Ether.fi

XRP people have gone sideways.

EtherFi is another interesting one to keep an eye on.

I don't know if we've posted it yet, but we've got a video coming out on EtherFi.

Fully circulating.

I'm really trying to stay focused on ones that are fully circulating.

I think Stacks is one that gets slept on a little bit, and we should probably do a video.

We've been doing that DeFi series with all these different things.

Like I mentioned, EtherFi and Pendle, which you see right there.

We also have as an advisor that serves to us like an ex-CIO.

He was also the head of engineering when EtherFi was just starting up.

And then we obviously have like two great smart contract engineers that sit below them that have like building trading system backgrounds as well.

So the team has to be really strong.

When you have your Paraguayan like a cellular national ID, and you have like a prego and proof of address the cool thing about uh or bolivian one the cool thing what you can do you can basically make kyc process on any crypto service like if for example i'm using ether5 or i'm using like a binance so basically you can use these uh non-crs uh like documents from non-serious country to make like a full kyc so so basically then you are using like a kyc services but with no reporting because uh you use like your non-crs tax residency which is super cool so so so for example uh how i leave uh My typical scenario is that I borrow for less than 1% stablecoins, EuroC, so basically I'm shorting EuroC.

Then I basically top up my EuroC to my EtherFi card.

I did like a KYC using like Prago and Cedula, which is super nice.

And basically, I could do like a set of payments from EtherFi, which is like super nice.

So basically, I don't need any bank account inside of the EU to make like any set of payment.

uh i can pay with this card anywhere in the world there's like three three percent cash back so so so this is the cool about this bolivian or program uh like a residency that you have like a program bolivian uh approval address and and the national id and you can use it for any kfc service and you don't need to and then you don't need to afraid about reporting or any anything like that So this is like a like a cool advantage.

Now we have a very limited set of collateral that we allow.

So we're allowing ETH, LIDO Staked ETH, EtherFi, WETH, WBTC, and CBBTC.

So these are the five collateral that we allow to borrow stablecoins on SparkLend.

We also are very limited in sort of this high leverage rehypothecation of collateral.

And I also like this whole idea of the perception shift being like, you know, we're going to hide it to know we're going to embrace it, maybe not publicly through our marketing, but through our comms and through our our decision making.

So EtherFi also, you mentioned on the Neobank side, they just launched their, they announced their first stable coin powered by the Athena guys with their white label product.

Curious, A, your take on that, but B, specifically because we had that, we had the cast CEO rags on.

Guy's a bit of a character for sure.

And so, you know, as much as I'd like to be all like everyone's going to win, it's all, you know, sunshine and roses.

When all the neobanks are competing for similar customers and launching stable coins and having similar offerings, you do start to see a commoditization and obviously competitive forces at play.

So just give us your take on EtherFi stablecoin launch and this kind of verticalization of the neobank stack and like how that kind of leads into this newer world that we're seeing of owning the whole thing.

Because in traditional financial services, there's been no such thing as stablecoins, such that you're building your neobank on the US dollar rails.

It's really just Bitcoin, hype, ZEC, Near, INA, and then you start to kind of depends on what you'd like.

You like EtherFi, you like Derive, you like whatever.

Um, but yeah, like that's, that's, um, that's what I'm seeing.

Like, do you, do you feel like, cause you're more, more of the trader.

Lighter, LIT.

EtherFi, Aave, Ethena, Solana, Hyperliquid, Aerodrome, LayerZero, Chainlink, Backpack, Maple, the syrup token, Uni- Pendle and Ondo.

The crypto token basket

I mean, it's a, it's a DeFi tokenization of real-world asset ba- uh, basket

eth l1 so in that sense like settlement custody i think it's a good narrative for institutions to have because eth just has so much tvl and total value secured um but like apart from a narrative i don't know how important it actually is

okay fair um Next on the list, and again, this is the last token with the same weighting, is EtherFi.

This is one that we've written about recently, and this is one internally that we're constructive on, at least a few of us.

Kunal, yeah, what are your thoughts on this one? I know you have some opinions here.

Like, I mean, again, going back to just from like a multiple standpoint, right? If you just analyze last 30-day revenue, it's around 50 next multiple.

So I think if you look at just amongst the tokens in the list, if I'm not wrong, it'll be one of those with, you know, one of the most like reasonable like valuations out there.

And a lot of the growth has just come from the card product, right? I'm sure if we have a chart somewhere, but the weekly spend volumes on EtherFi's card, it's just been up and to the right, like huge product market fit there.

Recently integrated with like Athena's white label coin as well.

Armada, a privacy protocol on Ethereum, pledged 1% of its ARM token supply to the Protocol Guild to support Ethereum Core contributors.

Armada joins Aztec, EtherFi, Puffer Finance, and Aligned, among others, in taking the pledge.

The tokens are deposited into the Protocol Guild's immutable vesting contract that funds nearly 200 core developers.

This donation, however, is revenue locked and will only unlock as Armada hits usage milestones.