Ether.fi (ETHFI)

Overview

Ether.fi is a non-custodial liquid restaking protocol built on Ethereum. Instead of giving up control of keys, users can stake ETH, keep ownership of their validator withdrawal keys, and receive eETH (and its wrapped form, weETH) as their on-chain receipt. eETH accrues Ethereum staking rewards and is natively restaked via EigenLayer, while remaining usable across DeFi. The ETHFI token is the protocol’s governance and utility asset; holders help steer upgrades, fees, and treasury decisions. If you’re tracking ETHFI price, remember it moves on open markets and is shown separately in the live data section of this page. Together, this design—sometimes casually described as the “Ether.fi blockchain stack” because it sits so tightly atop Ethereum—aims to make staking, restaking, and DeFi more accessible without surrendering custody. (etherfi.gitbook.io)

History & Team

Ether.fi was founded in 2022 by Mike Silagadze (CEO; previously co-founder/CEO of Top Hat) and Rok Kopp. The team’s early focus was simple: let people stake ETH while keeping control of their keys. After a closed beta in early 2023, mainnet delegated staking launched in May 2023. Permissionless eETH minting and redemptions went live in November 2023, and DAO governance with the ETHFI token followed in March 2024. (messari.io)

Backers include Bullish Capital and CoinFund, which co-led a $23M round announced on February 28, 2024. Other named participants included OKX Ventures, Foresight Ventures, Consensys, Amber, Selini, Draper Dragon, and Bankless Ventures, plus founders and executives from Aave, Polygon, Kraken, Curve, Ethena, and DeFi Llama. (investors.bullish.com)

Technology & How It Works

Liquid staking and native restaking

• eETH is Ether.fi’s rebasing liquid restaking token; weETH is a non‑rebasing wrapper better suited to DeFi integrations. Depositors mint eETH 1:1 with ETH via a liquidity pool that creates validators as needed and reports rewards through an on-chain oracle. The protocol natively restakes pooled ETH on EigenLayer, so holders gain exposure to both staking and restaking economics. (etherfi.gitbook.io)

• Restaking emissions are delivered weekly through King Protocol as claimable KING; users can optionally unwrap KING into the underlying reward assets held by the vault at that time. This keeps eETH/weETH composable while routing restaking payouts through a separate claim flow. (etherfi.gitbook.io)

Self-custody key flow and validator creation

A core design choice is key ownership. Ether.fi’s contracts use a secure key‑sharing flow based on ECIES so a node operator can run a validator without the staker giving up ultimate control of the validator keys. The liquidity pool typically places a 1 ETH “partial deposit” to reserve a validator index, then tops up to 32 ETH after the oracle confirms withdrawal credentials. Redemptions burn eETH/weETH for ETH; if liquidity is tight, the protocol initiates validator exits in order of requests. (etherfi.gitbook.io)

Distributed Validator Technology (DVT)

To improve resiliency and decentralization, Ether.fi deploys validators in Obol Network DVT clusters (and also references SSV-based clusters in its docs). With DVT, a validator key is split into key shares; multiple operators jointly run one validator so uptime isn’t tied to a single machine. Ether.fi and Obol have expanded “Operation Solo Staker,” onboarding home stakers into multi‑operator clusters and committing to significant stake on Obol DVs operated by professional partners like Pier Two, DSRV, Nethermind, A41, Cosmostation, Chainnodes, and Validation Cloud. (etherfi.gitbook.io)

Tokenomics & Utility

Supply and design

ETHFI was fully minted at a fixed supply of 1,000,000,000 tokens at genesis (no further issuance). The token governs key parts of the protocol, including treasury allocations, protocol fees, upgrades, and ecosystem programs run through the Ether.fi Foundation and DAO. (etherfi.medium.com)

Updated allocations

Ether.fi tokenomics have been refined over time. As of August 2, 2025, the Ether.fi governance docs show the following approximate allocations:

