EtherFi (ETHFi) has seen its price drop by 9% amid a sharp decline in user activity and liquidity. The number of daily active users has decreased to 328, marking the lowest level since July 2025. Additionally, the total value locked (TVL) in the protocol has fallen to $9.92 billion. Protocol fees have also seen a significant reduction, dropping by $98,000 in a single day. Liquidity in EtherFi's staking protocol has decreased to $680,000, according to data from DeFiLlama. This downturn highlights a continued exit of users and weak investor sentiment, contributing to the overall decline in the platform's performance.