DeepBook (deep) 
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Ether.fi, a leading staking network on the Ethereum blockchain, has experienced a significant surge in activity, with its total value locked (TVL) reaching an all-time high. This development has positioned Ether.fi as a key player in the decentralized finance (DeFi) ecosystem.
ETHFI Token Price Surge
The ETHFI token saw a remarkable price jump, trading at $1.1397 on Sunday—a 215% increase from its lowest level earlier this month. This brought its market capitalization to over $273 million, with a fully diluted valuation of $1.17 billion. Additionally, its 24-hour trading volume skyrocketed by 291%, reaching $493 million.
Total Value Locked Hits Record High
One of the main drivers behind ETHFI’s performance is the substantial growth in its TVL. The total value locked in its ecosystem climbed to 2.72 million ETH, up from 2.42 million ETH in January. In comparison, the TVL stood at just 46,000 ETH in January of the previous year. In U.S. dollar terms, the TVL now totals $6.86 billion, making Ether.fi the fourth-largest DeFi platform by TVL.
Revenue and Fee Growth
This growth in TVL has directly impacted Ether.fi’s revenue and fees. According to recent data, the network’s weekly fees soared to $3.1 million, the highest level since February. Additionally, monthly revenue reached $2.4 million in April, with a portion of this revenue allocated to token buybacks aimed at supporting the ETHFI token’s value.
Impact of Ethereum Price Rally
Ether.fi’s recent success has also been influenced by the broader Ethereum price surge. Ethereum’s value rebounded from a low of $1,388 in April to a high of $2,595—its highest level since February. This rally has fueled inflows into Ethereum-based DeFi platforms, driving the total value locked across the Ethereum network up by 43% over the past 30 days to exceed $130 billion.
ETHFI Price Technical Analysis
The daily price chart for ETHFI reveals a strong recovery over the past few weeks. The token’s price rose from $0.3937 in April to over $1, surpassing both the 50-day and 100-day Exponential Moving Averages (EMAs). This upward momentum indicates growing confidence among investors.
Moreover, ETHFI recently retested a critical resistance level at $1.50, a point it previously hit in August, September, and November of last year. If the current trend continues, the next key level to monitor is $2, which could serve as the token’s next significant resistance point.
Takeaways for Investors
For investors interested in DeFi and staking opportunities, Ether.fi’s strong performance and growing ecosystem highlight its potential as a significant player in the space. Key points to watch include further growth in TVL, network revenue, and the broader performance of Ethereum, which remains a cornerstone of the DeFi landscape.
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