• Investors: 33.74% (vesting)
• Core Contributors: 21.47% (vesting)
• Treasury: 21.62% (ecosystem fund; includes a 1% commitment to the Protocol Guild within Partnerships & Liquidity)
• User Airdrops: 19.27% (multi‑season airdrops)
• Partnerships & Liquidity: 3.9%

These percentages reflect the latest published breakdown and may differ from the project’s initial pre‑launch materials. (etherfi.gitbook.io)

Governance and staking utility

ETHFI holders vote on proposals (e.g., via Snapshot) that shape fees, upgrades, and treasury use. An ETHFI staking flow in the app also lets holders stake ETHFI to participate in governance and accrue program points (and, at times, restaking‑related benefits routed via partner integrations), while maintaining the ability to vote. This links ETHFI ownership, participation, and decision‑making. (etherfi.gitbook.io)

Ecosystem & Use Cases

Staking, restaking, and DeFi

• Stake ETH → mint eETH/weETH → use it across DeFi. Because eETH is natively restaked, holders keep liquidity to trade, lend, borrow, or LP, while reward flows are handled by the protocol. The design aims for “best of both worlds”: Ethereum staking plus EigenLayer restaking without locking eETH away for long unbonding periods. (etherfi.gitbook.io)

• Ether.fi highlights integrations across the Ether.fi DeFi, NFTs, gaming landscape. As an ERC‑20 on Ethereum, eETH/weETH slot into EVM dapps—from lending markets to yield strategies—and can be bridged to compatible L2s that list the assets. Custodians like Finoa also support institutional storage options for eETH. (ether.fi)

Validators and node operators

• Operation Solo Staker opens a path for home validators to join DVT clusters, contributing to network diversity. Professional node operators also run validators for the protocol under a DVT setup, with assignments managed against cluster capacity. (etherfi.gitbook.io)

Membership NFTs and programmability

Ether.fi’s architecture supports programmatic staking: the system can represent validator positions and loyalty status through membership NFTs (distinct from eETH/weETH), making it easier to build experiences that recognize on‑chain staking history, tiers, or benefits. For developers and creators, that means token-gated perks, NFT utilities, and even on‑chain gaming economies can reference a user’s staked position without touching custody. (etherfi.gitbook.io)

Advantages & Challenges

Advantages

• Self-custody by design: Stakers retain control of withdrawal keys while delegating operations, aligning with Ethereum’s ethos. (etherfi.gitbook.io)
• DVT resilience: Obol-powered clusters reduce single-operator downtime risks and broaden participation, including home stakers. (blog.obol.org)
• Composability: eETH/weETH remain usable across DeFi because restaking rewards are claimed separately, preserving utility. (etherfi.gitbook.io)
• Active ecosystem and partners: Integrations and custody options have broadened access for both retail and institutions. (ether.fi)

Challenges

• Concept complexity: Liquid staking, native restaking, DVT, and claimable reward wrappers can feel technical for newcomers; learning the moving parts helps users make the most of the system. (etherfi.gitbook.io)
• Multi‑party coordination: The stack touches oracles, node operators, and external restaking services (AVSs on EigenLayer). That expands what builders can do, but also the surface area that must be well coordinated over time. (etherfi.gitbook.io)

Where to Buy & Wallets

Wondering where to buy ETHFI? The token is widely available on major centralized exchanges and decentralized exchanges on Ethereum.

• Binance listed ETHFI following its March 2024 Launchpool, and expanded support across Convert, Margin, Futures, and Earn. (binance.com)
• OKX announced ETHFI spot and derivatives support in March 2024. (prnewswire.com)
• Kraken shows ETHFI among its listed assets and has published a listing post. (support.kraken.com)
• Coinbase states that ETHFI is available to buy on its centralized exchange in supported regions. (coinbase.com)

General steps on a centralized exchange: open and verify an account, deposit funds, search for “ETHFI,” choose the trading pair you prefer, and place a market or limit order. On Ethereum DEXs, connect a wallet, select an ETHFI pair, review slippage and network fees, and swap.

