Hayes backs ether.fi restaking as dashboard proves ARR leap from $18M to $80M

BitMEX co-founder Arthur Hayes called ether.fi’s liquid staking protocol “real users, spending real money, that goes back to token holders.”

Hayes shared the remark in his latest X post on Sept. 18, 2025, as he highlighted the launch of ether.fi’s Token Terminal dashboard.

Ether.fi reported that its annual recurring revenue (ARR) reached about $80 million, rising sharply from $18 million in April. The protocol stressed transparency as a core principle, saying the new dashboard will let users track business performance metrics without restrictions.

The dashboard came through a partnership with Token Terminal, an on-chain data aggregator known for standardizing blockchain and dApp activity into familiar business and financial metrics.

Ether.fi said its goal is to become a banking-style alternative, letting users stake, earn, and spend directly from a single non-custodial account. Backing from Token Terminal is expected to help the protocol lower technical barriers and draw in a wider base of users.

Token Terminal confirmed ether.fi has raised about $32 million in venture capital from CoinFund, Maelstrom, and others. These contributors include experienced builders of on-chain protocols, according to the firm.

The announcement added that ether.fi’s total value locked (TVL) stands above $12 billion. Transparency in reporting and data-driven accountability have become crucial to the project’s next phase of growth.

Ether.fi is a restaking platform on Ethereum that issues a liquid staking token, eETH, in exchange for staked ETH. Unlike custodial services, the protocol lets participants retain control of their private keys.

This setup gives users both DeFi access and flexibility to increase earnings across the broader market.