Mike Silagadze, CEO of ether.fi, believes 2026 will mark a structural shift in Ethereum’s growth story, moving away from speculation and toward crypto-native neobanks as the primary adoption engine.
Rather than price-driven hype cycles, Silagadze argues that Ethereum’s next expansion will be built on practical financial utility, delivered through user-friendly platforms that feel familiar to everyday consumers while running on decentralized infrastructure under the hood.
From Speculation to Real-World Utility
According to Silagadze, Ethereum’s earlier growth phases were dominated by speculative trading and short-term narratives. While that phase helped bootstrap liquidity, it failed to deliver mass-market usefulness.
He points to crypto-native neobanks as the missing link. These platforms focus on real-world services such as:
- Tokenized stocks
- On-chain savings and yield accounts
- Seamless fiat on- and off-ramps
By abstracting away wallets, private keys, and complex DeFi mechanics, neobanks allow users to interact with Ethereum without needing to understand blockchain technology.
Why Neobanks Matter More Than ETFs
Silagadze draws a clear distinction between neobanks and Exchange-Traded Funds (ETFs). While ETFs offer price exposure, they do little to connect users to Ethereum’s actual network activity.
Neobanks, by contrast:
- Expose users directly to on-chain staking and yield
- Enable participation in Ethereum’s economic layer
- Offer programmable financial products rather than passive exposure
He also notes that staking via ETFs remains constrained by regulation, limiting their ability to deliver Ethereum’s native yield advantages.
Bridging TradFi and DeFi
Crypto-native neobanks serve as a bridge between traditional finance and decentralized finance. They combine:
- Familiar mobile banking interfaces
- Compliance-ready fiat services
- Automated interaction with Ethereum protocols
This model allows users to benefit from decentralized infrastructure while enjoying the usability of modern fintech apps, an essential requirement for mainstream adoption.
Institutional Foundations Are Already Forming
Silagadze views 2025 as a foundational year, not a breakout year. During this period, institutional structures began taking shape, including Digital Asset Treasury (DAT) companies that hold and deploy crypto as long-term balance-sheet assets.
These entities, he argues, create more durable demand for Ethereum than speculative retail flows. Instead of chasing price momentum, they rely on Ethereum for infrastructure, settlement, and yield generation.
What Will Determine Success in 2026
While the thesis is compelling, Silagadze stresses that execution depends on several factors:
- User experience: Neobanks must feel indistinguishable from traditional mobile banking apps
- Yield delivery: Automated staking and protocol-based returns must remain reliable
- Regulatory clarity: Frameworks such as MiCA in the EU are critical for encouraging partnerships between traditional financial institutions and crypto-native platforms
Clear rules reduce friction, unlock institutional participation, and allow neobanks to scale responsibly.
The Bigger Picture for Ethereum
If Silagadze’s view plays out, Ethereum’s 2026 growth won’t be defined by price charts or trading volume alone. Instead, it will be driven by millions of users quietly using Ethereum-backed financial services, often without realizing they are interacting with a blockchain at all.
In that scenario, Ethereum’s strongest bull case isn’t speculation, it’s becoming invisible infrastructure for modern digital banking.
