Etherfi's $ETHFI trades at 3x the market cap of Eigenlayer's $EIGEN.

Or 1.3x the FDV.

Let that sink in:

An app that started as a liquid restaking wrapper on Eigenlayer now trades higher than the protocol it depended on.

Etherfi pivoted to a credit card with a cashback. Nothing too fancy and multiple competitors do the same thing (although most are debit cards).

Eigenlayer also pivoted to EigenCloud: verifiable cloud computing with EigenDA, EigenCompute, and EigenVerify.

EigenCloud is technically more impressive. And few understand what it actually does.

But a simple card that solves 'how do I spend my crypto' is winning.

Infra is a hard sell. User facing products find PMF faster.

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