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.
The authors of this content, or members, affiliates, or stakeholders of Token Terminal may be participating or are invested in protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol. Token Terminal does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only, and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Token Terminal at any time without notice. Token Terminal accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.
