ether.fi (ETHFI)

I still think the market is not appreciating @EtherFi as a business and continues to value it as a staking protocol.

Some thoughts:

$ETHFI - fees dropped 26% last month; however, you have to look at their margins to understand the full story.

> Gross fees 30d: $12.1M -26.3%
> Net earnings: $3.0M/month
> Margin: 24.7%
> Its now trading at a P/E: 7.57x

For comparison, $LDO charges 3.2x the gross fees and has roughly the same net.

The difference lies in how revenue is allocated: Lido sent $2.0M to stakers last month, whereas EtherFi's revenue remained in the protocol.

- $MORPHO: $0 net on $19.3M gross fees. Trades at $1.26B mcap.
- $LDO: 6.0x P/E, 7.9% margin, $2.0M to stakers last month. Trades at $223M mcap.
- $ETHFI: 7.57x P/E, 24.7% margin, $0 to holders. Trades at $272M mcap.

EtherFi previously returned $3.2M to holders in November.

- Nov 2025: $3.2M
- Dec 2025: $2.6M
- Jan 2026: $1.4M
- Feb 2026: $1.35M
- Mar 2026: $430K
- Apr 2026: $30K
- May 2026: $0
- Jun 2026: $0

Consider this a cash hoard

Just noticed that non-custodial card volume is accelerating fastest among sophisticated users taking share through better yields, lower fees and tax alpha.

While custodial cards (RedotPay, Cryptodotcom) are winning headcount. Non-custodial (EtherFi, Gnosis Pay, MetaMask) are winning wallet quality.

Remember in a regulatory shock scenario, non-custodial cards survive and custodial ones get frozen.

h/t to @FourPillarsFP for the data