Ether.fi, a leading liquid staking protocol on Ethereum, has seen a remarkable surge in both price and adoption, pushing its total value locked (TVL) to an all-time high of $6.86 billion. This breakout has positioned Ether.fi as the fourth-largest player in the decentralized finance (DeFi) space, according to the latest data from DeFi Llama.
ETHFI Skyrockets Amid TVL Growth
The ETHFI token surged 215% from its monthly low, reaching $1.1397 on Sunday. Its market cap jumped to $273 million, with a fully diluted valuation surpassing $1.17 billion. Trading activity also exploded 24-hour volume climbed by 291% to $493 million.
This rally coincides with a substantial increase in the protocol’s locked ETH. Ether.fi’s ecosystem now secures 2.72 million ETH, up from 2.42 million in January and a mere 46,000 a year ago.
Revenues and Buybacks Climb
Ether.fi’s rapid TVL growth is translating into higher protocol revenue. Weekly fees reached $3.1 million, the highest since February, while monthly revenue hit $2.4 million. A portion of these earnings is being used for token buybacks, reinforcing demand for ETHFI.
Ethereum’s Rally Fuels Inflows
The broader Ethereum ecosystem has also benefitted from a price rebound. ETH has risen from April lows of $1,388 to over $2,595, sparking renewed interest in DeFi staking platforms. As a result, the total TVL across Ethereum-based protocols has increased by 43% in the past month, surpassing $130 billion.
Technical Outlook for ETHFI
ETHFI is currently trading well above its 50-day and 100-day Exponential Moving Averages, indicating continued bullish momentum. The token has retested key resistance levels around $1.50, previously seen in August, September, and November last year. If this rally holds, the next major resistance zone lies near $2.
Backed by Arthur Hayes
Ether.fi’s performance is further underscored by its strong backing. Prominent crypto figure Arthur Hayes has shown support for the project, lending further credibility to its growth trajectory.