Wallets:

• Software wallets: MetaMask and Coinbase Wallet can hold ETHFI, eETH, and weETH since they are standard ERC‑20 tokens. MetaMask also supports connecting popular hardware wallets for added key safety. (support.metamask.io)
• Hardware wallets: Ledger Live lists support for weETH, and ETHFI can be managed via Ledger or Trezor when connected through MetaMask or other compatible interfaces. (ledger.com)

Because Ether.fi assets live on Ethereum, they interoperate with the broader EVM wallet ecosystem you already use for DeFi, NFTs, and even on‑chain gaming that accepts ERC‑20 collateral.

Regulatory & Compliance

Ether.fi is a protocol; at the application layer, access is provided by entities including Gadze Finance SEZC, a Cayman Islands company referenced in Ether.fi’s website Terms of Use. Those terms include standard country and sanctions restrictions and note that the “Liquid Service” is not available to users in the United States or the United Kingdom, among other limitations. Always check the latest in‑app eligibility wording for your location. (ether.fi)

Ether.fi regulatory status varies by venue: centralized exchanges decide region-by-region listings and trading availability (see their own disclosures), while the protocol’s on‑chain contracts are globally readable. Governance is decentralized via the Ether.fi Foundation and DAO processes, with ETHFI used to direct treasury and policy. (etherfi.gitbook.io)

Halal and Shariah considerations:

• Ether.fi halal: Yes—when used as intended (staking, restaking, accessing utilities on the Ether.fi blockchain ecosystem), many contemporary scholars classify utility‑driven crypto activity as permissible. Ethereum itself has been argued to be acceptable under Shariah when it functions as “customary money” or a utility token that provides access to services, a view reflected in respected analyses and educational write‑ups. (blossomfinance.com)
• ETHFI shariah compliant: As a governance/utility token, ETHFI is generally viewed through the same lens—permissible when used for productive participation (governance, access, protocol utility) rather than prohibited contract types. Community guidance increasingly emphasizes real utility and transparency over speculation, which aligns with Ether.fi’s core design. (islamicfinanceguru.com)

Future Outlook

Ether.fi’s public roadmap has tracked a steady march: delegated staking (June 2023), DVT Phase 1 with Obol (August 2023), full eETH launch (November 2023), and DAO/TGE (March 2024). Planned items included a push toward permissionless, automated DVT onboarding for solo stakers and contract ossification once the system matures. The team also previewed “Ether.fi Cash,” a consumer experience tying a mobile MPC wallet and card to on‑chain balances; hiring activity in 2025 suggests continued work on that program. If delivered, these steps could blur lines between staking yields, daily spending, and app‑like finance built on Ethereum. (ether.fi)

For developers and advanced users, two things stand out. First, native restaking plus weekly reward claims via King Protocol preserves DeFi composability while aggregating emissions. Second, DVT adoption with home‑staker cohorts points toward broader resiliency for Ethereum. Both trends could help Ether.fi stay relevant across DeFi, NFTs, and gaming use cases where programmable, liquid collateral matters. (etherfi.gitbook.io)

Summary

Ether.fi combines self‑custody staking, native restaking, and on‑chain governance into one cohesive experience on Ethereum. Users mint eETH/weETH to earn staking and restaking rewards while staying liquid for DeFi. The ETHFI token anchors governance and treasury, with updated Ether.fi tokenomics designed to support long‑term ecosystem growth. With DVT‑powered validators, Operation Solo Staker, and integrations across the Ether.fi DeFi, NFTs, gaming landscape, the project aims to make the “Ether.fi blockchain” experience both resilient and useful. Whether you’re comparing ETHFI price over time, looking up where to buy ETHFI, or exploring how eETH fits into your on‑chain strategy, Ether.fi’s approach focuses on real utility: keep your keys, stay composable, and participate in shaping the protocol’s future. (etherfi.gitbook.io)