What ether.fi does

ether.fi is a decentralized, non-custodial liquid restaking protocol operating under the legal entity Ether.Fi SEZC (Cayman Islands Special Economic Zone Company), with operational offices in New York, Denver, and Dubai. The platform issues value-accruing tokens weETH (restaked ETH, $2.9B TVL at 2.5% APY), eBTC (restaked BTC, $103.9M TVL), and eUSD (restaked stablecoins) that distribute staking and restaking rewards while preserving user custody through Distributed Validator Technology across 20,000+ node operators and 20+ professional validators. The product suite comprises Stake (liquid restaking), Liquid (automated DeFi strategy vaults deployed via Veda covering Liquid RWA, Liquid EUR/USD, ETH/BTC Yield, and Reserve), Cash (a non-custodial crypto credit card issued by Third National under Visa, accepted at 100M+ merchants via Apple Pay/Google Pay, with 70,000+ active cards), Corporate Cards (B2B), The Club (tiered membership), Institutional Staking (non-custodial and custodial via Anchorage/Finoa/BitGo), Operation Solo Staker (DVT-enabled permissionless solo staking), and the ETHFI governance token. The protocol is integrated across 400+ DeFi, DEX, CEX, and OTC venues.

The technology stack is anchored on Ethereum and EigenLayer for restaking, with LayerZero cross-chain messaging hardened to a 4-of-4 DVN verification model (Canary, Horizen, Nethermind, LayerZero Labs) across 20 weETH chains following the April 2026 KelpDAO rsETH exploit. The proprietary Spillover withdrawal method uses post-Pectra EIP-7251 validator consolidations to bypass Ethereum's shared exit queue, a capability stress-tested by redeeming 542,792 ETH (19.6% of TVL) in 33 days without extending exit times for other validators. The Cash product layer routes stablecoin spend via Aave and Morpho decentralized lending, the Liquid RWA vault accesses BlackRock, Fidelity, FalconX, and Superstate allocations through Plume's Bermuda-licensed infrastructure, and a three-year ~$3B ETH commitment to ETHGas creates a forward blockspace marketplace representing the largest such commitment in Ethereum history.

The business model combines a 5% protocol fee on all staking rewards (with 5% to node operators and 90% to stakers), performance and management fees on automated Liquid vaults, card interchange revenue (with up to 3% cashback to consumers and 1% on Corporate Cards), a four-tier affiliate program paying up to 50% commission on card fees, and revenue-sharing buybacks to sETHFI holders. Distribution is hybrid: product-led self-serve via web and iOS/Android apps for 300,000+ consumer accounts, direct enterprise sales for institutional staking, white-label and co-branded card partnerships (MEXC x ether.fi), and protocol integrations across Aave, Pendle, Compound, Uniswap, Gearbox, and other DeFi venues. Total customer deposits exceed $6B and protocol TVL stands at approximately $3.14B as of June 2026.

Name

ether.fi

Legal name

Ether.Fi SEZC

Website

https://ether.fi

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

51–100 employees

Short description

ether.fi is a non-custodial liquid restaking protocol on Ethereum offering weETH/eBTC/eUSD staking, automated DeFi yield vaults, and a crypto-backed Visa card, serving 300,000+ consumers and institutional clients via 400+ DeFi integrations.

Ownership category

akta.pro rank

Product category

Decentralized Liquid Restaking Protocol

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)

akta.pro primary industry

Staking, Restaking & Liquid Staking Finance (LST/LRT, validator markets) (FSAPAEAH)

akta.pro secondary industries

Liquid Staking & Restaking Protocols (FSADAMAE), Decentralized Lending Protocols (DeFi Money Markets) (FSADAFAB), Institutional DeFi & On-Chain Liquidity Infrastructure (Permissioned DeFi, Lending) (FSAGAMAG)

Keywords

• Liquid restaking protocol
• Non-custodial staking
• DeFi yield vaults
• Crypto credit card
• Ethereum restaking

