what's ether.fi?
ether.fi is a decentralized, non-custodial liquid staking protocol on Ethereum that allows users to stake ETH and other assets while maintaining liquidity through its eETH token. It pioneered trends like points farming in DeFi, protocol-owned vaults for restaking, and crypto neobanks enabling real-world spending via Visa cards. Users can earn rewards on staked assets including ETH, BTC, and stablecoins, with features like cross-chain compatibility and revenue sharing for ETHFI holders. The protocol emphasizes user control over keys and transparency through integrations like Chainlink Proof of Reserves. It has grown to over $9B in TVL, supporting seamless DeFi and everyday crypto usage.
Whale withdrew and staked 1.36M ETHFI ($645k) from Binance on Feb 3, 2026.
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Executed $130,000 worth of ETHFI buybacks on 2026-02-23 and $100,000 worth of ETHFI buybacks on 2026-02-26.
Allocates 100% of all revenue generated from eETH withdrawal fees to buybacks of ETHFI token, with acquired ETHFI distributed among sETHFI holders (ETHFI stakers).
Added to the Coinbase 50 Index (COIN50) in Q1 2026.
Experienced a spike in credit card borrow activity according to observer commentary.
Mentioned as one of the accepted collateral types (weETH) in VaultedgeFi's private beta launch on Base, alongside wstETH and Morpho vault receipts.
ETH staked increased 33.6% year-over-year.
Supports frxUSD stablecoin on its card product, with 50 users already using frxUSD as their preferred stablecoin on the ether.fi card.
Reduced buyback activity by 21% over 30 days but increased buyback activity by 34% over the most recent 7 days.
Launched Earn feature on iOS app, leveraging institutional-grade infrastructure.
Partnered with Chaos Labs for evaluation of Cap Money protocol in May 2025 as part of delegation due diligence process.
Partnered with FalconX, M11 Credit, and Symbiotic for an institutional restaking agreement for Cap Money protocol, committing 7,500 wstETH ($14M) for institutional lending, backing M11 Credit's stablecoin borrowing with FalconX handling prime brokerage.
Revenue is projected to grow from $50M to $100M in 2026.
Operates with a team of 38 employees.
Add tokenized stocks, gold, and silver as collateral assets for credit card in March 2026.
Reached $50M revenue in 2025.
Unlocks investor tokens during the week of February 16-22, 2026, with allocations held by OKX Ventures and Consensys becoming liquid.
Deploys to OP Mainnet.
Migrated Cash product to OP Mainnet, with 70,000 active cards, 300,000 accounts, and $200M TVL.
Offers 8% cashback on purchases of $88 or more as a Lunar New Year promotion for Year of the Horse.
Running a spending challenge from February 6-28, 2026, offering a $45 bonus to new card users who spend $888 total across all categories, with bonuses paid by end of March 2026.
Reached approximately 21,000 funded accounts with revenue per user of $256.
Offers 15% cashback on food spending through the ether.fi card, ending 2026-02-28, with base 3% cashback credited in WETH on all card transactions.
Arthur Hayes sold 2.04M ETHFI tokens for 2.751M USDC, worth $954K, on February 8, 2026.
Arthur Hayes sold 2.15M ETHFI tokens at $0.47 per token on February 8, 2026, realizing a $630,000 loss from his December 2025 purchase at $0.74 per token, converting them to USDC.
A whale withdrew 1.36M ETHFI (worth approximately $645k) from Binance and staked them on 2026-02-03.
Allocated 1% of token supply to Protocol Guild for Ethereum core developer funding on January 30, 2024.
Implemented auto-compounding of all staking and re-staking rewards for eETH and weETH tokens, effective January 28, 2026, where rewards now automatically accrue to holder balances.
Integrated with Anchorage to bring restaking capabilities into an institutional-grade custody environment.
Launched 4% ETH and 2% BTC Vaults on January 21, 2026.
Recall Airdrop claim deadline occurs on 2026-01-20
Hosts a 2026 analyst call on January 19-25, 2026 as a public community session outlining strategic direction for the year ahead.
Reached approximately $4-5 billion in TVL on Ethereum in the liquid restaking category.
Integrated Origin Protocol's Automated Redemption Manager (ARM) for eETH deposits, routing to Morpho for arbitrage optimization. Launched Pendle markets for wOETH and ARM-WETH-stETH, expiring 2026-06-24. ARM eETH strategy earned ~6% APY over 30 days.
Received "Best In Payments" award from The Rollup 2025 Awards Season on December 31, 2025.
Nominated for Revenue Meta Award with ceremony scheduled for 2025-12-30.
