Ether.fi Surges as Ethereum’s Staking Network Gains Momentum
Ether.fi, a leading staking platform on Ethereum, has experienced a notable surge. Its total locked value reached an all-time high, driving the ETHFI token price to $1.1397. this marks a 215% increase from its lowest point this month.
The market cap now exceeds $273 million, with a fully diluted valuation of $1.17 billion. The 24-hour trading volume spiked by 291%, reaching $493 million. this growth is tied to the total value locked in Ether.fi’s ecosystem, which climbed to 2.72 million ETH, up from 2.42 million in January.
The platform’s TVL is now $6.86 billion, making it the fourth-largest player in decentralized finance. This growth has boosted weekly fees to $3.1 million, the highest since February. Monthly revenue hit $2.4 million, partly used for token buybacks.
Ether.fi’s success is linked to Ethereum’s price surge. After dipping to $1,388 in April, Ethereum soared to $2,595, its highest since February. Other Ethereum DeFi networks also saw inflows, with TVL rising 43% in 30 days to over $130 billion.
Technical analysis shows ETHFI’s price rebounding from $0.3937 in April to over $1. It has surpassed the 50-day and 100-day Exponential Moving Averages, indicating strong momentum. The token, backed by Arthur Hayes, retested the $1.50 resistance, suggesting further gains with the next key level at $2.
