EtherFi's card business is out-earning staking on just 5% of TVL, making its pivot from liquid staking to a full neobank one of the wisest moves of this cycle. Card revenue rose from $965 six months ago to $525k today, versus staking revenue rising from $121k to $197k. x.com 

Ether.fi is evolving from a crypto card app into a real neobank, which could send the ETHFI token back toward past highs. The latest update adds new funding methods, stock trading and Aave-integrated loans against accounts, and restarts buybacks at $1.3M a month. At a 400M FDV and fully unlocked with no supply overhang, it compares with LIT at 2B-plus with similar buybacks. Returning to the $5-7 range would mean 10-15x, or roughly 4-6B FDV, which looks very possible. x.com 

EtherFi is making one of the smartest pivots of the year, from staking protocol to full-stack on-chain neobank, which should drive stronger value for ETHFI. Beyond staking, stablecoins and vaults, its non-custodial Cash card brings real-world spending and steadier revenue than staking, away from rivals like EigenLayer and Lido. It just hit its highest weekly revenue of 2026, with $5.3B TVL and ~$103M annualized fees, and per EtherFi it had no direct exposure to Kelp DAO's rsETH exploit. x.com 

ether.fi is moving to own its entire neobank stack by launching its own stablecoin on Ethena's white-label platform, the right goal for a neobank. Per Ethena, ether.fi holds over $300 million of stablecoin deposits, its Cash card has reached nearly $1 billion of cumulative spend and more than 100,000 active cards, and owning the stack lets the best stablecoin neobanks earn from idle deposit balances. The outlook for the ETHFI token stays maximally bullish. x.com  x.com 

ether.fi looks very attractive relative to what it earns. Per @DeFi_Dad citing DefiLlama, it generates about $239 million in annualized fees and about $55 million in annualized revenue against a market cap near $312 million. Valuation should be based on revenue rather than fees, which makes the multiple higher than @DeFi_Dad's 1.3x, but it is still great. x.com 

Ethereum's strong ecosystem is not translating into enough ETH value capture to support significant appreciation unless that changes. The Ethereum Foundation selling ETH again is frustrating; buybacks and stronger incentives for L2s to accumulate and buy back ETH could improve the token's economics. Fundstrat, which owns roughly 5% of the supply, has a huge opportunity to push for better value capture. x.com  x.com 

Ethereum's growing stablecoin base contrasts with ether trading at roughly half its November 2021 price. The network holds $146 billion in stablecoins, up from $83 billion on November 10, 2021. x.com 

Formerly low-float, high-FDV tokens that are becoming fully unlocked, such as NEAR, Uniswap's UNI and ether.fi's ETHFI, can finally go up once they stop being diluted every month. x.com  x.com 

ETH's claim to be DeFi's money is weakening as stablecoins become the real unit of account, even on Ethereum. Aave's TVL on Ethereum has shifted from ETH toward stablecoins over the past three years. That undercuts @ryanberckmans's argument that ETH is a store of value accruing value from utility and confidence rather than cash flows. x.com 

Stock trading could make Aerodrome's fees less volatile and expand its valuation multiple. On a longer-term fundamentals view, a rebound from drawdowns in majors and most alts offers over 2-3x; volume across chains, stocks and FX plus wallet share versus Uniswap offer over 3-5x, potentially much higher. Predictive liquidity, burns and partnerships add an innovation premium. Whatever happens before the merge, strong fundamentals point to a clearing rather than a sell-the-news event. x.com  x.com  … Show more