Ether.fi, a restaking protocol, is grabbing attention in the cryptocurrency landscape by accomplishing a key financial milestone. According to data shared today by market analyst Token Terminal, Ether.fi Cash, a product owned by Ether.fi, has surpassed $1 million daily spends, an indicator of increased enthusiasm in the crypto card. Ether.fi Cash is not only a non-custodial, crypto-native Visa card but also a mobile wallet built on Scroll, an Ethereum Layer-2 network powered by ZK technology.
DeFi Activity Drives Growth on Ether.fi Cash
By processing unmatched average of $1 million daily spend volume, Ether.fi Cash is making a huge impact in the crypto market and solidifying its footprint in the blockchain transaction sector. As per the data, over the last five months since May, Ether.fi Cash’s monthly spend volume has been rising steadily, mainly driven by growing usage in the crypto card wallet.
In September 2024, Ether.fi launched the blockchain-based credit card through a partnership with the Ethereum Layer-2 scaling network Scroll. With its zkRollup solution, Scroll serves as a settlement layer for Ether.fi Cash’s transactions, enabling more rapid and efficient crypto-backed purchases.
Despite its launch in September, data shows that the crypto card wallet started experiencing strong user applications since May this year. This connects with the move by Ether.fi to launch its DeFi bank and expand its network’s presence in the US in late April.
On 24th April, 2025, Ether.fi rolled out its DeFi bank, a decentralized and non-custodial banking service, an alternative to traditional banks. Based on the data, the rollout of the DeFi neobank and Ether.fi’s expansion to the US significantly attracted user interest. The popularity of the DeFi bank app is based on its offerings. The decentralized app allows people to earn, spend, and save through connected crypto features like restaking, etc., without the involvement of intermediaries. It also enables people to execute payroll services and transact payments using fiat money.
Ether.fi’s Price Outlook
Ether.fi Cash’s impressive performance is also reflected in the remarkable price stability of ETHFI, the native token that powers the Ether.fi ecosystem. The asset’s price currently stands at $1.511, up 5.2% and 37.5% over the past week and month, respectively.
The figures signal robust transaction activity in the Ether.fi network and reflection of the ecosystem’s growing utility and overall health. Ether.fi’s TVL currently stands at $10.189 billion, another indicator of an exponential rise in activity on the Ether.fi’s network and surging confidence in the ecosystem.
Credit: Source link