Ether.fi (ETHFI)
$7.8B TVL on $350M mcap (22x TVL/MC). $50M buyback active. 84% circ. 250M token releases ahead.
Ranked 12th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
ETHFI scores 162 of 250 across the 25-variable framework, which places it 12th of 251 rated tokens and inside the top 5% of the set. The framework verdict is HOLD.
ETHFI is a top-10 name in the set on 4 variables. The score rests on Buyback and Burn 9/10, 2nd of 251, P/S Multiple 8/10, 2nd of 251, Market Share 8/10, 4th of 251 and Real Staking Yield 7/10, 5th of 251.
97.3% of eventual supply is already circulating, so vesting is not a live risk for ETHFI. Price has to be justified by demand rather than absorbed against a cliff.
ETHFI trades 95.8% below its all-time high of $8.53. Recovering that level is a 23.8x move, not a 95.8% one, which is the arithmetic most drawdown charts hide.
The framework score gained 92 points against the previous pass (70 to 162). Revisions of this size follow a change in the underlying variables, not a change in price.
$7.80B sits in the protocol. The token is capitalised below the value locked in the protocol.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 7 | 10th of 251 | |
| Revenue Trend | 7 | 6th of 251 | |
| P/S Multiple | 8 | 2nd of 251 | |
| Real Staking Yield | 7 | 5th of 251 |
Supply
| Supply Inflation | 5 | 61st of 251 | |
| Vesting Schedule | 5 | 100th of 251 | |
| Circulating / FDV Ratio | 7 | 46th of 251 | |
| Buyback and Burn | 9 | 2nd of 251 |
Ownership
| Smart Money Flows | 7 | 12th of 251 | |
| Insider Selling | 7 | 8th of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 8 | 6th of 251 | |
| Active Users | 6 | 24th of 251 | |
| Developer Activity | 6 | 33rd of 251 | |
| Network Growth | 7 | 12th of 251 |
Position
| Market Share | 8 | 4th of 251 | |
| Competitive Moat | 6 | 29th of 251 | |
| Institutional Adoption | 6 | 26th of 251 | |
| Exchange Depth | 5 | 73rd of 251 | |
| Social Mindshare | 5 | 41st of 251 |
Risk
| Regulatory Safety | 6 | 52nd of 251 | |
| Catalyst Calendar | 7 | 15th of 251 | |
| BTC Alpha Potential | 4 | 45th of 251 | |
| Team Execution | 7 | 12th of 251 | |
| Treasury Runway | 7 | 11th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
$50M buyback active (99% DAO approval), ETH staking ETF narrative, EtherFi Cash card
Principal risk
token release to 2027, ETH price dependency, Lido competition (#1 LST)
Market and supply
| Price | $0.3611 |
| Market cap | $351.4Mrank 116 |
| All-time high | $8.5327 Mar 2024 |
| Circulating supply | 973,468,000 |
| Eventual supply (max supply) | 1,000,000,000 |
| Dilution to full supply | 1.03x |
| Total value locked | $7.80B |
| Listed on | Binance, MEXC, Gate.io |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to ETHFI measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [DeFiLlama] $7.8B TVL, #2 liquid staking protocol
- [EtherFi Governance] $50M buyback approved with 99% governance support below $3
- [CryptoNewsNavigator] $400M+ cumulative revenue generated
- [EtherFi Docs] 100% withdrawal fee revenue to weekly ETHFI buybacks
Common questions
- What is the Early Thunder score for Ether.fi (ETHFI)?
- ETHFI scores 162 out of 250 on the 25-variable framework, ranking 12th of 251 rated tokens (top 5%). The framework verdict is HOLD.
- What are ETHFI's strongest fundamentals?
- ETHFI ranks highest on Buyback and Burn 9/10, 2nd of 251, P/S Multiple 8/10, 2nd of 251, Market Share 8/10, 4th of 251 and Real Staking Yield 7/10, 5th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- How much ETHFI supply is still to enter circulation?
- 97.3% of eventual ETHFI supply is circulating today, leaving 1.03x the current float still to arrive. At a flat price per token that is 2.7% of fully diluted value ahead of current holders.
- How far is ETHFI from its all-time high?
- ETHFI trades 95.8% below its all-time high of $8.53. Returning to that high requires a 23.8x move from the level used in this scoring pass.
- Which tokens have a similar profile to ETHFI?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to ETHFI are SYRUP (168), ACX (137), MKR (177) and DRIFT (142). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for ETHFI?
- $50M buyback active (99% DAO approval), ETH staking ETF narrative, EtherFi Cash card
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.