Headquarters

HQ city

George Town

HQ country

Cayman Islands

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales, Others

Revenue model

1. Staking protocol fees: 5% of total staking rewards (including execution layer rewards) allocated to the protocol as a recurring fee on all staked assets via the Stake service.
2. Node operator fees: 5% of total staking rewards allocated to the network of professional node operators running ether.fi validators.
3. Liquid vault strategy fees: Performance and management fees on automated strategy vaults (Liquid RWA, Liquid EUR, Liquid USD, Liquid Reserve, Liquid ETH Yield, Liquid BTC Yield) deployed via Veda infrastructure.
4. Cash card interchange and program fees: Card interchange and program fees from ether.fi Cash card spend; 1% cashback on Corporate Card purchases plus optional 2% ATM fee. 3% cashback marketed to consumer cardholders (rewards funded by issuer economics).
5. Affiliate program revshare: Up to 0.3% cashback on referral spending, $10–$20 new member bonuses, up to 25% physical card commissions, and 50% card fee commissions paid to affiliates and tracked across 4 tiers.
6. ETHFI token buyback program: Up to $50 million treasury allocation proposed for ETHFI token buybacks below $3, pending DAO approval, to distribute a portion of monthly protocol revenue to staked ETHFI (sETHFI) holders.
7. RWA yield product economics: Spread/fees on the Liquid RWA vault offering exposure to BlackRock AAA CLO ETF, Fidelity Total Bond ETF, FalconX Credit Pool, and Superstate USCC, with variable APY ~7.25% and a $25M initial cap.
8. RWA tokenization and structured products: Revenue from structured product tokenization launches (e.g., Eurus Aero Token I — fractional aircraft engine ownership) connected to aviation finance lease cash flows.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Core offering

ether.fi operates a non-custodial decentralized liquid restaking protocol on Ethereum that issues value-accruing tokens (weETH, eBTC, eUSD) backed by staking and restaking rewards distributed across a network of 20+ professional validators using Distributed Validator Technology. The platform combines a consumer app (Stake, automated Liquid vaults, non-custodial Cash card, The Club membership) with institutional staking services, corporate cards, and a forward-blockspace marketplace.

Product overview

ether.fi is a decentralized, non-custodial liquid restaking protocol organized as a platform-plus-modules architecture under Ether.Fi SEZC (Cayman Islands). The core Stake product issues value-accruing tokens (weETH for restaked ETH, eBTC for BTC, eUSD for stablecoins) that earn combined staking and restaking rewards and are integrated across 400+ DeFi protocols. The Liquid product layer automates yield through strategy vaults (Liquid RWA, Liquid EUR, Liquid USD, Liquid Reserve, Liquid ETH Yield, Liquid BTC Yield) powered by Veda, with DEX aggregation via OpenOcean and lending via Aave and Morpho. The consumer-facing Cash product is a non-custodial crypto credit card (Visa, Apple Pay, Google Pay) that lets users spend stablecoins or borrow against crypto collateral, backed by Corporate Cards for businesses and The Club membership tiers (Core, Luxe, Pinnacle, VIP). Institutional Staking (weETH) and Operation Solo Staker provide institutional and individual validator participation using DVT with 20+ professional operators, while the ETHFI governance token and its staking variant sETHFI coordinate protocol decisions, revenue-share buybacks, and membership upgrades.

Differentiator

Problem solved

Functional benefit

Brands

• ether.fi Cash: Non-custodial crypto credit card product issued (under Visa license via Third National) that lets users spend crypto balances globally with up to 3% cashback; migrated to OP Mainnet in February/April 2026.
• The Club
• ether.fi Liquid
• ether.fi Stake

