Report: ether.fi plans to exit its core restaking business by year-end
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AT A GLANCE
Restaking fees and leading protocol profits declined, and ether.fi is reportedly shifting toward a “neobank” model.
Article
Analysis: The restaking gold rush recedes, leaving leading protocols with little profit remaining
PANews September 29 reported, citing CoinDesk, that as restaking yields dry up and smart contract risks rise, ether.fi, a leading Ethereum liquid restaking protocol, is gradually exiting its core restaking business and shifting toward a crypto “neobank” model. Data shows that September 8 the restaking sector's total value locked is approximately 10020000000 USD, and over the past 1 weeks it generated only approximately 99977 USD in fees, while the liquid staking sector's total value locked reached 51870000000 USD, generating approximately 27350000 USD in fees. In the second quarter of 2026 the five major liquid restaking protocols—Renzo, Kelp, Swell, Puffer Finance, and Bedrock—excluding ether.fi, generated combined gross profits of only approximately 953000 USD, down from 2180000 USD in the previous three quarters. ether.fi CEO Mike Sila...
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🔗https://www.panewslab.com/zh/articles/01a0e8dd-d8f6-716b-81f4-8d47612e24d9
Key points
01
PANews said, citing CoinDesk, that ether.fi is gradually exiting its core restaking business.
02
The report stated that the September 8 restaking sector's total value locked is approximately 10020000000 USD, with fees of approximately 1 over the past weeks. 99977 USD。
03
The liquid staking sector's total value locked reached 51870000000 USD, with approximately 27350000 USD。
04
2026 In the second quarter of 953000 USD Renzo, Kelp, Swell, Puffer Finance, and Bedrock generated combined gross profits of approximately 2180000 USD。
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
Total value locked refers to the total amount of assets deposited in the relevant protocols, while fees and gross profit reflect the revenue earned by the protocols and the amount remaining after deducting certain costs. The data in the article shows that fees in the restaking sector and the profits of some protocols declined from previous levels; the report also stated that ether.fi plans to shift toward a crypto “neobank” model.
Why it matters to readers
This indicates that restaking protocols are under pressure on revenue and profits, and that the direction of related business operations may be adjusted.
If you are new to the crypto industry, you can understand restaking as participating in additional yield arrangements based on staked assets, although this usually also involves additional protocol risks.
Risks and unknowns
The original text is truncated after mentioning ether.fi CEO Mike Sila, so his complete statement is unknown.
The evidence does not provide an official ether.fi announcement, a clear exit timetable, or details of the specific business scope.
The evidence only states that the relevant fees and profits declined according to the data and reports; it does not explain the full reasons for the decline.
Related Developments
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Related concepts
Restaking
Using already staked assets again to help secure services beyond the base network.
