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ether.fi
Non-custodial liquid restaking protocol and neobank with over $4.6B in total value locked
4.0/ 5
Our score
Very good
Type
Liquid restaking
Receipt token
eETH / weETH
Audited
Yes
What is ether.fi?
ether.fi is a decentralized, non-custodial liquid restaking platform on Ethereum that issues receipt tokens such as eETH and wrapped weETH. The protocol combines Ethereum base staking rewards with additional restaking incentives, securing over $4.6B in total value locked as of October 2026 across Ethereum mainnet and several Layer 2 networks.
Leadership and backing
The project was founded by Chief Executive Officer Mike Silagadze. The team raised $5.3M in early 2023 led by North Island Ventures, Chapter One, and Node Capital, followed by a $27M Series A funding round in February 2024 led by CoinFund and Bullish. Additional backers include Amber Group, Bankless Ventures, OKX Ventures, ConsenSys, and Arrington Capital.
Staking mechanics and architecture
Stakers deposit native ETH into ether.fi contracts and receive the liquid restaking token eETH or its wrapped version, weETH. The protocol allows users to maintain control of their keys during validator generation, setting it apart from custodial pooled staking platforms. Beyond staking on Ethereum, the protocol integrates across rollups including Base, Arbitrum, Scroll, and OP Mainnet to enable wide DeFi utility for weETH holders.
Protocol expansion and neobank features
Beyond its core staking pool, ether.fi operates the Summer mobile application, a non-custodial neobank service featuring fiat payments, crypto cards, Aave-based lending, and tokenized stock and metals trading. In August 2026, the team established a partnership with Telegram Wallet to route ETH staking for its Earn program. In October 2026, ether.fi expanded its stablecoin footprint by collaborating with Ethena to release ether.fi USD.
Security and trade-offs
The protocol is audited regularly and maintains a bug bounty program with rewards up to $500,000. An October 2026 DeFi security audit highlighted key technical risks, specifically surface exposure in external bridge contracts and access-control vulnerabilities. Like all restaking systems, participants face smart contract risks across multiple layers, slashing exposure from underlying validators, and potential liquidity bottlenecks in withdrawal queues during volatile market conditions.
Founders
Mike SilagadzeCEO and Co-Founder
Previously founded Top Hat and served as an active angel investor and executive.
Best for:Ethereum holders seeking layered restaking yieldDeFi users requiring liquid weETH collateralStakers wanting card spending options
Pros and cons
Pros
- Over $4.6B in total value locked provides deep secondary market liquidity
- Users retain control of their withdrawal credentials during validator creation
- eETH and weETH are widely integrated across major Ethereum Layer 2 rollups
- Bug bounty program offers payouts up to $500,000 for vulnerability disclosures
Cons
- Restaking exposes stakers to compounding multi-layer smart contract and slashing risks
- October 2026 audit flagged re-entrancy risks in external bridge contracts
- Unbonding and withdrawal queues depend on underlying Ethereum validator exit times
Our review
4.0/5
Very good
ether.fi delivers deep liquid restaking liquidity and broader neobank utilities, but exposes stakers to multi-layered smart contract and bridge re-entrancy risks.
ether.fi is a non-custodial liquid restaking protocol where users deposit ETH to receive liquid receipt tokens, primarily eETH or its wrapped version weETH. The protocol allows stakers to retain control of their underlying keys while earning staking yield paired with restaking rewards. Deposits aggregate across Ethereum and Layer 2 ecosystems like Base, Arbitrum, Scroll, and OP Mainnet, supporting total value locked of approximately $4.66B in October 2026.
The protocol offers several distinct operational strengths:
- Deep cross-chain liquidity for weETH across decentralized finance lending markets and automated market makers.
- A non-custodial architecture that delegates validator operations without taking custody of private user keys.
- Direct integration into consumer finance products, including crypto spending cards and cash accounts through its Summer app.
These features come with concrete trade-offs and structural vulnerabilities. October 2026 security reviews identified sensitive re-entrancy attack surfaces, especially where external bridge contracts interact with the protocol. Access-control concerns, including transaction origin dependencies and missing timelocks on privileged actions, present meaningful counterparty risks. Staking yields depend on secondary restaking layers that introduce protocol-level slashing conditions beyond base Ethereum validation.
Co-founded and led by chief executive officer Mike Silagadze, the protocol raised $27 million in Series A funding in February 2024 backed by Bullish and CoinFund, following a $5.3 million round in 2023. It also maintains a bug bounty program with rewards up to $500,000. ether.fi suits decentralized finance participants looking to maximize yield through liquid restaking while using eETH as collateral. Users seeking basic Ethereum staking without bridge interactions or restaking slashing risks should opt for standard liquid staking protocols.
Sources (2)
Specs
| KYC required ⓘ | No · unverified |
|---|---|
| Type | Liquid restaking |
| Stakeable assets | ETH |
| Receipt token | eETH / weETH |
| Chains | Ethereum |
| Audited | Yes |
| Restaking | Yes · unverified |
Not disclosed by the provider: Protocol fee, Minimum stake, Withdrawal time, Node operators, Slashing cover, Typical reward rate.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
Liquid restaking receipt tokens
Mints eETH and non-rebasing weETH upon depositing ETH, passing through both native consensus yields and restaking rewards.
Non-custodial key management
Enables stakers to retain control of their validator keys, reducing direct counterparty custody risks on Ethereum.
Multichain Layer 2 integration
Supports bridging and deployment of weETH across Arbitrum, Base, Scroll, and OP Mainnet for decentralized lending and liquidity.
