `categoryTVL` function, specifically filtering for the `ether.fi Liquid ETH` category. For reports on or after May 6, 2025, the looped category TVL is subtracted from the total ETH TVL to determine the net staked ETH amount, ensuring the final value is non-negative. Staked ETH balances are propagated forward to ensure a continuous daily time series.
- **Key fields**: `amount` (total TVL), `category_id` (looped category identifier), `block_timestamp` (timing).

### Component B: Staked Bitcoin (ether.fi eBTC) tracking

- **Purpose**: Capture the total amount of ether.fi eBTC staked in the protocol.
- **Logic**: Staked ether.fi eBTC balances are retrieved from daily state reads. These balances are utilized to represent the total supply of ether.fi eBTC deposited into the staking contracts. Staked ether.fi eBTC balances are propagated forward to ensure a continuous daily time series.
- **Key fields**: `amount` (staked ether.fi eBTC quantity), `timestamp` (timing).

### Component C: USD conversion and aggregation

- **Purpose**: Normalize staked asset balances and convert them to USD.
- **Logic**: Staked balances for ETH and ether.fi eBTC are normalized by their respective decimal precisions. The normalized balances are multiplied by their corresponding end-of-day asset prices to determine the USD value. The USD values of both assets are aggregated daily to produce the final TVL for the Stake product.
- **Key fields**: `assets_staked` (normalized asset quantities), `price_usd` (asset prices).

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Total value locked

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

Total value locked

Total value locked

Chain breakdown