Products and services

• Stake (weETH, eBTC, eUSD) Non-custodial liquid restaking protocol where users deposit ETH, BTC, or stablecoins and receive value-accruing tokens (weETH, eBTC, eUSD) backed by staking and restaking rewards across the Ethereum ecosystem.
• Liquid (Automated Strategy Vaults) Automated DeFi strategy vaults that deposit assets, auto-balance across leading protocols, and auto-compound earnings; vaults include Liquid RWA, Liquid EUR, Liquid USD, Liquid Reserve, Liquid ETH Yield, and Liquid BTC Yield.
• ether.fi Cash (DeFi-Native Credit Card) Non-custodial cashback credit card accepted at over 100 million locations worldwide, supported by Apple Pay and Google Pay; users spend by either using stablecoins in their wallet or borrowing against eligible crypto collateral at up to 3% cashback.
• The Club (Membership Program) Tiered loyalty membership (Core, Luxe, Pinnacle, VIP) offering enhanced cashback, IBAN/SWIFT transfers, lounge and concierge access, tax reporting, and points-based rewards tied to Stake, Liquid, and Cash activity.
• Corporate Cards Crypto-native corporate cards that let businesses use treasury crypto as collateral to spend, offering virtual and metal cards, 1% cashback, multi-sig and 2FA controls, expense tracking, and complimentary Club membership for team members.
• Operation Solo Staker Program enabling individuals to run solo ETH validators using Distributed Validator Technology (DVT) in partnership with Dappnode, Avado, and Obol, with options to bring own hardware or receive ether.fi-provided hardware on a 2-year payment plan.
• Institutional Staking (weETH) Tailored institutional non-custodial and custodial staking services built around weETH, supported by 20+ professional validators using DVT, custody partners such as Finoa, BitGo, and Anchorage Digital, plus the white-glove ETH Fund for fiat onboarding.
• Affiliate Program Tiered referral program (Tiers 1-4) paying cash rewards, cashback on referral spending, physical card commissions, and 2nd-degree revshare for users who refer others to ether.fi Cash.
• ETHFI Token (sETHFI Staking) Governance and utility token for the ether.fi DAO; staking ETHFI into sETHFI grants revenue-share buybacks, automatic Club membership tier upgrades, and monthly token rewards.
• EtherFi Liquid RWA Vault Real-world asset yield vault offering onchain exposure to BlackRock AAA CLO ETF, Fidelity Total Bond ETF, FalconX Credit Pool, and Superstate USCC, with a $25M initial cap and variable APY around 7.25%, deployed via Plume's Nest Vaults.

Quantifiable outcome

• 542,792 ETH (19.6% of TVL) redeemed in 33 days with 4.9-day median claimable time and no measurable extension to Ethereum's exit queue
• +5 more outcomes

Named customers5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration25 records

Feature8 records

Partnerships

37 partnerships are on record, tiered flagship and core.

