ether.fi has successfully expanded from liquid staking into a multi-product DeFi platform, with its Cash product now contributing 50% of revenue at industry-leading ARPU. The protocol receives a base case valuation of $1.2 billion, contingent on maintaining competitive positioning and converting single-product users into multi-product customers.
Consensys-backed SharpLink reported a $734 million loss despite accumulating ETH holdings and generating 14,516 ETH in staking rewards. The company launched its treasury strategy in June 2025, focusing on native and liquid staking to generate returns.
Somnia experienced significant contraction in Q4 2025 following its mainnet launch, with market cap falling 64.7% to $40.4M and daily transactions dropping 70.5% due to post-airdrop selling pressure. Despite macro headwinds, DeFi TVL grew 41.6% to $2.7M driven by new lending primitives, while the network expanded partnerships and shifted focus toward reactive infrastructure for 2026.
