ETHFI (ether.fi) 是什麼？從 liquid restaking 轉型 crypto neobank 的以太坊 staking 協議

ether.fi is a non-custodial liquid staking protocol on Ethereum that issues eETH/weETH and has expanded into the Cash card and Liquid vaults. ETHFI is its governance token, used for DAO governance, staking into sETHFI and unlocking membership benefits.

**ether.fi (ETHFI)** is led by CEO and co-founder Mike Silagadze. The protocol went live in 2023. Users deposit ETH and receive eETH (a rebasing token) or its wrapped form weETH (non-rebasing, easier to use for DeFi lending, bridging and collateral). During the 2024 restaking wave, ether.fi automatically restaked deposited ETH into EigenLayer and paired that with points and airdrop campaigns, which made it one of the largest liquid restaking protocols at the time. DefiLlama data shows ether.fi Stake TVL peaked at about US$12.43 billion on 2025/08/14, stood at about US$8.67 billion at the end of 2024, and was about US$4.06 billion on 2026/11/10.

ETHFI launched on 2024/03/18 alongside the Season 1 airdrop, with a fixed supply of 1 billion tokens. The protocol changed course in 2026. In August 2026, weETH dropped restaking and became a standard liquid staking token; users who still want restaking yield can opt into weETHs, a Symbiotic-based product. The same month ether.fi added tokenized stocks, metals trading and fiat rails, and now describes itself as a “crypto neobank.” In September 2026 Silagadze said restaking no longer offered meaningful yield and stakers perceived added risk, so the protocol chose to exit, with EigenPod withdrawal credentials scheduled for removal by year-end 2026.

Key Features of ETHFI

1. A two-token liquid staking structure: eETH and weETH

ETH deposited into the LiquidityPool contract mints eETH immediately, and validators are launched in batches. Per the whitepaper, funding is staged: a 1 ETH seed deposit verifies that withdrawal credentials point to protocol contracts before the remaining balance is released, reducing operator misappropriation risk. weETH accrues yield through its exchange rate, which suits DeFi protocols that cannot handle rebasing. Since the August 2026 restructuring, weETH carries only Ethereum consensus- and execution-layer staking yield and risk, with no AVS slashing exposure.

2. A product line extending from staking into payments

ether.fi Cash is a Visa crypto card; the website lists 3% cashback on everyday purchases, paid from stablecoin balances or from borrowing against deposited assets. The August 2026 update added tokenized stocks such as xStocks, metals trading, and an Aave V4 lending market on Optimism. The company reported about 500,000 members and 150,000 active cards at that update. Silagadze said 46% of July 2026 monthly revenue came from the card, up from 17% in January.

3. Value-accrual design through ETHFI staking and buybacks

ETHFI holders can stake for sETHFI, which is used for governance voting and automatically unlocks Cash card membership tiers (Luxe, Pinnacle and VIP on the website, with no lockup). The DAO has passed several buyback proposals: revenue-funded buybacks with liquidity seeding, routing eETH withdrawal revenue to buybacks, and a US$50 million treasury buyback approved on 2025/10/30 that applies while the price is below US$3. Realized buyback amounts have lagged the approved budget; see the risk section.

What is ETHFI Used For?

• DAO governance: Voting on protocol fees, contract upgrades, node operator approvals, treasury allocation and grants, with decisions executed by the ether.fi Foundation.
• Staking for sETHFI: By design, sETHFI receives tokens distributed through the buyback program and counts toward governance participation.
• Membership benefits: Staked ETHFI maps to Cash card tiers that affect cashback rates, airport lounge access and subscription rebates.
• Trading and financial products: ETHFI trades as spot and perpetual futures on multiple centralized exchanges; in September 2026, 21Shares listed a physically backed ETHFI ETP on Euronext Paris and Amsterdam.

Market Risks and Key Risk Disclosures for ETHFI

Data as of 2026/11/10. According to CoinGecko, ETHFI traded at about US$0.63, with a market cap of about US$633 million.

• Market cap and volatility:
  ETHFI has a relatively small circulating market cap and trades at less than a tenth of its all-time high, so volatility risk is high.
• Change in business focus:
  Early on, ether.fi was promoted mainly on stacked restaking yields and airdrop expectations. In 2026 it exited EigenLayer restaking and shifted to crypto neobank products such as cards, lending and tokenized stocks. Its positioning and sources of yield have changed significantly, and its new bank-like and fiat businesses will face traditional financial regulation.
• Buyback policy:
  Token buybacks are decided and executed by the ether.fi Foundation and were paused between April and September 2026. Since August 2026, repurchased tokens are held by the Foundation and used for user rewards; the policy may be changed or stopped in future.
• Insider holdings and market-maker loans:
  According to the issuer, investor and core contributor tokens vest until 18 February 2027. These tokens have already been moved to beneficiary addresses with no on-chain lock; vesting restrictions rely only on custody or contractual arrangements. One address holds about 10.17% of supply, which the issuer discloses as an insider allocation. The Foundation has also lent about 11 million ETHFI to market makers, which may affect trading and supply and demand.
• Issuer and nature of the token:
  The contracting party in the terms of use is Ether.Fi SEZC, a Cayman Islands company. According to SEC Form ADV, founder Mike Silagadze holds 25%–50% and is a control person. ETHFI is a governance token: holders can vote in off-chain governance but have no equity, dividend or other legally enforceable rights. ether.fi has no standalone token white paper; the information is spread across its official documents.
• Security incidents:
  The protocol has had security incidents involving third parties and legacy contracts; see the official incident disclosure page.

Conclusion

ether.fi rose during the 2024 restaking wave and in 2026 exited EigenLayer on its own, keeping weETH liquid staking as its base layer while building toward a neobank model with the Cash card, lending and tokenized assets. As the governance token, ETHFI relies on sETHFI staking distributions and DAO buybacks for value accrual, yet buyback execution data has been zero since mid-2026, protocol revenue and TVL sit below their 2025 highs, and the link between new business revenue and token holders is not yet defined. Points worth tracking include card business growth, buyback transparency, TVL trends, and underlying risks such as smart contracts and slashing.

References and Official Links

• ether.fi website: https://www.ether.fi/
• ETHFI governance and tokenomics: https://www.ether.fi/ethfi
• ether.fi documentation: https://etherfi.gitbook.io/etherfi
• ether.fi DAO governance forum: https://governance.ether.fi/
• CoinGecko: https://www.coingecko.com/en/coins/ether-fi
• CoinMarketCap: https://coinmarketcap.com/currencies/ether-fi-ethfi/
• DefiLlama (ether.fi Stake): https://defillama.com/protocol/ether.fi-stake
• The Block: Ether.fi announces airdrop, will adjust token allocation following community complaints (2024/03/16)
• Blockworks: Ether.fi announces $23M Series A round (2024/02/28)
• Finst / CoinDesk coverage: ether.fi Leaves Restaking as Yields Dry Up (2026/09/28)
• Buy and sell ETHFI on MaiCoin: https://www.maicoin.com/market/ETHFI
• Trade ETHFI on MAX Exchange: https://max.maicoin.com/trade/ethfitwd

Disclaimer: This article is for informational purposes only and does not constitute investment advice or an offer to buy or sell. Virtual asset prices are highly volatile and may result in the loss of all principal; past performance does not indicate future results. Conduct independent research and carefully assess risk tolerance before investing.