• PlumeflagshipStrategic or Co-development Partner · 4 June 2026ether.fi allocated $100 million exclusively into Plume's Nest Vaults infrastructure to give its $6B+ customer deposit base access to institutional-grade real-world asset yield (AAA CLOs, total bond ETF, overcollateralized credit pools). Plume holds Bermuda Monetary Authority license and SEC Transfer Agent approval.
• DeFi United coalition (Aave, KelpDAO, LayerZero, Compound, Mantle, Consensys, Lido)flagshipStrategic or Co-development Partner · 28 April 2026Cross-protocol coalition raised over $302M to address the April 18 KelpDAO rsETH bridge exploit; EtherFi is a major pledger and co-signatory (alongside Aave Labs, KelpDAO, LayerZero, Compound) of the Arbitrum DAO proposal to release 30,765 ETH from frozen funds.
• Consensys / Joe LubincoreStrategic or Co-development Partner · 27 April 2026Consensys and co-founder Joe Lubin pledged up to 30,000 ETH to the rsETH recovery effort following the April 18 Kelp DAO exploit, alongside Aave, Lido, and EtherFi. Consensys also collaborates on Linea/EigenCloud/ether.fi for SharpLink's $200M deployment.
• ETHGasflagshipStrategic or Co-development Partner · 15 April 2026Three-year, ~$3 billion ETH validator commitment (representing ~40% of ether.fi's holdings) to build a forward market for Ethereum execution by pre-selling block inclusion rights up to 10 minutes ahead. Described as the largest blockspace commitment in Ethereum history.
• Superstate (USCC fund)coreStrategic or Co-development Partner · 19 March 2026Plume's Nest Vault powered by Superstate's USCC (U.S. Credit Cash) fund powers the initial phase of ether.fi's $25M RWA allocation.
• MEXCcoreGTM or Marketing Partner · 22 December 2025Co-branded MEXC × ether.fi Card allowing users to spend globally via Apple Pay or Google Pay and earn up to 4% cashback, integrating crypto transactions with on-chain control and multiple top-up options.
• Plasma (Bitfinex-backed)coreStrategic or Co-development Partner · 29 August 2025Plasma is a day-one launch partner for EtherFi's mainnet beta with $500M ETH staking assets transferred to Plasma's platform; integration provides users additional collateral options for lending and borrowing plus access to ETH-backed yield products.
• Bitfinex (via Plasma)coreStrategic or Co-development PartnerBitfinex backs Plasma, which became ether.fi's launch partner for $500M ETH staking assets; partner referenced as enabling cross-protocol DeFi yield access.
• AaveflagshipTechnology or IntegrationweETH and eBTC listed as collateral on Aave ($5B+ TVL) with 6.01% APR; Aave also powers the Cash borrowing layer. Aave led the DeFi United recovery coalition that included ether.fi after the KelpDAO exploit.
• PendlecoreTechnology or IntegrationweETH integration on Pendle for fixed-yield and points exposure ($10M+ TVL, 7.34% APR). TN at Pendle provides a testimonial quote about working with EtherFi.
• GearboxcoreTechnology or IntegrationLeveraged farming integration for weETH ($2M+ TVL, 38.05% APR).
• CompoundcoreTechnology or IntegrationLending market integration and co-signatory with ether.fi on the DeFi United recovery proposal.
• Uniswap, CoW, Term, Fluid, Mitosis, Euler, Derive, EquilibriacoreTechnology or IntegrationDEX, lending, and DeFi protocol integrations where weETH and other ether.fi assets are listed as collateral or trading pairs.
• LayerZeroflagshipTechnology or IntegrationBridge infrastructure for weETH across 20 chains; LayerZero Labs serves as one of the four DVNs (alongside Canary, Horizen, Nethermind) in the 4-of-4 verification threshold. Co-signatory with ether.fi on the DeFi United recovery proposal.
• VedaflagshipTechnology or IntegrationVault infrastructure provider powering ether.fi Liquid automated strategy vaults; user funds deposited into Veda vaults and allocated to other DeFi protocols.
• Paxos Trust Company, LLCcoreTechnology or IntegrationIssuer of PYUSD stablecoin used in ether.fi's Liquid Reserve Service — USDC/USDT is exchanged for PYUSD and deposited into Morpho lending.
• MorphocoreTechnology or IntegrationDecentralized lending protocol used by the Liquid Reserve Service to deploy PYUSD for yield.
• OpenOceancoreTechnology or IntegrationThird-party DEX aggregator used to optimize trading, swaps, and collateral liquidations across ether.fi services.
• MantlecoreStrategic or Co-development PartnerMantle drafted MIP-34 to extend up to 30,000 ETH (~$70–105M) as a three-year credit line to Aave after the KelpDAO exploit; part of DeFi United coalition alongside ether.fi.
• Arbitrum DAOcoreStrategic or Co-development PartnerArbitrum DAO holds ~30,765 ETH (~$73.5M) frozen after the KelpDAO exploit; petitioned by Aave Labs, KelpDAO, LayerZero, EtherFi, and Compound to release funds to a 2-of-3 Gnosis Safe for rsETH remediation.
• BlackRockflagshipStrategic or Co-development PartnerIssuer of iShares AAA CLO ETF, which is one of the initial allocations for ether.fi's Liquid RWA Vault via Plume.
• FidelityflagshipStrategic or Co-development PartnerIssuer of Fidelity Total Bond ETF, which is one of the initial allocations for ether.fi's Liquid RWA Vault via Plume.
• FalconXcoreStrategic or Co-development PartnerFalconX Credit Pool is one of the initial allocations in ether.fi's Liquid RWA Vault via Plume.
• Anchorage Digital BankflagshipImplementation/ SI/ Consulting PartnerInstitutional custody partner for SharpLink's $200M ETH deployment via ether.fi/EigenCloud, and listed as a custody option for institutional stakers.
• BitGocoreImplementation/ SI/ Consulting PartnerInstitutional custody solution listed on the Institutional Staking page for weETH holders.
• FinoacoreImplementation/ SI/ Consulting PartnerInstitutional custody partner listed on the Institutional Staking page for weETH holders.
• DappnodecoreStrategic or Co-development PartnerPartner for Operation Solo Staker — provides hardware/software for permissionless solo Ethereum node operation, integrated with ether.fi's DVT setup.
• AvadocoreStrategic or Co-development PartnerPartner for Operation Solo Staker — provides plug-and-play validator hardware that ether.fi supports.
• ObolcoreTechnology or IntegrationDistributed Validator Technology (DVT) partner for solo stakers and validator infrastructure.
• Stake FishcoreImplementation/ SI/ Consulting PartnerValidator infrastructure partner for staking operations.
• SSV NetworkcoreTechnology or IntegrationDVT infrastructure partner for distributed validator operations.
• Chainnodes, Blockdaemon, DSRV, e-Oracle, Cosmos, A41, NodeRuncoreImplementation/ SI/ Consulting PartnerValidator and node infrastructure partners listed on the Institutional Staking page supporting ether.fi's distributed validator network.
• CertikcoreImplementation/ SI/ Consulting PartnerSmart contract auditor listed as a security partner on both the homepage and Stake page.
• CertoracoreImplementation/ SI/ Consulting PartnerFormal verification auditor listed as a security partner; also a co-signer of the DeFi United Gnosis Safe for rsETH recovery.
• Zellic, Halborn, Nethermind, Hypernative, Chaos Labs, Omniscia, Solidified, Hats FinancecoreImplementation/ SI/ Consulting PartnerIndependent security audit, risk monitoring, and bug-bounty partners listed on the Stake and Institutional Staking pages. Chaos Labs operates risk monitoring dashboards; Hypernative runs continuous onchain monitoring.
• KelpDAOflagshipStrategic or Co-development PartnerCo-signer with ether.fi of the DeFi United recovery proposal and the rsETH remediation Gnosis Safe; recovery effort catalyzed by the April 18 KelpDAO LayerZero bridge exploit.
• Third National (Card Issuer under Visa license)flagshipOEM/ Whitelabel/ Licensing PartnerCard issuer pursuant to a Visa license; ether.fi Cash card is not affiliated with the ether.fi protocol and is issued subject to separate terms provided by the Issuer.

