A Valuation of ether.fi (ETHFI)

Key Insights

• ether.fi is the 5th-ranked DeFi protocol by TVL, with over 3.4 million ETH restaked and the highest YoY LST growth across the category.
• The protocol spans three revenue lines: Stake, Liquid, and Cash, offering staking, yield vaults, and crypto card payments through a vertically integrated stack.
• Cash is now ether.fi’s largest revenue line, accounting for ~50% of protocol revenue, and highlighting the protocol’s shift away from staking dependence.
• ether.fi is building a full-stack DefiBank, routing capital from staking to spending in a closed loop that boosts ARPU and raises user lock-in across products.
• A sum-of-the-parts valuation places ether.fi’s 2028 FDV at $99.3 million, $924.6 million, and $5.4 billion across bear, base, and bull cases.

Valuation Model: The full valuation model, including assumptions and scenario sensitivities, is available here.