Overview
ether.fi launched in 2023, founded by Mike Silagadze, as a liquid restaking protocol: users deposit ETH, which is staked on Ethereum and restaked through EigenLayer, and receive eETH (or the wrapped weETH) that earns rewards and can be used in DeFi. It holds about $4.9 billion, according to DeFiLlama.
Since 2024, ether.fi has grown into a crypto neobank, best known for the ether.fi Cash card.
How it works
- Staking and restaking: deposit ETH, receive eETH/weETH, earn staking and restaking rewards.
- ether.fi Cash: a Visa card that lets users spend against their crypto (borrowing instead of selling) or pay with stablecoins, with cashback. By 2026, the card brought in over 60% of protocol revenue.
- 2026 additions: tokenized stock and metals trading and portfolio-backed borrowing.
The ETHFI token
| ETHFI at a glance | |
|---|---|
| Maximum supply | 1 billion ETHFI |
| In circulation (Oct 2026) | about 999 million |
| Price (29 Oct 2026) | about $0.67 |
| All-time high | about $8.53 (March 2024) |
| Market cap | about $670 million (#91) |
In October 2025, the DAO approved a $50 million buyback program. On-chain data suggests buybacks fell to almost nothing between May and July 2026; in August, ether.fi announced programmatic buybacks funded by product revenue.
Risks
- Restaking risk. Restaked ETH can be slashed if services built on EigenLayer misbehave.
- Inconsistent buybacks. Promised support for ETHFI hasn’t always materialized.
- Card risks. Card programs depend on payment partners and regulators.
- Competition. Lido, other restaking protocols and neobank apps compete.
ether.fi vs. the competition
| ether.fi | Lido | EigenCloud | |
|---|---|---|---|
| Main product | Restaking + Cash card | Liquid staking (stETH) | Restaking infrastructure |
| Deposits (Oct 2026) | ~$4.9 billion | ~$24 billion | ~$6 billion |
| Token | ETHFI | LDO | EIGEN |
Our verdict
ether.fi has built more than a staking protocol: its Cash card is a genuinely popular product with real revenue. But ETHFI’s buybacks have been inconsistent, and the token is about 92% below its peak. ETHFI is a high-risk investment: invest only what you can afford to lose.
This review is for information only and is not financial advice.