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Etherfi

DeFi+1 · Neobank+1
OverviewChartsMonitoringResearchDiligence ReportNewsMarketsAboutEtherfi
OverviewChartsMonitoringResearchDiligence ReportNewsMarketsAboutEtherfi
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Etherfi
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OverviewFinancialsStakingCashBorrowLiquid Vaults
ether.fi: Protocol Revenue

Protocol revenue generated by ether.fi (Cash, Liquid Vaults, Staking, Borrow and Swap)

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ether.fi

Revenue

ether.fi earns revenue from three products: Cash, Liquid Vaults and Staking.

Cash

  • Card Revenue: interchange on card purchases, less refunds. Estimated at 1.38% of purchases through 2025-11-30 and 1.75% from 2025-12-01.
  • Card order fees: CardOrder spends, such as virtual card fees.
  • Membership fees: Luxe ($199) and Pinnacle ($999) memberships, paid as CardOrder spends.
  • Net Borrow Revenue: borrow interest less Aave's share. On Aave V4, ether.fi shares the reserve factor fee with Aave; it keeps all interest on the legacy DebtManager.
  • Swap Revenue: 80% of the Enso fee and the full Across fee on Cash swaps.

Liquid Vaults

  • Vault Fees: the platform fee on ether.fi Liquid vaults across all chains, before any Veda share.

Staking

  • Protocol fee: LiquidityPool ProtocolFeePaid, paid in eETH.
  • Withdrawal fees: remainder sweeps from the withdrawal queue, until 2026-07-14.
  • Reward tokens: EIGEN, OBOL and SSV received by the treasury or a designated recipient.

Cashback is counted as an operating expense and may be funded by partner rewards or from buybacks.

ether.fi's Aave V4 instance charges no liquidation or flash loan fees.

ether.fi: Staking Revenue

Revenue from the protocol fee, withdrawal fees and reward tokens from ether.fi staking, by category and asset

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ether.fi: Cash Revenue

What the Cash card earns: card revenue and card fees. Refunds are negative. Cashback is an operating expense, shown in the Cashback chart.

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ether.fi: Swap Revenue

Fees collected from Cash swaps, by category and asset

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ether.fi: Cashback

Cashback paid to Cash card users, by type, token, funder and chain

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ether.fi: Borrow Revenue

Interest ether.fi earns on Cash loans, by total, net, chain and source

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ether.fi: Vault Fees

Platform fees charged on ether.fi's Liquid vaults, by chain and vault

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ether.fi: Net Profit

Protocol Revenue less cashback, plus the cashback partners and ETHFI emissions funded, by product and line

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ether.fi: Net Margin

Net Profit as a share of Protocol Revenue over 1, 7 or 30 days, with revenue by product and the ETHFI cashback paid from buybacks

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ether.fi: Net Profit by Card Tier

Revenue by product less ETHFI cashback, by Cash card tier, last 30 days

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ether.fi: Financials by Card Tier

Revenue, ETHFI cashback and Net Profit by Cash card tier, last 30 days

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ether.fi: Token Buybacks

ETHFI bought back each day, USD spent and average price

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ether.fi: Token Buyback Transactions

Onchain CoW fills that buy ETHFI for ether.fi's buyback wallets, newest first

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ether.fi: ETHFI Cashback Flows

ETHFI cashback claimed into users' safes vs cashback that left them, daily

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ether.fi: ETHFI Buyback Wallet Flows

ETHFI the Foundation buyback wallets bought each day, and every transfer out of them

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ether.fi: ETHFI Buybacks vs Card Revenue

USDC spent on ETHFI buybacks as a share of card revenue

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ether.fi: ETHFI Cashback Distribution by Source

ETHFI received by the cashback distributor, by source: buyback wallets or other Foundation wallets

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ether.fi: Income Statement

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ether.fi: Cash Flow Statement

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ether.fi: Balance Sheet

End-of-period balances of the ether.fi Foundation's labelled wallets, by asset class

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