ether.fi (ETHFI)

So @EtherFi looks like a different company on this chart than the one most people are pricing. ➥ Pre-August 2025: a staking + vault business with Cash as a side product ➥ Post-August 2025: Cash is the engine. The rest exists to feed it The market hasn't repriced yet and that's the reason I just bought some ethereum:0xfe0c30065b384f05761f15d0cc899d4f9f9cc0eb. Here's why👇 The token has a $378M mcap on $197M in annual fees. We're paying less than $2 for every $1 the protocol generates. This shows the market is pricing this like the business is collapsing but in reality it isn't. Every month ETHFI earns about $4M in revenue across three products: 1. Liquid vault: $2.92M (73%) 2. Cash card: $1M (25%, up 3x in 6 months) 3. Borrowing: $67K (still small) The card is what has convinced me as spend volume doubles every 2 months and revenue follows it. ➥ Bull case: If that doubling holds for 6 months, the card alone earns $8M/month and if we add the vault staying flat and total revenue runs $132M a year. At the same multiple, the token trades nearly 3x higher. ➥ Bear case: Even in the bear case where the card slows by 1/2 and the vault loses another $100M in deposits, revenue still runs $57M a year. At the same multiple, the token still sits about 20% above current price. Both scenarios point higher than today. About the vault decline. The -36% drop was contagion from the Kelp rsETH exploit on April 18. EtherFi paused liquid deposits and withdrawals as a safety move. These kinds of outflows usually stabilize as confidence returns. If they don't, the bear case gets worse before the card catches up. I could be right on the thesis and still watch this grind lower for weeks. Also there are few things that has not priced in yet: ‣ $50M buyback authorized below $3 (we're at $0.47). Only ~$7.26M actually deployed in the first 6 months and currently paused for 30D+. The execution has been inconsistent and resumption is going to be the catalyst ‣ $3B ETHGas deal from April. They committed 40% of staked ETH to a new revenue line ‣ Gold vaults and Euro card launching soon ‣ Borrowing product runs at 100% margin and is still tiny, any growth there is pure profit This reprices when the card hits a number the market can't ignore or the buyback visibly deploys. Neither has a date. The math gets harder to fight every month. Watching the card's monthly revenue and whether the vault stops bleeding. h/t to @Dune for the data

What are your thoughts on @EtherFi? @hmalviya9 @belizardd @Hercules_Defi @kenodnb @thelearningpill @Defi_Warhol @TheDeFiPlug @Eli5defi @hooeem @arndxt_xo @poopmandefi @0xCheeezzyyyy @Mars_DeFi @satyaki44 @0xTanishaa @BUNT10 @cryptorinweb3 @TheDeFiKenshin @MeshClans @DeFi_Andree