Ether.fi

Ether.fi is a platform that positions itself as a crypto-native neobank, aiming to let users stake Ethereum, earn yield, spend via a credit card, and borrow against their holdings without giving up custody of their assets. The ETHFI token is the governance token for the protocol and sits within the broader liquid restaking category. The project targets crypto holders who want their assets to remain productive and accessible rather than locked away or converted to cash.

The protocol runs on Ethereum and extends into several other ecosystems including Arbitrum, Base, and Scroll. Its core staking product issues liquid tokens representing staked Ethereum positions, meaning users retain a transferable, usable claim on their stake rather than a frozen one. ETHFI, the governance token, does not itself perform consensus — that is handled by Ethereum's proof-of-stake layer — but it grants holders influence over protocol decisions and parameters.

Ether.fi generated 492,498 USD in fees in the most recent 24-hour period and 11,896,473 USD across the trailing 30 days, with fees annualised from that 30-day window reaching 144,740,421.50 USD. These fees originate primarily from staking and vault activity; users of the platform are the payers, and the protocol and its liquidity providers share the proceeds. Over the trailing 30 days the protocol retained roughly 25.5 percent of gross fees as revenue — a take rate of 25.49 percent — with the remainder, 8,864,443 USD, flowing to the supply side, meaning stakers and liquidity contributors. Total value locked stands at 5,277,891,805.90 USD at the current point in time, while the market capitalisation of 546,087,577 USD implies a market-cap-to-TVL ratio of approximately 0.10.