Executive summary

Ether.fi $ETHFI expanded its liquid staking infrastructure over Q3, with TVL growing from $6.66B to $11.51B. The protocol's Ether.fi Cash product crossed $48.52M in cumulative spend volume, while revenue generation remained concentrated in core staking with weekly fees of $4-8M and revenue of $0.5-2M. Monthly active users rose from 3.3K to 29.4K, demonstrating significant growth. 

Key metrics (Q3 2025):

  • Total value locked: $11.51B (+78% QoQ)

  • Q3 Ether.fi Cash spend volume: $48.52M (+422% QoQ)

  • Q3 fees: $77M (+85% QoQ)

  • Q3 revenue: $16.9M (+78% QoQ)

  • Monthly active users: 29.4K (+791% QoQ)

TVL & spend volume

Ether.fi ended Q3 with $11.51B in TVL, after reaching a peak of $13.9B in August. Liquid staking on the Ethereum mainnet accounts for over 85% of TVL, while Marinade Liquid Staking, L2 deployments and Ether.fi Cash (the protocol's DeFi-native credit card) comprised the remainder. Ether.fi Cash spend volume climbed from $402k to over $1M through the quarter (totalling $48.52M for Q3), indicating strengthening product-market fit.

👥 Ether.fi team commentary:

  • TVL: Total TVL trends upward with consistent inflows across Stake and Liquid products, stabilizing after strong early-year expansion. Organic user growth, partner integrations, institutional participation, weETH adoption, and cross-chain deployments are driving growth. Q4 will focus on new cross-chain deployments, improved Liquid Vault rewards, and additional growth through Ether.fi Cash adoption.

  • Ether.fi Cash: Spend volume is growing through higher transaction sizes and new card activations, driven by organic regional adoption and user referrals with strong momentum in emerging markets. Q4 brings seamless fiat onboarding and expanded token support.

Fees & revenue

Q3 weekly fees ranged from $3.7M to $7.1M, totalling $77M for the quarter, while weekly revenue ranged from $817k to $1.8M, totalling $16.9M. Liquid staking products generated the overwhelming majority of both fees and revenue, though Ether.fi Cash saw significant growth in percentage terms, more than doubling its revenue contribution from 2.73% at Q3 start to 5.51%.

👥 Ether.fi team commentary:

  • Fees & revenue: Weekly fees and revenue trend upward through higher TVL, staking participation, vault activity, and Ether.fi Cash growth. ETH price appreciation contributed to overall fee generation. Product adoption and expanding Liquid Vault balances drive growth as users transact while maintaining larger positions. Q4 will bring enhanced Liquid Vault rewards, cross-chain deployments, and continued product expansion generating new interchange revenue streams.revenue streams.

Monthly active users

Monthly active users grew from 3.3K to 29.4K during Q3, driven primarily by Ether.fi Cash on Scroll, where strengthening product-market fit accelerated adoption to over 27K users by quarter-end. MAU measures unique users who interact with any Ether.fi protocol product within a 30-day rolling window across its multi-chain ecosystem.

👥 Ether.fi team commentary:

  • User Growth: Sharp MAU growth on Scroll reflects a clear inflection point following the launch of Ether.fi Cash. Users are driving growth through new wallet activations, transaction volume, and Liquid Vault deposits. Q4 growth will come from expanded Ether.fi Cash features, regional rollout, and vault/rewards integrations.

Outlook

Ether.fi enters Q4 with accelerating user growth and strengthening Ether.fi Cash product-market fit, though TVL remains below August highs. Growth depends on three priorities: expanding Ether.fi Cash adoption through fiat onboarding and regional rollout, deploying cross-chain infrastructure to capture new markets, and enhancing Liquid Vault rewards to drive deposits. Key challenges: sustaining TVL momentum and converting Ether.fi Cash users into vault depositors as the protocol scales.

About this report

Reports are published quarterly and powered by Token Terminal's end-to-end data infrastructure. All metrics are derived directly from blockchain data. See the charts and data from this report on the Ether.fi dashboard on Token Terminal.