ether.fi (ETHFI)

Staking → Asset Management → Neobanking The evolution of $ETHFI’s business in 7 quarters Cash revenue grew from $0 to $7.7M Total revenue grew from $9M to $18.9M Meanwhile, staking revenue declined from $7.6M to $2.5M The market is still pricing it as a staking protocol… https://t.co/MKDIi8Mb5C

The main reason Etherfi is being overlooked by projects such as Plasma and Avici is positioning. Both projects have a lot of loud advocates, while the only loud advocate I've seen for Etherfi is DCF God Avici and Plasma One's combined cumulative volume spent is nearly half of Etherfi's volume in June alone. $ETHFi is one of those opportunities you don't see that often IMO

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

Crypto cards have successfully solved spending, but privacy is emerging as the next competitive battleground. For the last two years, the market competed on cashback, yield, UX, and self-custody, but the @ether_fi incident exposed a new challenge: protecting user financial data. Here's what's actually happening: — ● Crypto Cards Have Officially Reached Product-Market Fit Crypto cards have evolved from a niche experiment into a legitimate payment category, with monthly spending volume growing from roughly $100M in early 2023 to more than $1.5B by late 2025. • Cashback rewards • Yield-bearing balances • Higher spending limits • Geographic expansion • Better user experience Over the last two years, competition has centered around making stablecoin payments feel as seamless as traditional fintech and neobank experiences. Today, the category generates more than $18B in annualized spending volume, showing that the industry has largely solved the "Can people spend crypto?" problem. — ● The Conversation Around Crypto Cards Is Changing As the sector matures, users are no longer asking whether they can spend crypto, but what they sacrifice every time they do. • Phase 1 (2024–2025): "Can I spend crypto anywhere?" • Phase 2 (2025–2026): "How much cashback do I get?" • Phase 3 (Emerging): "What information do I leak every time I spend?" This shift reflects a broader realization that what works for DeFi does not necessarily work for consumer payments. — ● The Hidden Tradeoff Behind Self-Custodial Payments Users thought they were getting self-custody and financial freedom, but often received self-custody and radical transparency. The debate is shifting from custodial vs self-custodial to public vs private settlement, and ultimately from wallet ownership to data ownership. — ● Two Competing Design Philosophies Are Emerging As the market shifts toward privacy, crypto payments are beginning to split into transparency-first and privacy-first settlement models. • Transparency-First Most existing card infrastructure is built around public ledgers, where transactions remain auditable, verifiable, and visible on-chain. This model is represented by @RedotPay, @KASTxyz, @ether_fi, @useTria, @gnosispay, @ready_co, @Solayer_Pay, @raincards, and other cards built on public settlement rails. • Privacy-First A newer category is emerging around private-by-default payments and selective disclosure. Projects exploring this direction include @payy_link, @BleapApp, @cryptoBingCard, @LasoFinance, @offgridcash, @sat_pay, @pintopay_me, and @Haven_Hn_. — ● The Market Is Starting To Price Privacy If this trend continues, capital may increasingly flow toward privacy infrastructure, ZK payments, and alternative settlement rails. • Privacy Infrastructure: Projects building confidential transactions, identity abstraction, and private settlement layers. • ZK-Based Payments: Projects using zero-knowledge proofs, selective disclosure, and confidential accounting. • Alternative Settlement Rails: @LightLinkChain, @aztecnetwork, @hinkal_protocol, @0xprivacypools, and @Starknet privacy initiatives. AI has dramatically reduced the cost of wallet clustering, identity discovery, and behavioral analysis, accelerating this shift. — Today, crypto cards compete on rewards, yield, availability, and fees; tomorrow, they may compete on privacy and identity protection. Users are beginning to evaluate not just what they earn, but what they reveal. Crypto payments have largely solved accessibility and rewards; the next battleground is infrastructure that combines self-custody, compliance, and privacy.

The new #1 crypto card tier list, you don't need another one SS @Plasma 1 as an emerging giant with one of the better UI and nice cashback options, 3% and 1% from your referrals. @RedotPay obviously the market leader with the most spend volume by far. S @KASTxyz very professional app and @ether_fi with also a nice number of spending volume. Other categories are as below. BUT if you just want to spend your crypto tbh any card will work just fine.