We are excited to announce that CESR®, the Composite Ether Staking Rate developed by CoinFund and calculated by CoinDesk Indices, is now published on the Decentralized Offered Rates (DOR) platform as an official benchmark spot rate, alongside DOR’s existing benchmark offerings.

This marks a new milestone in our mission to build the fixed income infrastructure of crypto, bringing credible, real-world benchmarks on-chain to power the next generation of DeFi products.

A New Standard for Ethereum Staking

CESR captures the mean, annualized staking yield of Ethereum validators, including all relevant rewards such as consensus incentives and priority transaction fees. By incorporating deposits, withdrawals, and penalties, CESR delivers a complete and reliable benchmark.

Now live on Treehouse’s DOR platform, CESR is accessible as a published spot rate and can be directly integrated into on-chain systems.

With CESR, users and builders can:

  • Reference a neutral, institutionally-calculated ETH staking rate
  • Price lending and borrowing markets with more precision
  • Compare validator performance across staking platforms
  • Settle derivatives or design yield-linked structured products
  • Build new products with credible on-chain benchmarks

Why This Matters

Benchmark rates are critical for any functioning fixed income market. In TradFi, LIBOR and SOFR provide the backbone for trillions of dollars in contracts. In DeFi, Treehouse’s DOR aims to fulfill that role—bringing yield standardization and transparency to an industry that has long relied on fragmented or opaque sources of truth.

CESR complements this vision by offering an independently maintained reference rate backed by two of the most trusted names in the industry: CoinFund and CoinDesk Indices.

“Benchmark rates are essential to a functioning fixed income market,” said Brandon Goh, CEO of Treehouse. “The inclusion of CESR adds a robust, institutionally-recognized staking reference rate to DOR’s growing set of benchmarks, giving developers and asset managers the tools they need to price risk, build structured products, and drive innovation.”

“Crypto fixed income markets are accelerating and the CESR benchmark continues to play a foundational role across the crypto economy,” said Christopher Perkins, Managing Partner and President at CoinFund, and inventor of CESR. “We are excited to partner with the Treehouse team to further integrate CESR onchain.” 

“CESR delivers a critical benchmark for Ethereum staking, offering a trusted and standardized rate,” said Andy Baehr, CFA, Head of Product and Research, CoinDesk Indices.  “CESR was designed to enable new opportunities for risk management across global finance. We’re pleased Treehouse is highlighting the critical role of a reliable benchmark staking rate.”

DOR: Building the Fixed Income Layer

With the addition of CESR, Treehouse continues to expand the utility and credibility of DOR as a decentralized benchmark platform. From staking to lending, DOR aims to provide the reference layer for interest rate products in DeFi, enabling:

  • Spot and forward yield curves
  • Interest rate derivatives
  • Fixed-term lending markets
  • Restaking benchmarks and validator comparisons

The integration of CESR sets a new precedent for how independently developed benchmarks can be deployed on-chain and referenced across the ecosystem.

For protocols and applications looking to reference CESR or build with other DOR rates, our documentation and integration resources are available here. To collaborate with Treehouse on custom benchmarks or use cases, reach out to the team directly.

Explore CESR and learn how it can support your protocol or portfolio.

Interested in referencing CESR or other benchmark rates on DOR? Contact Treehouse for integration opportunities and technical support through this form.

Additional information about DOR is available on Treehouse’s website, including access to the official documentation and the published benchmark rates.

About Treehouse 🌳

Treehouse, a digital assets infrastructure firm and the decentralized arm of the parent company Treehouse Labs, is at the forefront of revolutionizing the decentralized fixed income market. Treehouse Protocol introduces innovative fixed income products and primitives, starting with its first tAsset, tETH, a liquid staking token that empowers its users to participate in the convergence of on-chain Ethereum interest rates while retaining the flexibility to engage in DeFi activities. 

Treehouse Protocol is also pioneering the Decentralized Offered Rates (DOR) consensus mechanism for benchmark rate setting, enabling a range of fixed income products and primitives into digital assets. Treehouse is dedicated to creating safer and more predictable return alternatives for both individual investors and institutions.

About CoinDesk Indices

Since 2014, CoinDesk Indices has been at the forefront of the digital asset revolution, empowering investors globally. A portfolio company of the Bullish Group, its indices form the foundation of the world’s largest digital asset products. CoinDesk Indices is regulated in the UK by the Financial Conduct Authority and offers products across multi-asset indices, reference rates, and strategies. Flagships such as the CoinDesk Bitcoin Price Index and the CoinDesk 20 Index set the industry standard for measuring, trading, and investing in digital assets. With tens of billions of dollars in benchmarked assets, CoinDesk Indices is a trusted partner.

Disclaimer

CoinDesk is a portfolio company of the Bullish Group. CoinDesk Indices, Inc., including CC Data Limited, its affiliate which performs certain outsourced administration and calculation services on its behalf (collectively, “CoinDesk Indices”), does not sponsor, endorse, sell, promote, or manage any investment offered by any third party that seeks to provide an investment return based on the performance of any index. CoinDesk Indices is neither an investment adviser nor a commodity trading advisor and makes no representation regarding the advisability of making an investment linked to any CoinDesk Indices index. CoinDesk Indices does not act as a fiduciary. A decision to invest in any asset linked to a CoinDesk Indices index should not be made in reliance on any of the statements set forth in this document or elsewhere by CoinDesk Indices. All content displayed here or otherwise used in connection with any CoinDesk Indices index (the “Content”) is owned by CoinDesk Indices and/or its third-party data providers and licensors, unless stated otherwise by CoinDesk Indices. CoinDesk Indices does not guarantee the accuracy, completeness, timeliness, adequacy, validity, or availability of any of the Content. CoinDesk Indices is not responsible for any errors or omissions, regardless of the cause, in the results obtained from the use of any of the Content. CoinDesk Indices does not assume any obligation to update the Content following publication in any form or format. © 2025 CoinDesk Indices, Inc. All rights reserved.

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