Customer stories: Token Terminal’s Data Partnership with Ether.fi

Executive summary

Ether.fi is one of the fastest growing liquid staking projects on Ethereum, Base, Hyperliquid, Scroll, and Arbitrum. It has recently transitioned into a banking alternative platform that allows users to stake, earn, and spend from a single self-custodial account.

The project has raised ~$32 million in VC funding from CoinFund, Maelstrom & others, and its core contributors have extensive experience in building onchain protocols.

Now, with over $12 billion in total value locked, Ether.fi recognized the need for reliable, continuous, and data-driven stakeholder reporting.

“ By partnering with Token Terminal, we’re able to benchmark our performance against the competition in a fair and accurate way. Having a real-time dashboard on Token Terminal is not only a great tool for our team, but for all Ether.fi stakeholders.”

@MikeSilagadze, Core Contributor at Ether.fi

Data Partnership

To ensure accurate and ongoing stakeholder reporting, Ether.fi entered into a Data Partnership with Token Terminal.

The Data Partnership consists of four (4) different parts:

1. Smart contract registry

Since Ether.fi isn’t an appchain, but a set of smart contracts running on multiple chains, this first step did not require a node infrastructure setup. Instead, Token Terminal was able to rely on its existing node infrastructure.

To start, the Ether.fi and Token Terminal teams worked together to build a labeled registry of Ether.fi's smart contracts.

A complete smart contract registry is a prerequisite for the next step: the transformation of raw blockchain data into standardized financial and usage metrics.

2. Metric transformations

Leveraging the information in the smart contract registry, Token Terminal’s research team transformed the raw blockchain data from the smart contracts into standardized financial and usage metrics.

For a liquid staking project like Ether.fi, the standardized metrics include total value locked, fees, revenue, daily active users, and more.

3. Discovery and reporting

After the metric transformations, Ether.fi was listed on the liquid staking market sector dashboard on Token Terminal, and also featured on the recently launched Discover page.

As a result, LPs, developers, and investors can now refer to a single source when deciding which liquid staking project to use, integrate with, and/or invest in.

For Ether.fi, the dashboards on Token Terminal streamline the reporting to existing and future stakeholders.

4. Data maintenance

Standardized onchain metrics require ongoing maintenance work, especially when the goal is completeness and accuracy.

The maintenance work has only grown in magnitude and importance over the last few years, as more DeFi projects have evolved from single to multichain apps, with often more than one business line.

A Data Partnership with Token Terminal means that Ether.fi can rely on Token Terminal to manage all future updates to its metrics, and instead direct all focus on growing its onchain business.

Future opportunities

In addition to standardized financial and usage metrics, Ether.fi and Token Terminal are excited to explore opportunities to create custom dashboards with more project-specific metrics.

These dashboards would offer LPs & other stakeholders deeper insight into the platform’s features and performance.

Through its partnership with Token Terminal, Ether.fi turns transparency into a competitive advantage and continues to build trust with its growing community.

Feature your project on Token Terminal

Join the 400+ projects that already leverage Token Terminal for internal product analytics and external stakeholder reporting. Get started by submitting key information via our listing form or by connecting directly with our Data Partnerships team. We look forward to partnering with you.

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