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Alea Research

Ether.fi – Q3 2025

September 9, 202532 min • Language: en

Key Takeaways

Onchain Neobank: Ether.fi is the first non-custodial, global defibank, blending onchain staking, restaking, and yield with credit and real-world payments. Ether.fi is the category leader in LRTs and second only to Lido in combined LST+LRT TVL; the vertical product stack—Stake, Liquid, and Cash—covers restaking, automated DeFi yield vaults and a payments card.

Scaling Revenue: Revenue and Holder Revenue (Buybacks) annualized reached new highs in Q3, at $61M (+61% QoQ) and $20.6M (+225...