1010210102 Tokens
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ETHFI

Ether.fi · ETH staking / neobank

46 /100
T3Mixed · #20 of 77
Cash flow routeCould move down ↓medium likelihoodReviewed Oct 23, 2026
DemandSoundnessDurability
21 of 4520 of 405 of 15

Key facts

SupplyFloat 100% of issued supply
  • Circulating 998.5M, 100%
  • Max 1.00B
FDV / market cap
1.0x
$649.4M / $649.4M
Market cap
$649.4M
Price $0.650, 7d −5.4%

Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.

Assessment

Ether.fi routes a policy-set share of revenue to stakers: DAO-approved buybacks pay ETHFI to sETHFI holders from eETH withdrawal fees and a floating share of ~$44M of trailing revenue, and an Aug 13, 2026 contract-level reboot runs ~$225-305K a week on Dune after buybacks fell to $0 for May-July 2026. Supply is fixed at 1B with no mint function or proxy. Investors, contributors and the multisig-run treasury took ~68%, and the treasury has no release schedule. The staking contracts are upgradeable and pausable by admin roles behind a short timelock, and governance is Snapshot only. Its engine depends on the buyback holding its pace through the neobank pivot.

How value reaches holders

DAO-approved buybacks distribute bought ETHFI to sETHFI stakers (~10% of supply staked): weekly 100% of eETH withdrawal fees plus a monthly floating share of revenue targeting ~10% sETHFI APY, and a $50M discretionary program while price is under $3. Realized buybacks fell to $0 for May-July 2026; programmatic contract-level buybacks rebooted Aug 13, 2026 and run ~$225-305K/week on Dune, though DefiLlama shows $0. Revenue ~$44M trailing year

Score anatomy

Demand

21 / 45: the stronger of two routes, plus adoption

Why would anyone hold it: does value reach the token, and is the network or product used today?

Holder routing engine input
3

Policy-set material share (25%+), or plumbing at 25-50%

How this is scored

Revenue reality engine input
3
Monetary usage engine input
0

Governance and sETHFI staking only; no material collateral use at lenders.

Trading onlyhigh confidenceHow this is scored

Adoption ×3
3

ether.fi Stake TVL $4.53B, third ETH staking token after Lido $23.2B and Binance $8.95B; $149M fees TTM plus a card product

Established: a meaningful, steady share of its categorymedium confidenceHow this is scored

Two routes, the stronger counts

01234520cash flowmoney
Revenue 3, minus 1 for routing 3 = cash flow 2. Money use 0. The engine is the stronger route: 2.

Soundness

20 / 40

Can a long-term holder trust the rules: supply, float, distribution and control?

Supply discipline ×3
5

Fixed 1B: the EtherFiGovernanceToken contract has no mint function and no proxy (verified source, Oct 23, 2026).

Hard cap or net deflationary by protocol rule, under 1%/yr gross growth, and nobody can mint past the cap or change the schedule short of a hard fork node operators adopthigh confidenceHow this is scored

Float and unlocks ×1
3

Investor and contributor vesting is 99.85% done (Tokenomist, Oct 23, 2026), but the treasury (21.6% allocation) holds its tokens with no release schedule.

0.5-1.5% per month, or large foundation or treasury holdings without a schedulemedium confidenceHow this is scored

Distribution ×2
0

Investors 23.26%, core contributors 23.26%, multisig-run treasury 21.62%: ~68%; user airdrops 11%, Binance Launchpool 2%; no public sale at investor terms

Insiders received over 50%, or one organization directs over 30% todayhigh confidenceHow this is scored

Decentralization and security ×2
1

The eETH liquidity pool and staking contracts are UUPS-upgradeable and pausable by ether.fi admin roles behind a short timelock, while ETHFI governance is Snapshot with no binding on-chain vote

A halt, rollback or exploited consensus bug in the last 24 months, attack cost under $10M, or a foundation-selected validator set or small multisig can halt or upgrade with no meaningful exit windowlow confidenceHow this is scored

Durability

5 / 15

Is it big, proven and reachable by institutions?

Scale ×1
3

$650.6M market cap (band 3), $45.7M/day median volume (band 3), no flags.

Mid-cap: $250M-1B market cap and $10M/day+How this is scored

Track record ×1
1

Launched Mar 18, 2024: 2.6 years old.

1-3 yearshigh confidenceHow this is scored

Institutional access ×1
1

Spot on Binance, Coinbase, Kraken, OKX, Bybit and Upbit; no ETP or US filing found.

Top-tier exchanges only, or delisting pressuremedium confidenceHow this is scored

What would move it up

To reach T2 Strong, 4 gates are still open:

  • Score 46needs 55(open)
  • Value engine 2needs 3(open)
  • Security 1needs 2(open)
  • Distribution 0needs 1(open)
  • Adoption 3gate 3(met)
  • Supply 5gate 2(met)
  • Float and unlocks 3gate 1(met)
  • Scale 3gate 3(met)

Tier outlook · next trigger Mar 18, 2027

Could move down ↓medium likelihood

  • Holder routing falls to 2 if programmatic buybacks stall again, as they did in May-July 2026
  • Revenue falls to 2 if trailing revenue drops below $25M (~$44M as of Oct 19, 2026)
  • Holder routing firms if the programmatic buyback publishes a fixed share of revenue
  • Track record reaches 2 at three years on Mar 18, 2027
  • Security rises to 2 if staking contract upgrades move behind a longer timelock or a binding on-chain vote

Compare with

How the ranking works and how ETHFI compares: see the full ranking. This entry as JSON:

GET https://tokens.10102.io/api/v1/tokenomics?symbol=ETHFI