Summer neobank app
Provides fiat bank transfers, crypto cards with cashback, and Aave-powered loans directly linked to deposited balances.
Synthetic dollar access
Issues ether.fi USD using Ethena infrastructure to offer branded stablecoin liquidity inside the staking ecosystem.
Inside ether.fi
ether.fi Stake
The core liquid restaking protocol that accepts ETH deposits and issues representative tokens like eETH and weETH across Ethereum and Layer 2 networks.
Summer
A non-custodial crypto neobank app that provides crypto payment cards, fiat transfers, Aave-backed collateral borrowing, and tokenized stock trading.
ether.fi USD
A branded dollar stablecoin built in partnership with Ethena to provide dollar-denominated reserves and yields within the platform's ecosystem.
ether.fi screenshots
What users say about ether.fi
Feedback for ether.fi is predominantly positive, with users frequently praising its debit card rewards, self-custody model, and seamless everyday crypto spending. The few criticisms center around unresponsive customer support.
Top goods
In their own words
“Best crypto card in Europe right now? (my experience) I’ve tried a few crypto cards and most of them feel like normal banks with a crypto skin.”
“Suspiciously Good So far it works perfectly. It is a decentralized wallet for receiving, holding, and sending crypto along with very robust banking offerings. Have had no trouble depositing crypto, sending money using the banking features, or using the debit card.”
“Great app, could use better documentation The app and card are great. I’ve been in crypto since the early days and this is the first time I’ve used an app that offers tangible economic benefits over traditional finance alternatives.”
“I suggest firing the customer service team - at this point, they're completely useless This is the worst customer service team I've ever dealt with - no response to my questions, all their marketing goes into ads, and the after-sales service is just terrible”
“It raises concerns about privacy and security. It raises concerns about privacy and security. You can't reach a human customer service representative, the system just goes in circles, and there is no option to delete your account.”
Based on 39 App Store reviews, 100 Reddit posts and comments from the last 12 months, checked Oct 20, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
User reviews
No user reviews yet. Have you used ether.fi? Share your experience below.
Funding and investors
$32.3MTotal raised
4Rounds
29Investors
-
Series A Feb 2024 $27MBU BullishVenture capital Lead
CoinFundVenture capital
Lead
AG Amber GroupCorporate VC
Arrington CapitalHedge fund
BV Bankless VenturesVenture capital
CO Chapter OneVenture capital
CV Collider VenturesVenture capital
CO ConsensysCorporate VC
DD DeFi DadVenture capital
DD Draper DragonVenture capital
FV Foresight VenturesVenture capital
FR Fourth Revolution CapitalVenture capital
LC Lvna CapitalVenture capital
MR MrBlockAngel investor
NC Node CapitalVenture capital
NI North Island VenturesVenture capital
OKX VenturesExchange ventures arm
PA ParallelVenture capital
PV Punk Ventures DAOVenture capital
RC Relayer CapitalVenture capital
SN Sandeep NailwalAngel investor
SK Stani KulechovAngel investor
VO Version One VenturesVenture capital
WS White Star CapitalVenture capital
WP Will PriceVenture capital
LE leptokurticVenture capital
-
Funding round Feb 2023 $5.3M
-
Seed Feb 2023 $5.3MCO Chapter OneVenture capital Lead NC Node CapitalVenture capital Lead NI North Island VenturesVenture capital LeadSource
-
Funding round Amount undisclosed
FAQ
Who founded ether.fi?
ether.fi was co-founded by Mike Silagadze, who is the project's chief executive officer.
What receipt tokens does ether.fi issue?
The protocol issues eETH as its rebasing liquid restaking receipt token, along with weETH, an auto-compounding wrapped non-rebasing token for use across DeFi and Layer 2 networks.
Does ether.fi have a native token?
Yes, ether.fi uses the governance token ETHFI. By August 2026, approximately 97% of its 1 billion maximum supply was in circulating supply.
Has ether.fi undergone security audits?
Yes, ether.fi undergoes smart contract audits, including an October 2026 evaluation covering bridge and access-control mechanisms, and operates a bug bounty with payouts up to $500,000.
What chains does ether.fi support?
ether.fi operates primarily on Ethereum mainnet, with token availability and deposit bridging across Arbitrum, Base, OP Mainnet, Scroll, and Berachain.
Latest from ether.fi on X
Normal people buy dips. ether․fi users buy card tiers 🫶
Scariest things this Halloween:
💀 FX fees on every transaction in EU
💀 0.5% cashback in points you’ll never use
💀 monthly card fees for the privilege of holding your money
💀 selling your crypto every time you need to pay for something
Sleep tight.
Or get the card → ether․fi
Happy halloween! 🎃
💀 FX fees on every transaction in EU
💀 0.5% cashback in points you’ll never use
💀 monthly card fees for the privilege of holding your money
💀 selling your crypto every time you need to pay for something
Sleep tight.
Or get the card → ether․fi
Happy halloween! 🎃
$150M borrowed on ether․fi and not a single person had to sell their crypto to do it
That’s the whole point https://t.co/FQX1Y368Ob
That’s the whole point https://t.co/FQX1Y368Ob
ICYMI: 3 new features went live on ether․fi
→ your account now talks to AI
→ you can pay anyone with ether․fi tag
→ download a bank statement. yes, a real one
Each one deserves a minute of your time 👇 https://t.co/XIBY4GlepC
→ your account now talks to AI
→ you can pay anyone with ether․fi tag
→ download a bank statement. yes, a real one
Each one deserves a minute of your time 👇 https://t.co/XIBY4GlepC
Recent public posts from @ether_fi, shown as published. Not reviewed or endorsed by CryptoReview.
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