Last Updated: March 2026
Ether.fi is the largest liquid restaking protocol — letting you stake ETH, receive eETH (liquid staking token), and automatically restake on EigenLayer for additional yield. One deposit, multiple yield sources.
History
Founded by Mike Silagadze (founder of Top Hat, a $1B+ edtech company). Launched in 2023. Rapidly grew to become the largest restaking protocol by TVL. ETHFI token launched in 2024. See EigenLayer guide and ETH staking.
How It Works
- Deposit ETH into Ether.fi
- Receive eETH — a liquid token representing your staked + restaked ETH
- ETH is staked on Ethereum (earning ~3-4% APY) AND restaked on EigenLayer (earning additional rewards)
- Use eETH in DeFi for even more yield. See yield farming
See Lido (liquid staking) and Rocket Pool.
Ether.fi vs Lido vs Rocket Pool
- Ether.fi: Staking + restaking in one step. Additional EigenLayer yield
- Lido: Staking only (stETH). Most liquid. See Lido
- Rocket Pool: Most decentralized. rETH. See Rocket Pool
Tokenomics
ETHFI: Governance token. See tokenomics.
Pros and Cons
- Pro: Staking + restaking in one step (maximize yield)
- Pro: Largest restaking protocol by TVL
- Pro: Non-crypto founder brings enterprise credibility
- Con: Multiple layers of smart contract risk (staking + restaking + DeFi)
- Con: EigenLayer slashing risk adds to base staking risk
- Con: High competition in liquid restaking space (Puffer, Kelp, Swell)
Frequently Asked Questions
Is Etherfi safe to use?
Etherfi has been audited but all DeFi carries smart contract risk. Use established protocols and start with small amounts.
Is Etherfi a good investment?
Evaluate based on real revenue, TVL growth, and token utility. Best as a small DeFi allocation alongside BTC and ETH.
How do I use Etherfi?
Connect a Web3 wallet (MetaMask or Phantom) to the protocol’s website. Start with small amounts to learn the mechanics.
