# Active users (monthly) Methodology

## 1. Overview

Active users (monthly) measures the number of unique addresses that interact with the Ether.fi Stake product through revenue-generating or protocol-defining transactions. This metric captures the monthly count of distinct participants performing actions such as depositing assets for Liquid staking, withdrawing from liquidity pools, participating in early adopter programs, or engaging with Liquid and Cash features. Active users (monthly) serves as a key indicator of the adoption and utility of the Stake product across supported blockchain networks.

## 2. Data sources

- **Blockchain events**: `DepositERC20` and `DepositEth` events from `EarlyAdopterPool` contracts; `Deposit` and `Withdraw` events from `LiquidityPool` and `LiquidityPoolImplementation` contracts; `Enter` and `Exit` events from `USDVault`, `ETHVault`, and `BTCVault` contracts; `DepositInstant` events from `LiquidHypeDepositVault` contracts; `InstantWithdrawal` and `RedeemInstant` events from `WithdrawManager` and `LiquidHypeRedemptionVaultWithSwapper` contracts; `Repaid` and `Borrowed` events from `CashDebitCore`, `DebtManagerCore`, and `UserSafeEventEmitter` contracts; and `Spend` events from `DebtManager` and `CashEventEmitter` contracts, covering Ethereum, Hyperevm, Scroll, and Optimism

## 3. Step-by-step calculation

### Component A: Staking and early adopter activity extraction

- **Purpose**: Identify unique users participating in initial deposit and early adopter staking phases.
- **Logic**: Unique addresses are extracted from `DepositERC20` and `DepositEth` events emitted by `EarlyAdopterPool` contracts on Ethereum. The address of the depositor is identified using the sender parameter within the event logs. These interactions are categorized as primary staking activities for the Stake product.
- **Key fields**: `block_timestamp`, `transaction_hash`, `sender` (identified as the user address)

### Component B: Liquidity pool interaction tracking

- **Purpose**: Capture active users engaging with the core Stake liquidity pools.
- **Logic**: User activity is parsed from `Deposit` and `Withdraw` events emitted by `LiquidityPool` and `LiquidityPoolImplementation` contracts on Ethereum. For deposit events, the sender is identified as the active user. These transactions represent the ongoing liquidity provision and redemption processes within the Stake ecosystem.
- **Key fields**: `block_timestamp`, `transaction_hash`, `sender` (identified as the user address)

### Component C: Vault and withdrawal management on Hyperevm

- **Purpose**: Capture active users interacting with Stake-related vaults and withdrawal managers on the Hyperevm chain.
- **Logic**: Activity is identified through `DepositInstant` events from `LiquidHypeDepositVault` contracts, as well as `InstantWithdrawal` and `RedeemInstant` events from `WithdrawManager` and `LiquidHypeRedemptionVaultWithSwapper` contracts. The user address is extracted from the user parameter in each respective event. This captures the expansion of Stake product interactions to secondary scaling layers.
- **Key fields**: `block_timestamp`, `transaction_hash`, `user` (identified as the user address)

### Component D: Liquid vault interactions

- **Purpose**: Capture active users interacting with automated yield vaults.
- **Logic**: Vault interactions are captured from `Enter` and `Exit` events emitted by `USDVault`, `ETHVault`, and `BTCVault` contracts on Ethereum. The address of the participant is identified from the from or to parameters. These transactions represent the movement of assets into and out of automated yield strategies within the Liquid product.
- **Key fields**: `block_timestamp`, `transaction_hash`, `from` (identified as the user address), `to` (identified as the user address)

### Component E: Cash credit and spending activity

- **Purpose**: Capture active users engaging with credit and spending features.
- **Logic**: Credit and spending actions are tracked through `Repaid`, `Borrowed`, and `Spend` events emitted by `CashDebitCore`, `DebtManagerCore`, `UserSafeEventEmitter`, `DebtManager`, and `CashEventEmitter` contracts on Scroll and Optimism. User addresses are extracted from the user or safe parameters. These interactions represent the utilization of the Cash product within the Stake ecosystem.
- **Key fields**: `block_timestamp`, `transaction_hash`, `user` (identified as the user address), `safe` (identified as the user address)

### Component F: Deduplication and monthly aggregation

- **Purpose**: Consolidate all extracted interactions into a final count of unique monthly users.
- **Logic**: All identified addresses from the previous components are unified into a single dataset. Duplicate addresses appearing within the same 30-day rolling window are removed to ensure each user is counted only once per 30-day window. The resulting distinct count is aggregated by date and chain.
- **Key fields**: `block_timestamp`, `user_address` (deduplicated)

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

Unique revenue-generating users over a rolling 30-day window.

Active users (monthly)

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

Active users (monthly)

Active users (monthly)

Chain breakdown