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Announcement of Consultation on Changes to the CF ETH Staking Reward Rate Index Methodology

Under the proposed change, the Administrator will publicly disclose the average commission fee quoted by the four Providers, and the Index will be calculated net of the average fee, rather than using each Provider’s individual fee.

CF Benchmarks

• 3 min read
Announcement of Consultation on Changes to the CF ETH Staking Reward Rate Index Methodology

The Administrator is launching a consultation on proposed changes to the CF ETH Staking Reward Rate Index Methodology.

At present, the CF ETH Staking Reward Rate Index (“Index”) is calculated daily, as the arithmetic mean of the ETH staking reward rates reported by four CF Constituent Staking Providers (“Providers”), each net of their own individual commission fees.

Under the proposed change, the Administrator will publicly disclose the average commission fee quoted by the four Providers, and the Index will be calculated net of the average fee, rather than using each Provider’s individual fee.

Summary of Proposed Methodology Changes

Applied Commission Fee (ETH SRR): For assets where commission fees are provided directly by staking service providers (i.e., Applicable Assets; presently ETH), the Index will adopt an Applied Commission Fee, calculated as the Potentially Erroneous Data (PED)-filtered arithmetic mean of the providers’ quoted commission fees. This replaces the current approach that deducts each provider’s individual fee.

Uniform application to gross rates: The Applied Commission Fee will be applied uniformly to each provider’s gross reward rate prior to aggregation. The existing PED process on net contributed rates is unchanged.

Fee outlier handling (PED on fees): Provider fee quotes will be subject to the Potentially Erroneous Data (PED) test at the fee level. Fees flagged as outliers by the fee PED are excluded from the average.

Publication and transparency (Applicable Assets only): The Applied Commission Fee for Applicable Assets will be published and kept current on the CF Benchmarks website, including an 'as-of' timestamp, together with, where known, the next scheduled effective change. A historical archive will be maintained.

Change notices for provider fee updates (Applicable Assets only): Any change to a provider’s quoted commission fee will be communicated via an Index Announcement with a 21-calendar day notice period between announcement and effective date. The Applied Commission Fee used in the Index will be updated only from the stated effective date (piecewise-constant between effective dates). No retroactive adjustments will be made.

Out of scope fees (on-chain protocol fees): Where a protocol defines and deducts a fee on-chain, this consultation and the continuous publication requirement do not apply to that fee.

Scope of impact: The change applies to the CF ETH Staking Reward Rate Index and any CF ETH Staked indices that depend on it. Indices for assets with on-chain commission fees are not impacted.

The proposed methodology changes mean that product providers that replicate or utilize the CF ETH Staking Reward Rate Index or other CF ETH Staked Indices may need to factor these changes into their processes and products when transacting in instruments that are linked to these indices. The financial value of contracts, instruments and funds that directly reference or are settled using these indices may be impacted by the proposed changes.

Implementation Timeline

The Administrator proposes to implement the changes to the CF Staking Series Methodology at approximately 11:00 London Time on November 3rd, 2025. Following implementation, the CF ETH Staking Reward Rate Index will be calculated net of the average commission fee quoted by the four Providers, rather than net of each Provider’s individual fee. This change will also affect other CF ETH Staked Indices that are dependent on the CF ETH Staking Reward Rate Index.

Consultation Process

The consultation will begin on October 22nd, 2025, ending on October 29th, 2025, at 16:00 London Time. All responses will be treated confidentially in accordance with the Administrator’s policies and procedures, and will be overseen by the CF Oversight Function, in accordance with UK BMR.

In case of any questions or queries please do not hesitate to contact info@cfbenchmarks.com. 

Any users wishing to file a complaint regarding this consultation process can do so confidentially by writing to complaints@cfbenchmarks.com.

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