Rank 7 · Restaking / consumer
Ether.fi ETHFI
MC ~$300–400M
FDV ~$400M
TVL $5.85B
Cumulative revenue $400M
Circulating ~97.3%
Composite49.5 #13 of 25
Buyback yield2.1% $12.2M/yr
P/S14.9× sector 13.9×
Below 1y peak39% 1.6× to reclaim
Float100% FDV $575.6M
Fwd P/S y38.0× base case
Moat46 judgement
Innovation45 judgement
Moat 46. Restaking deposits move on incentives. Switching costs are close to zero, and the competitive set is crowded.
Innovation 45. Restaking plus consumer-facing products. Well built, but the underlying design is shared with several direct competitors.
Innovation 45. Restaking plus consumer-facing products. Well built, but the underlying design is shared with several direct competitors.
Measured from live data, except Moat and Innovation which are hand-set judgements · snapshot 2026-08-23 · full model →
What it does
Ether.fi is the largest liquid-restaking protocol by TVL, plus a growing consumer stack: the Cash card (70K+ users), the ETHFi Neobank, and integrations for using restaked ETH as everyday collateral. It's one of the few restaking-era names that turned into a real cashflow business.
Fundamentals
- $5.85B TVL — largest LRT protocol.
- $400M cumulative revenue — genuinely underappreciated in a sector everyone has written off.
- Cash card 70K+ users; migrating to OP Mainnet.
- $3B commitment to ETHGas for Ethereum blockspace forward market.
Tokenomics
- 1B total, 973M circulating (~97.3%).
- Insider pool nearly done; core team ~50% vested with tail into 2027.
- Insider allocation ~21.5% — significant but nearly through the cliff.
- DAO-approved $50M treasury buyback authorized when ETHFI trades below $3 — soft floor.
Catalysts (6–12mo)
- Buyback trigger active — mechanical buying below $3.
- Neobank/Cash card scaling with OP Mainnet migration.
- Restaking sector re-rating if the narrative turns.
Risks
- Restaking as a category has been in secular demand decline.
- EIGEN token accrual overhang is real for the sub-sector.
- Insider tail through 2027, though mostly absorbed.
Strong Buy. The rare restaking token where product revenue is undeniably real and dilution overhang is nearly gone. Buyback creates a functional soft floor. A cashflow story hidden in a beaten-down sector.
How it compares to its peers
| Yield / Staking | Mkt cap | Revenue/yr | Growth/yr | Bull y3 rev | P/S | Fwd P/S y3 | Buyback |
|---|---|---|---|---|---|---|---|
| Ether.fi | $575.6M | $38.7M | 36% | $56.2M | 14.9× | 8.0× | 2.1% |
| Lidopeer | $299.0M | $37.5M | 29% | $88.9M | 8.0× | 4.8× | 5.9% |
| Jito | $298.0M | $11.9M | -36% | $17.7M | 25.0× | 57.3× | 0.0% |
| Pendle | $284.0M | $20.0M | -6% | $53.2M | 14.2× | 16.0× | 5.7% |
| Rocket Poolpeer | $36.2M | $0 | -19% | $0 | — | — | — |
| Renzopeer | $25.8M | $1.9M | -39% | $1.2M | 13.6× | 34.3× | 7.5% |
| Marinadepeer | $10.9M | $4.5M | -23% | $9.2M | 2.4× | 4.0× | 12.1% |
Sector median P/S is 13.9×. Ether.fi trades at 14.9× — above the median, worth 6% if it re-rated to it. Peer revenue growth runs at a median of -19% a year, with 5 of 7 shrinking — so this multiple sits inside a contracting sector.