ether-fi
Etherfi eETHDeFiBB+
Ether.fi · Liquid Staking · Ethereum

Ether.fi eETH is a liquid restaking token on Ethereum representing staked ETH that is simultaneously restaked through EigenLayer. Yield is generated from Ethereum consensus and execution layer staking rewards plus restaking rewards from EigenLayer AVS. Ether.fi uses a non-custodial model where stakers retain control of their validator keys via distributed key generation.

AUM
$3b
Net APY
2.65%
Active Users
159k
Type
Liquid Staking
Network
Ethereum
BB+
Elevated RiskCeiling AA-
AAAAAABBBBBBCCCCCCD
SCSKMPMLCPMICEPCEGFRTLCDT
CurrentPotential

This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from BB+ to AA- reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

SCSSmart Contract Security100
KMPKey Management Permissions81
MMarket73
LLiquidity78
CCollateral83
PMProtocol Mechanics100
ICEInfra Counterparty Exposures92
PCEProtocol Counterparty Exposures100
GGovernance78
FRFinancial Resilience60
TLCTeam Legal Compliance100
DTDocumentation Transparency100
Updated Jul 3, 2026Detailed scoring breakdown ↗Challenge this rating ↗Learn about our ratings ↗
Performance
Assets Under Management · 30D▲ 7.44%
$3b
Over the last 30 days, the total value of Etherfi eETH has grown 7.44% with $227.46M in inflows.
Net APY · 30D▼ 20.12%
2.65%
Over the last 30 days, the APY has decreased from 3.32% to 2.65%.
Active Users · 30D▲ 0.11%
159k
Over the last 30 days, active users have increased by 0.11%, reaching 159.5K wallets.
Market Details
ChainEthereum
Treasury$104.00M
Code AuditsCertora ↗Zellic ↗Omniscia ↗
Oracles UsedChainlink (weETH/ETH) ↗
Stated Withdrawal Time1-7 days
Component Ratings
Contract Addresses
Smart Contract0x35fA...118ac2
weETH0xCd5f...59b7ee
Treasury10x7D4b...08d5Cd
Treasury20x7A6A...39bB53
Treasury30x5f0E...73Ae55
Treasury40xD022...FFC90b
EtherFiAdmin0x0EF8...42D705
LiquidityPool0x3088...DaF216
Key Strengths
S1Audited by multiple leading security firms including Certora formal verification, Zellic, and Omniscia, alongside an active Immunefi bug bounty.
S2No confirmed exploits causing user fund loss across the protocol's operating history.
S3Continuous 24/7 security monitoring via Hypernative across the ecosystem.
S4Fully identified founding team backed by reputable institutional investors including CoinFund and OKX Ventures.
Key Risks
R1Admin multisig with a small signer set creates centralization risk despite the 48-hour timelock protection.
R2eETH/weETH has not been stress-tested under a severe depeg or mass-redemption event, leaving crisis resilience unproven.
R3EigenLayer restaking introduces socialized slashing risk from AVS operators, an added exposure beyond standard liquid staking.
R4No dedicated ring-fenced safety module with binding rules for user loss compensation.

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