Ether.fi Surges as Ethereum staking Network Gains Momentum
Ether.fi, a leading staking platform on Ethereum, has experienced a significant surge in value. The total locked value in its ecosystem reached a new high of 2.72 million ETG, up from 2.42 million in January. This growth has propelled the ETHFI token price to $1.1397, marking a 215% increase from its lowest point this month.
Consequently, Ether.fi’s market cap now stands at over $273 million, with a fully diluted valuation of $1.17 billion. The 24-hour trading volume has also spiked by 291% to $493 million. The platform’s total value locked (TVL) in U.S. dollars has soared to $6.86 billion, making it the fourth-largest player in the decentralized finance (defi) space.
this surge in TVL has led to a substantial rise in weekly fees, reaching $3.1 million, the highest as February. Monthly revenue has climbed to $2.4 million, with part of it allocated to token buybacks.
Ether.fi’s success is partly attributed to the recent Ethereum price rally. After dipping to $1,388 in April, Ethereum’s price has surged to $2,595, its highest since February. This has boosted other Ethereum DeFi networks, with the total value locked in the network rising 43% in the last 30 days to over $130 billion.
Technical analysis shows that ETHFI’s price has rebounded 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 has also retested the $1.50 resistance level, suggesting further upward potential, with the next key point at $2.
