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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.
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Sam was previously a product manager at ether.fi, as well as LifeMed AI. He graduated from Ohio State University, where he founded the Ohio State Blockchain Club. He is now an Enterprise Research Analyst at Messari focused on finding the next best applications and protocols in internet finance.
Mentioned Assets