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What Is Ether.fi?

Ether.fi (styled in lowercase as "ether.fi") is a decentralized, non-custodial liquid restaking protocol on Ethereum. It lets users stake ETH to earn staking rewards while keeping that capital liquid and usable across decentralized finance, and it layers on additional "restaking" rewards through EigenLayer. Ether.fi has become the largest liquid restaking protocol by total value locked, and ETHFI is its governance token.

Ether.fi was founded in 2022 by Mike Silagadze, who previously founded and ran the education-technology company Top Hat. The protocol's defining principle is that it is non-custodial: when users stake, they retain control of their validator withdrawal credentials, rather than handing custody of their ETH to the protocol. This is a meaningful distinction from many staking services and is central to ether.fi's pitch.

The mechanics involve three related tokens, which are easy to confuse. When you stake ETH, you receive eETH, a liquid restaking token whose balance rebases, meaning it grows over time as rewards accrue. eETH can be wrapped into weETH, a non-rebasing version whose balance stays fixed while its value rises, making it easier to use across DeFi and to bridge between chains. Separately, ETHFI is the protocol's governance token and is not a staking receipt. Pooled ETH is automatically restaked via EigenLayer, so holders earn Ethereum staking rewards plus restaking rewards without separately managing EigenLayer positions.

Over time, ether.fi has expanded from pure liquid restaking into a broader "crypto neobank" lineup. Alongside staking, it offers Liquid, a set of auto-compounding DeFi vaults; Cash, a crypto debit and credit card with cashback; and products such as restaked BTC (eBTC) and restaked stablecoins (eUSD). This product expansion aims to let users save, grow, and spend within one ecosystem.

The ETHFI governance token has a fixed total supply of 1 billion, fully minted at launch with no further issuance. ETHFI holders govern the protocol, voting on matters such as the grants program, fees, contract upgrades, node-operator approvals, and treasury management. The token launched in March 2024, with a portion distributed to early users through an airdrop.

Getting Started With Ether.fi

You can use ether.fi to stake ETH, or simply hold the ETHFI governance token:

  1. Step 1: Set up an Ethereum wallet such as MetaMask or Rabby and fund it with ETH.
  2. Step 2: To stake, visit the ether.fi app, connect your wallet, and deposit ETH to receive eETH (or wrap it into weETH).
  3. Step 3: Your ETH is automatically restaked via EigenLayer, earning staking plus restaking rewards while remaining liquid.
  4. Step 4: To participate in governance, acquire ETHFI on an exchange and use it to vote on protocol proposals.

How to Get an Ether.fi Wallet?

ether.fi works with any standard Ethereum wallet.

MetaMask

MetaMask is the most widely used Ethereum wallet and connects directly to the ether.fi app for staking, wrapping eETH into weETH, and holding ETHFI.

Rabby

Rabby is a DeFi-focused Ethereum wallet with strong transaction previews and multi-chain support, useful for interacting with ether.fi's vaults and weETH across chains.

Hardware Wallets

A Ledger device can be paired with MetaMask or Rabby to keep your keys offline, which is recommended for larger staking positions and ETHFI holdings.

Ether.fi Resources

How to Buy Ether.fi?

The ETHFI token is available on major exchanges, while staking is done directly through the ether.fi app.

Centralized Exchanges

ETHFI launched on Binance via Launchpool and is listed on major exchanges including Binance, Coinbase, Bybit, OKX, and KuCoin, typically against USDT or USD.

Decentralized Exchanges

ETHFI and weETH trade on Uniswap and other Ethereum decentralized exchanges, and weETH bridges to Layer 2 networks and other chains. To stake rather than trade, deposit ETH directly in the ether.fi app to mint eETH or weETH.

Latest Ether.fi News

Since its March 2024 token launch, ether.fi has grown into the leading liquid restaking protocol by total value locked, consistently ahead of competitors in that category. It has expanded aggressively beyond restaking, with the Ether.fi Cash card becoming a flagship consumer product; in 2026 the protocol migrated its Cash product to the OP Mainnet network, moving a large amount of value and many active accounts in what was described as a major event for that chain.

Because ether.fi is an active DeFi protocol with frequent product launches, airdrop seasons, and governance changes, the official documentation, blog, and governance portal are the most reliable sources for current details. As with any restaking protocol, users should understand the additional smart-contract and slashing risks that come with restaking via EigenLayer.