Staking · Liquid Restaking · weETH
Ether.fi is a decentralized, non-custodial liquid restaking protocol; users stake ETH for eETH (wrapped as weETH) which restakes via EigenLayer to earn staking plus restaking rewards.
Leading non-custodial liquid restaking.
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Largest liquid restaking protocol; users keep control of their validator keys, plus a Cash/DeFi product suite on top of weETH.
The core rebasing liquid restaking token. Users deposit ETH and receive eETH, which accrues Ethereum staking rewards plus EigenLayer restaking rewards; balances rebase automatically as rewards accumulate.
A non-rebasing, wrapped version of eETH built for DeFi composability. It maintains the same underlying yield exposure while keeping a constant balance, making it usable as collateral and in liquidity pools across DeFi.
Staked ETH is natively restaked through EigenLayer, allowing Ether.fi validators/positions to secure additional services (AVSs) and earn restaking rewards on top of base staking yield.
Automated, curated DeFi strategy vaults (e.g. Liquid ETH Yield, Liquid USD, Liquid BTC Yield) that deploy deposits across yield opportunities and issue a liquid receipt token.
A DeFi-native Visa payment card that lets users spend against their Ether.fi crypto balance, with cashback rewards and Visa network benefits.
The protocol's governance token (max supply 1,000,000,000, no further issuance). Holders vote on grants, protocol upgrades, node-operator permissions, treasury diversification, and economic parameters such as protocol fees.
1,000,000,000 ETHFI (fixed, no further issuance)
Announcing ETHFI: The ether.fi Governance Token (Medium)115,200,000 ETHFI (11.52% of max supply) at launch
Announcing ETHFI: The ether.fi Governance Token (Medium)$23M Series A (Feb 2024) plus a previously unannounced ~$4M SAFE round closed end of 2023
CoinDesk: Ether.fi Raises $23M Series AHow Ether.fi maps onto established TradFi structures, and where it diverges.
Yield-bearing/interest-bearing deposit account
Ether.fi
Like a savings or money-market account, users deposit an asset (ETH) and earn ongoing yield while retaining a claim on the principal.
TradFi analogue
Ether.fi is non-custodial and on-chain: the receipt token (eETH/weETH) is freely transferable and usable across DeFi, yield derives from validator and restaking rewards rather than a bank's balance sheet, and there is no deposit insurance; returns and principal are subject to smart-contract, slashing and market risk.
Cashback rewards credit/debit card
Ether.fi
Ether.fi Cash resembles a traditional Visa rewards card, offering cashback on everyday spending via the Visa network.
TradFi analogue
Spending is settled against the user's on-chain crypto balance rather than a fiat bank account or a traditional credit line, and cashback can be paid in crypto/ETHFI.
Mike Silagadze
CEO & Co-founder Co-founder and chief executive of Ether.fi; quoted in the February 2024 Series A announcement on the protocol's growth and expansion.
Rok Kopp
Co-founder & Chief Growth Officer Co-founder of Ether.fi leading growth.
Series A
2024-02-28$23M
Key milestones: launches, upgrades, exploits and governance events.
Ether.fi is a non-custodial liquid restaking protocol on Ethereum. Users deposit ETH, receive the liquid token eETH (or its wrapped form weETH), and the underlying ETH is staked and natively restaked through EigenLayer to earn both staking and restaking rewards while remaining liquid.
eETH is the rebasing token whose balance grows as rewards accrue. weETH is the wrapped, non-rebasing version designed for DeFi composability, keeping a fixed balance while its value appreciates. Both represent the same underlying staked/restaked ETH position.
Yield comes from Ethereum proof-of-stake validator rewards plus restaking rewards earned by securing additional services through EigenLayer. Additional strategies are available via Liquid Vaults.
ETHFI is Ether.fi's governance token with a fixed maximum supply of 1,000,000,000. Claiming began on 18 March 2024. Holders govern grants, protocol upgrades, node-operator permissions, treasury and fee parameters.
Ether.fi Cash is a DeFi-native Visa card that lets users spend against their on-chain Ether.fi balance, earning cashback and Visa benefits, without needing to sell their crypto.
