Joestar
Crypto Analyst, DeFi Analytics Tools Builder, Perpetuals & Tokenization
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
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 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'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 fits a strategy of buying crypto assets at the intersection of growth and value: those growing fastest while still reasonably valued, an overlap a long, deep bear market has made possible. Its neobrokerage and 24/7 trading and tokenization fall within one of the two most interesting segments, alongside crypto and AI, and liquid tokens now offer more opportunity than venture deals. rss.flightcast.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
Tokenization and demand for real economics make DeFi lending, spot and yield tokens extremely appealing on risk-reward. This unrivaled trend will grow DeFi value 50x or more over multiple years, and fast. The altcoin bear market is forcing better token structures: Ethena, Uniswap and Aave are improving unit economics, Chainlink to some extent. Battle-tested Pendle and Morpho, with efficient businesses and institutional ties, will re-rate hard. A DeFi Summer return is nearly certain. x.com
Lido looks like a DeFi value play because it is effectively an Ethereum treasury company that also earns staking revenue on $20B of assets. Per @A_Leutenegger, its treasury, mostly stETH, is about $157M, sizeable for a token with a ~$300M market cap, while headcount fell 15% and expenses 13% year over year. The protocol earns roughly $1M a week at current ETH prices. The main growth bet is ETH appreciating over the next 5-10 years. x.com x.com x.com
Low fees on Ethereum's base layer are the cost of growth, and growth is what ETH holders should want now. A huge flow of money and activity already runs through Ethereum's neutral settlement layer, often unseen by users, and it can be monetized whenever the community chooses. Robinhood chose Ethereum not for its fees but for settlement it could trust, and paying only marginal cost is temporary. @ethereumJoseph expects tens of thousands of companies to build on Ethereum over the next 2-3 years. … Show more
Ethereum's case rests on keeping and widening its lead in real-world assets, the market it has spent the last couple of years positioning itself to own. It needs to keep dominating RWA DeFi TVL, and if the RWA thesis plays out, Ethereum is where that value should settle. x.com
PUMP may be undervalued against its fees. Per @dethronebtc's DeFi Llama data, its 30-day price-to-fees ratio is 1.9x, versus 3.4x for Uniswap and 18.3x for Hyperliquid. Uniswap's low ratio is explained by most of its fees going to Ethereum through gas costs, leaving little for its token, so PUMP might indeed be the undervalued one. x.com
