Alea Research

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EtherFi is the new Revolut. The Q1 2026 report by @AleaResearch reveals a massive shift: 55% of @ether_fi 's revenue now comes from "Cash," while staking has dropped to 39%. With only 30 employees, they are generating $60M in annual revenue and managing $6B in staked ETH. Here is the breakdown of their aggressive expansion: > The ecosystem now stands on three pillars: Stake, Liquid, and Cash. They have issued 54,000 cards, and usage volume hit $663M this year. Most of this growth was organic via referrals, but they are now prepared to spend $50 to $100 per user to go mainstream. The real innovation is "Borrow Mode." With a global LTV of 12%, users can spend via instant credit backed by their assets. Despite the operational success, the token is down 94% from its all-time high. To fight this, they are using 30% of revenue for buybacks, redistributing them to stakers. They even set up a $50M fund to protect the price under $3, though the token is currently under $0.50. The most exciting part is the 2026 roadmap. They are moving to @Optimism to scale the rails (and also the cashbacks), integrating SEPA for fee-free Euro payments, and onboarding 300 companies to their infrastructure. They also want to integrate Hyperliquid tech to offer traditional stock market access directly in the app. EtherFi is building a closed-loop financial system with a 60% retention rate. Once the heavy institutional unlocks end this March, the selling pressure should finally clear, leaving a highly efficient, revenue-generating machine.