Wrapped eETH (weETH) is ether.fi’s non-rebasing liquid restaking token — a wrapper around eETH that represents ETH staked through ether.fi and simultaneously restaked via EigenLayer, earning Ethereum proof-of-stake rewards plus EigenLayer AVS (Actively Validated Service) rewards, while remaining DeFi-composable as a standard ERC-20.
| Stat | Value |
|---|---|
| Ticker | WEETH |
| Price | $2,552.06 |
| Market Cap | $6.08B |
| 24h Change | +0.5% |
| Circulating Supply | 2.38M WEETH |
| All-Time High | $5,296.78 |
| Contract (Ethereum) | 0xcd5f...b7ee |
| Contract (Base) | 0x04c0...150a |
| Contract (Plasma) | 0xa3d6...914b |
| Contract (Swellchain) | 0xa6cb...2b44 |
| Contract (Berachain) | 0x7dcc...80f7 |
| Contract (Mode) | 0x04c0...150a |
| Contract (Hyperevm) | 0xa3d6...914b |
| Contract (Initia) | 0xb147...86cc |
| Contract (Zksync) | 0xc1fa...924a |
| Contract (Morph L2) | 0x7dcc...80f7 |
| Contract (Sonic) | 0xa3d6...914b |
| Contract (Linea) | 0x1bf7...8aa6 |
| Contract (Unichain) | 0x7dcc...80f7 |
| Contract (Scroll) | 0x01f0...c506 |
| Contract (Ink) | 0xa3d6...914b |
| Contract (Binance Smart Chain) | 0x04c0...150a |
| Contract (Monad) | 0xa3d6...914b |
| Contract (Blast) | 0x04c0...150a |
| Contract (Optimistic Ethereum) | 0x5a7f...cbff |
| Contract (Avalanche) | 0xa3d6...914b |
How It Works
ether.fi is a non-custodial liquid restaking protocol. The process:
- User deposits ETH → receives eETH (rebasing liquid staking token, 1:1 with ETH at deposit).
- eETH is restaked on EigenLayer — ether.fi automatically delegates the ETH to EigenLayer, opting into additional AVS security tasks.
- Rewards accrue — Holders earn: (a) Ethereum staking yield (~3–5% APY), (b) EigenLayer restaking points → converted to EIGEN rewards, (c) ether.fi ETHFI loyalty points → converted to ETHFI tokens.
- weETH = wrapped eETH — The exchange-rate-based non-rebasing version of eETH, allowing standard DeFi integration without rebasing accounting issues.
Non-custodial key feature: Unlike Lido’s centralized validator key custody, ether.fi uses a distributed key generation (DKG) system where node operators never hold the full validator key — the protocol and operator each hold a “keyshare,” requiring cooperation to sign.
Tokenomics
| Parameter | Value |
|---|---|
| Ticker | WEETH |
| Underlying Asset | eETH (1:1 ETH at deposit) |
| Contract | 0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee |
| Yield Sources | ETH staking + EigenLayer AVS rewards |
| Protocol Fee | 10% of staking rewards |
| Total ETH Restaked | ~3+ million ETH (as of Q1 2026) |
Use Cases
- Liquid restaking — Earn ETH staking + EigenLayer rewards while keeping capital accessible.
- DeFi collateral — weETH accepted on Aave, MakerDAO, Morpho, and other major protocols.
- Yield stacking — Stack ETH staking yield + EigenLayer rewards + DeFi lending yield simultaneously.
History
- 2023 — ether.fi launches on testnet, pioneers the “non-custodial” liquid staking model using operator key-sharing.
- Early 2024 — Protocol opens to mainnet. EigenLayer restaking integration live from launch.
- March 2024 — ether.fi becomes the largest liquid restaking protocol by TVL. ETHFI governance token launches with airdrop to early users.
- 2024 — weETH becomes one of the most-used collateral assets in DeFi, integrated by Aave V3, MakerDAO’s Spark, and multiple lending protocols.
- 2025 — ether.fi surpasses 3 million ETH in TVL, ranking among the top 5 DeFi protocols globally. Second ETHFI airdrop distributed.
- 2026 — EigenLayer AVS ecosystem matures; ether.fi operators earn fees from securing external networks.
Common Misconceptions
“weETH is the same as wstETH.”
Both are non-rebasing liquid staking wrappers for Ethereum staking, but from different protocols with different risk profiles. weETH also carries EigenLayer restaking risk that wstETH does not.
“Restaking means you’re staking ETH twice — is that safe?”
Restaking means you’re using the same ETH to secure additional networks beyond Ethereum. This creates additional slashing risk — if an AVS you’re opted into has a bug or malicious outcome, your ETH could be slashed beyond normal Ethereum staking. ether.fi mitigates this by carefully selecting which AVSs to support.
Social Media Sentiment
weETH and ether.fi are broadly well-regarded in DeFi. The non-custodial design and the team’s transparency have earned trust. There is ongoing debate about restaking’s systemic risk to Ethereum, with Ethereum core developers (including Vitalik Buterin) urging caution about AVS risk expanding beyond Ethereum’s security guarantees.
Last updated: 2026-04