EtherFi

What is EtherFi?

EtherFi is a decentralized, non-custodial liquid staking protocol that pioneered the concept of native liquid restaking. Launched in 2023, EtherFi allows users to stake their ETH and automatically participate in EigenLayer restaking, earning both Ethereum PoS rewards and additional yields from securing multiple networks.

With over $5 billion in total value locked, EtherFi has become the largest liquid restaking protocol in DeFi. The protocol's flagship products. EETH (liquid staking token) and weETH (wrapped eETH for DeFi). Provide seamless access to restaking yields without the complexity of managing individual validators or EigenLayer positions.

How EtherFi Works

Native Liquid Restaking

1. Users deposit ETH to EtherFi
2. ETH is staked on Ethereum PoS through distributed validators
3. Staked ETH is automatically restaked on EigenLayer
4. Users receive eETH representing their staked position
5. EETH accrues value from staking + restaking yields

EtherFi maintains decentralization through:

• Distributed validator set (no single operator)
• Users retain control of withdrawal credentials
• Node operators cannot access user funds
• Permissionless validator onboarding

Token Types

• Rebasing token that grows in quantity
• Represents staked ETH + restaking position
• Automatically accrues rewards
• Can be unstaked with withdrawal delay

• Non-rebasing version for DeFi
• Value appreciates (quantity stays constant)
• Better for lending, LP, and integrations
• 1:1 redeemable for eETH

EigenLayer Integration

EtherFi automatically restakes through EigenLayer:

• ETH secures additional Actively Validated Services (AVS)
• Earns rewards from multiple protocols
• No additional user action required
• Exposure to EigenLayer points and rewards

Key Statistics

• Total Value Locked: $5B+
• eETH/weETH in Circulation: 2M+ ETH equivalent
• Base Staking APY: 3-4%
• Restaking Boost: Variable (depends on AVS rewards)
• Supported Chains: Ethereum, Arbitrum, Base, Optimism
• Validator Operators: 100+ node operators

Yield Opportunities

Direct eETH/weETH Holding (4-8% APY)

The simplest way to earn restaking yields:

• Ethereum staking rewards (~3-4% APY)
• EigenLayer restaking rewards (variable)
• EtherFi points (convertible to ETHFI token)
• Potential AVS airdrops

• Deposit ETH on app.ether.fi
• Receive eETH automatically
• Wrap to weETH for DeFi use

weETH in DeFi (8-15%+ APY)

Maximize yields by deploying weETH:

Supply weETH on Aave, Morpho, or Spark:

• Earn lending interest on top of staking yields
• Use as collateral for borrowing strategies
• Stack multiple yield sources

Provide weETH liquidity on DEXs:

• weETH/ETH pools on Curve, Balancer
• Earn trading fees plus staking yields
• Minimal impermanent loss (correlated assets)

Advanced users can loop weETH:

• Deposit weETH, borrow ETH, restake
• Multiply exposure to staking yields
• Higher risk, higher potential return

ETHFI Token

EtherFi's governance token:

• Governance participation
• Staking rewards
• Points conversion from protocol usage

Getting Started with EtherFi

Step 1: Choose Your Entry

• Connect wallet to app.ether.fi
• Deposit ETH (any amount)
• Receive eETH automatically

• Buy eETH or weETH on Curve, Uniswap
• Instant exposure without staking delay
• May trade at slight premium/discount

Step 2: Select Token Type

Step 3: Deploy Strategy

• Hold for passive restaking yields
• Supply to lending markets for additional APY
• Provide liquidity for trading fees

Risk Considerations

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