Scale indicators17 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Aave: Aave is the largest DeFi lending market and a flagship integration for weETH and eBTC as collateral. It is also the borrow-side infrastructure that powers ether.fi Cash's on-chain credit and is a co-signatory in the DeFi United recovery coalition.
• Compound: Compound is a foundational DeFi lending protocol integrated with ether.fi Liquid vaults and a co-signatory in the DeFi United recovery coalition. It serves a comparable institutional DeFi customer base and overlaps in liquidity markets.
• EigenLayer: EigenLayer is the restaking primitive that ether.fi's weETH and competitors' tokens are built on top of. It is the underlying infrastructure peer and a critical dependency for ether.fi's staking economics.

Direct peers

• Rocket Pool: Rocket Pool is a decentralized Ethereum liquid staking protocol (rETH) with a similar non-custodial, distributed-validator model. It is a direct competitor to ether.fi's staking product line.
• RedotPay: RedotPay is the leading crypto card issuer by spend volume (~61% of the $9.898B cumulative crypto card market as of June 2026). It is the primary direct competitor to ether.fi Cash in crypto-backed card spend.
• KAST: KAST is the second-largest crypto card issuer by spend (15% share) and a direct competitor to ether.fi Cash for crypto-backed consumer and corporate card spend.
• Kelp DAO: Kelp DAO issues rsETH, a liquid restaking token built on EigenLayer. It is the closest liquid-restaking peer to ether.fi's weETH and shares the same LayerZero-based bridge infrastructure; Kelp was also at the center of the April 2026 exploit that triggered the DeFi United recovery effort.
• Lido: Lido is the largest liquid staking protocol on Ethereum (stETH). It is the most direct competitor to ether.fi's weETH and competes for the same institutional and retail stakers, validator operators, and DeFi integrations.

Emerging players

• Pendle: Pendle is a fixed-yield and yield-tokenization protocol that integrates weETH and eBTC. It is a key yield-distribution channel for ether.fi's staking assets and competes for the same DeFi yield user.
• Frax Finance: Frax Finance issues frxETH, a liquid staking derivative on Ethereum. It competes with weETH for the same staking and restaking flows and is part of the broader DeFi yield ecosystem that ether.fi integrates with.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• GitHubgithub.com/etherfi-protocol
• YouTubevalidator.w3.org/feed/docs/rss2.html
• LinkedInlinkedin.com/company/etherfi
• Instagraminstagram.com/etherfi.official
• Xx.com/ether_fi

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors27 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ether.fi