ether.fi (ETHFI)

EtherFi Cash is a revenue machine.

Weekly revenue crossed $300K last week, up 110% since the start of the year, and up from near zero fourteen months earlier.

Quarterly revenue is up ~27x in one year, from $114.80K in Q2 2025 to $3.13M in Q2 2026.

@ether_fi runs 70,000+ active cards across 300,000+ accounts, the largest non-custodial crypto card by spend volume.

It migrated to OP Mainnet on April 16th, cutting median fees to $0.00001 and finality to sub-250ms.

An interesting and convenient part of the business is that the card sits on EtherFi's restaking base, so it turns existing weETH holders into spenders instead of acquiring cardholders cold.

Growth shows no sign of slowing. If you aren't paying attention to EtherFi yet, you should.

In the past 12 months the revenue mix for @ether_fi has changed drastically.

Staking used to dominate, but that revenue was always cyclical and tied to yields. That’s a big reason why buybacks became inconsistent and slowed down in 2026 which could have been the major reason for governance choosing to spend more on growth and incentives instead but now looking at the chart👇

1. Cash has clearly taken over as the main revenue driver
2. This moves the protocol toward more usage-based revenue rather than just staking yields
3. For ethereum:0xfe0c30065b384f05761f15d0cc899d4f9f9cc0eb, this creates a better setup over time

If more of this steadier revenue starts flowing into buybacks (which we can expect seeing the distribution they've got), holders will get value accrual that’s tied to actual product usage.

Right now I feel the market is still treating ethereum:0xfe0c30065b384f05761f15d0cc899d4f9f9cc0eb like the old model and I expect a repricing soon.