• 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.

Article Summaries:

  • Summary

Ether.fi, the fifth‑ranked DeFi protocol by TVL, has shifted its revenue focus from staking to its Cash line, which now generates roughly 50 % of total income. The protocol offers staking, liquid yield vaults, and crypto‑card payments through a vertically integrated stack, aiming to create a closed‑loop DefiBank that increases ARPU and user lock‑in. A sum‑of‑parts valuation projects a fully diluted valuation of $99.3 M (bear), $924.6 M (base), and $5.4 B (bull) for 2028. The full model, with assumptions and scenario sensitivities, is publicly available.

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