StakingDeFi · Ethereum
ether.fi
Author's status: ActiveUpdated: 2026-09-30
I hold ETHFI and stake it (sETHFI). What decided it for me was not the buyback mechanism but how good the product felt when I actually used it. I haven't used the Cash virtual card yet, but I plan to.
Staking
- Token
- $ETHFI
- Typical APY
- Not published (depends on buybacks)
- Rewards
- Bought-back ETHFI is distributed to sETHFI holders. You also earn ether.fi loyalty points
- Note
- Staking ETHFI gives you sETHFI. Weekly buybacks funded by 100% of eETH withdrawal fees and monthly buybacks funded by part of Stake, Liquid and Cash revenue both go to sETHFI holders (official docs). You can still vote in the DAO while staked. Loyalty points are calculated from the price relative to weETH; the official example gives 5.7 points per ETHFI per day. Distributions are not burns, so supply does not shrink.
Valuation
- FDV (fully diluted)
- $652MMarket cap $652M
- FDV ÷ revenue
- 14.3xRevenue, last 365 days $45.6M16.7x on the last 90 days × 4 (annualized $39M)
- FDV ÷ holder returns
- —Buybacks, burns and distributions over the last 90 days: None (×4 to annualize)
- Note
- 100% of eETH withdrawal fees fund weekly buybacks, and part of Stake, Liquid and Cash revenue funds monthly buybacks. Bought-back ETHFI is not burned but distributed to stakers (sETHFI). While the price is below $3, the foundation may buy back up to $50M. DefiLlama shows zero holder revenue over the last 90 days, which conflicts with the official description; check the actual amounts on the official Dune dashboard.
As of 2026-09-28. FDV and price from CoinGecko; revenue and holder returns from DefiLlama. The denominator is revenue, not profit, so this is closer to a price-to-sales ratio than a P/E. The author treats FDV ÷ revenue of 5x or less as cheap, but it moves a lot with revenue swings and unlocks.
TGE and points
- Current state
- Bought-back ETHFI is distributed to stakers. About 97% of supply already circulates, so future dilution is small.
- TGE
- $ETHFI2024-03-18
- Points program
- No points
Team, funding and user base
- Base
- Unverified
- Founders / leads
- Mike Silagadze (CEO)Expanding from liquid restaking (eETH) into asset management (Liquid) and cards (Cash).
- VC funding
- $27M$23M Series A on 2024-02-28 led by Bullish Capital and CoinFund. $4M on a SAFE in late 2023.
- Key investors
- Bullish Capital, CoinFund, OKX Ventures, Foresight Ventures, Consensys, Amber
- X followers
- 202.2K@ether_fias of 2026-09-20
Risks and caveats
- Buybacks are distributed to stakers rather than burned, so supply does not shrink.
- The yield is not published and depends on what funds the buybacks (withdrawal fees and protocol revenue).
- DefiLlama shows zero holder revenue over the last 90 days, which does not match the official description. Check the actual amounts on the official Dune dashboard.
- Revenue depends on demand for ETH staking and the interest-rate environment.
Links
This is a referral link. The author may be rewarded when you sign up or trade. What is written here is not tied to those rewards.
Sources
This page is for information only and is not a solicitation to use any crypto asset or service. Airdrops and their amounts are not guaranteed, and you may lose the funds you deposit.