Ether.fi has reported a major shift in its revenue structure, with its crypto card product overtaking staking as the protocol’s primary income source, marking one of the clearest transitions yet from yield-based DeFi to real-world payments.
According to performance data, card revenue climbed from near zero in late 2024 to 55% of total revenue by March 2026, while staking fell to 39%. The change reflects the rapid adoption of Ether.fi’s Visa-linked spending product, which has scaled into one of the largest non-custodial crypto card networks in the sector.
Etherfi just did something wild that most DeFi protocols talk about but never actually pull off.
Their card product completely flipped the revenue model. Back in October 2024, cards were literally at 0% of revenue. Fast forward to March 2026 and cards hit 55% while staking… pic.twitter.com/coOV31hF9z
— Mesh (@MeshClans) April 13, 2026
DeFi in 2026 is shifting from high-risk speculation to real-world use. DeFi is now widely used for payments and settlements, even rivalling traditional networks, while real-world assets (such as bonds and real estate) are being tokenised for lending and yield generation. Overall, DeFi is becoming more practical, focusing on real utility, faster payments, and institutional adoption instead of high-yield farming.
Card payments overtake staking as primary revenue driver
Ether.fi’s card segment processed about $126 million in spending in Q4 2025, representing a 160% quarter-on-quarter increase and an annualized run rate of roughly $663 million. The platform now accounts for more than 60% of all Visa-linked crypto card market activity, with around 70,000 active cards in circulation.
Daily spending is estimated at $2 million as of early 2026, driven by real-world usage including groceries, rent, and daily retail transactions. Unlike staking revenue, which fluctuates with ETH price movements, card revenue is generated through interchange fees and borrowing activity tied directly to user spending behaviour.
Dual-engine model creates independent revenue streams
A key driver of growth is the integration between Ether.fi’s Liquid Vault and its card system. Roughly 80% of card users also participate in staking vaults, creating a loop in which users deposit ETH, earn yield, and spend it without selling their holdings.
This structure allows Ether.fi to generate income both from idle capital and active spending. The model has also benefited from rising crypto-to-fiat infrastructure maturity and increased regulatory clarity, supporting wider adoption of on-chain financial products.
In another DeFi news, Solstice Finance introduced a multi-strategy decentralized finance framework designed to consolidate real-world asset yield generation, derivatives exposure, and leveraged DeFi strategies into a single protocol structure.
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