ether.fi is the leading Liquid Restaking Token (LRT) protocol, where users deposit ETH and receive eETH — a liquid token that automatically accrues Ethereum validator rewards AND EigenLayer restaking yield simultaneously, while the underlying ETH is delegated to non-custodial validators (operators cannot withdraw users’ keys). ETHFI is the governance token for the ether.fi DAO. The protocol’s differentiation from competitors (Renzo, Kelp, Puffer) is its “non-custodial” validator model where ETH depositor key pairs are generated client-side and never held by ether.fi, combined with its early-mover advantage and DeFi integrations (eETH usable in Aave, Curve, Pendle, etc.).
| Stat | Value |
|---|---|
| Ticker | ETHFI |
| Price | $0.46 |
| Market Cap | $363.03M |
| 24h Change | +8.5% |
| Circulating Supply | 787.26M ETHFI |
| Max Supply | 1.00B ETHFI |
| All-Time High | $8.53 |
| Contract (Ethereum) | 0xfe0c...c0eb |
| Contract (Scroll) | 0x056a...bd81 |
| Contract (Base) | 0x6c24...2aa2 |
| Contract (Arbitrum One) | 0x7189...dc27 |
How It Works
Non-custodial validators:
When users deposit ETH into ether.fi, validators are assigned but keys are distributed using Distributed Validator Technology (DVT) — no single entity holds the complete validator key, reducing custodial risk versus centralized liquid staking.
eETH (Liquid Restaking Token):
Users receive eETH 1:1 for ETH deposited. eETH:
- Increases in ETH value over time (like stETH)
- Includes both Ethereum staking APY and EigenLayer AVS restaking points
- Can be used in DeFi (Aave, Curve, Pendle) for additional yield
weETH:
A non-rebasing wrapped version of eETH (similar to wstETH) for better DeFi compatibility.
ETHFI governance:
Controls fee parameters, operator whitelisting, EigenLayer AVS opt-in decisions, and treasury deployment.
Cash product:
ether.fi also launched a crypto debit card (ether.fi Cash) allowing users to spend crypto at traditional merchants.
Tokenomics
| Metric | Value |
|---|---|
| Max Supply | 1,000,000,000 ETHFI |
| Community/ecosystem | 32.5% |
| Protocol treasury | 27.5% |
| Team | 23% (vested) |
| Investors | 17% (vested) |
| Launch | Airdrop March 2024 |
Use Cases
- Governance — ETHFI holders vote on protocol parameters and treasury
- eETH staking — ether.fi’s protocol token underpinning the eETH product
- DeFi yield — eETH used in Aave as collateral, Pendle for yield splitting, Curve for LP
- Cash debit card — ETHFI ecosystem supports the crypto debit card product
History
- 2022 — ether.fi founded by Mike Silagadze (co-founder of Top Hat edtech company)
- Oct 2023 — eETH liquid restaking product launches; rapid TVL accumulation
- 2024 — Fastest protocol to $1B → $5B → $10B TVL in DeFi history
- Mar 2024 — ETHFI token launches via season 1 airdrop; token hits $8+ on listing
- 2024 — TVL peaks at $8B+; becomes #1 liquid restaking protocol by TVL
- 2024 — ether.fi Cash (crypto debit card) launches in US; weETH integrated across major DeFi protocols
Common Misconceptions
“eETH and stETH are the same thing.” stETH is a liquid staking token (Ethereum staking only). eETH is a liquid restaking token — it accrues both Ethereum staking and EigenLayer restaking yield, with higher (but more complex) risk profile.
“ether.fi controls your ETH keys.” ether.fi uses distributed validator technology — keys are distributed among multiple node operators. No single party (including ether.fi) can control your validator unilaterally.