A year ago, the restarted was one of the most popular areas of cryptography, and projects such as Eigenlayer were announced as the next great thing.
Fast progress until mid -2015 and the total locked value (TVL) has fallen throughout the sector and the exaggeration that surrounded the points of points has wither.
Throughout everything, Ether.FI, the market leader, has remained stable, helping users to generate performance through liquid tokes (LST) that can be bet on the decentralized finance ecosystem (DEFI).
Now, Ether.FI is looking to expand with the plans to become a neobank for cryptographic companies and users.
Ether.fi’s Domain
Ether.fi, based in the Cayman Islands, benefited from being one of the first engines in the liquid spare space, starting a farm of lucrative points that saw the first users receive points that could eventually be transferred to an Airdrop Ficha.
In a period of 10 weeks at the beginning of 2024, ETH stamped grew from 45,000 ETH to 808,000 ETH. Now, there are 2.58 million ETH on Ether.FI, while the next competitor, Renzo, has around 380,000 ETH.
In dollar terms, Ether.FI has about $ 5 billion in TVL. This number has collapsed since the maximum of December of $ 9.4 billion, but only due to the increasing price of ETH, in opposition to any significant departure.
Ether.fi is closely involved with its users in an effort to keep them on board.
“We probably know half of the TVL,” Silagadze added. “As in, we know who they are and we talk to them and we have continuous conversations.”
Renzo in contrast has seen more than 60% of ETH retired from the platform since last July, with TVL sliding from 1 million ETH to 378,000 ETH, according to Defillama.
From restructuring the protocol to Neobank
For Silvagadze, the resting product is a means for users and capital on board, while the company’s main ambition is to become a neobank to rival Revolution’s tastes.
“Supporting for us was really a way of building TVL and obtaining a user base,” Silagadze told Coindesk. “The final objective is to create an integrated set of products that allow users to completely move away the ramp from their traditional banking institutions and operate on a native encryption platform.”
Ether.FI launched a “effective” visa card on the displacement network in September and Silagadze believes that this will become the main income driver of the company.
Neobank has become a fashion word in cryptography in recent times. The Nexo Loan platform renamed last year as a neobank and was also the stealthy launch of Dakota, a cryptography application that will provide banking services to cryptography depositors. EOS, which was launched as a very hated smart contract platform in 2017, has also changed the focus on web banks.
For Ether.FI, the plan is to incorporate three products into a mobile application that will soon be launched.
The application will include three integrated products: Ether.Fi Stake, which is the rethinking protocol; Ether.fi Liquid, who is an automated defi strategy manager that generates the best available performance through the use of AI; and the Ether.FI cash wallet and the credit card.
The rethinking companies that seek to serve the US market have discouraged by the absence of a clear regulatory framework.
But Ether.FI hopes that the Trump administration friendly with the Cryptomonitres soft the way to offer services to US citizens after ensuring the respective licenses.
“We are actually going to turn the United States for our rethinking product and the cash product relatively soon. Actually, we have just had a legal opinion that we are fine to do it,” said Silvagadze. Ether.FI is also requesting licenses to operate in the European Union and the Cayman Islands, where its team operates.
Ethereum feeling problem
Ethereum was the favorite of the 2017 Alcista market and the subsequent ICO boom and was the dominant smart contract chain since Defi and NFTS encouraged the 2020-22 boom.
However, this cycle, the Ethereum Network has been criticized by a prolonged road map since the market focuses on memecoras and faster blockchains like Solana.
ETIHER is currently quoted at around $ 1,965, since it has lost 40% of its value in the last 12 months. Solana, meanwhile, is quoted at $ 131 after having lost only 25% of its value in the same period.
“Some of that [negative sentiment] It is clearly designed by competitive ecosystems. The people of Solana are out there every day talking with investors, assigners and media and simply spreading bulls on ether, “said Silagadze.
“If you really dissect those arguments, they are incoherent. But those memes are floating, and that has an effect.”