Received a stake of 3,598 ETH (approximately $10.8M) from a long-term holder on December 22, 2025.
weETH offers 16% APR yield opportunity on Aave with near infinite sizing.
Pike platform launches closed beta on Base, granting ether.fi and Lido communities invite-only access to its integrated DEX and lending platform built for Ethereum LST holders.
Announces building Bitcoin capital markets with Extended app as the leverage layer, enabling users to stake BTC for liquid eBTC tokens that serve as collateral for margin trading while earning staking yield.
weETH is now available for trading on MEXC exchange.
Ranks #7 among top 10 crypto projects by revenue generation, with token down 18% over the past 30 days.
Processes $150M+ spending with 43k active cards, reaching $126M card volume in Q4 2025 (up 160% QoQ) and $2.25M ATH daily volume by December. Executed a $50M buyback program, attracted ~$100M ETH from Peter Thiel-backed ETHZilla and 6,000 ETH from Optimism, and minted 300k ETH, the largest ever weETH mint.
Ranks in top 2 for number of transactions among neobanking platforms, ahead of MetaMask and other competitors.
Platform's DeFi bank has approximately 200k accounts and maintains zero liquidations across all loans.
Cash becomes the top revenue driver for the platform.
Current TVL stands at $8.9B with fees reaching $19M in 30 days and $77M in a single quarter.
$35 million in cumulative deposits from ether.fi and infiniFi flow to Cap protocol (capmoney_).
Level 5+ Jumper Pass holders receive 11% ETH cashback (10% + 1% extra) on the card during the 10-day promotional period.
All cashback on the platform converts to full payment in ETH across the entire program.
New ETHFI spot trading pairs list on MEXC exchange.
Annual user spending through the Cash card program nears $1B, achieving the highest cumulative spend volume of any non-custodial crypto card.
The card product launches a 10% cashback in ETH promotional campaign accessible through referral links. The disclosure notes this is promoted by a holder and collaborator of the project.
Selected for major asset expansion on Stable protocol through LayerZero as the canonical interop provider.
Launches Repay with LiquidUSD feature for instant debt repayment using LiquidUSD balance. Recruits users to test new physical card distribution process.
The LiquidUSD vault curator now allocates to Cap Money, adding a new deployment path to its strategy.
The project executes a $50M buyback while DCF Capital accumulates ETHFI tokens.
The LST protocol generates $969,149 in 7-day revenue, ranking #22 on DefiLlama's top-100 revenue dashboard as a new entrant.
weETH records largest mint ever at 300,000 ETH, and payment card achieves daily spend all-time high of $2.25 million.
Optimism Collective partners with ether.fi, deploying 6,000 ETH into weETH for its treasury and liquid staking strategy, positioning weETH as a core asset for OP Mainnet.
300,000 new eETH minted in a single day sets new record, with total TVL reaching approximately 2.65M ETH.
Falls from #4 to #6 in DeFi TVL leaderboard rankings between Dec 2024 and Dec 2025, with restaking growth slowing relative to competitors.
Resolv Season 4 launches December 9, 2025 through April 9, 2026, distributing 120,000 ETHFI tokens to stRESOLV holders over 3 months (until March 3, 2026) as the first season with liquid partner rewards via weETH exposure.
weETH launches on Stable platform as a day one listing with bridging functionality via Stargate Finance and LayerZero.
10% cashback promotion runs until December 11th per influencer review ranking it as top-tier crypto payment card with features including non-custodial functionality, up to 4% standard cashback, lounge access, and purchase protection.
EtherFI ranks among the top advertisers on Base's new advertising model which has generated $57K in revenue so far.
Platform integrates with Solana and Daimo Pay to enable deposits of any Solana token.
Referenced as having the largest card rollout and a $1B revenue projection in a comparative analysis of DeFi protocols solving problems at scale.
Launches a "10 days of Christmas" campaign that users can sign up for.
weETH integrates with Stable as a day one partnership powered by LayerZero, with bridging available via Stargate Finance at mainnet launch.
Partners with ETH Gas Official for gas cost reduction technology, joining Velvet Capital and Pendle in the Open Gas Initiative for transparent gas pricing and fee rebates.
Platform generates $4.1M in revenue over 30 days from restaking and AVS operations.
Listed as partner for Solana Consumer Day, a gathering for founders and builders in Solana's consumer app ecosystem.
November crypto card market reaches $406M with Cash among top 3 leaders alongside Rain and Ready, as MetaMask and Cypher_HQ see sharp declines.
Cash revenues exceed staking revenues for the first time, outperforming $7B in staked ETH. DCF Cap actively buying more tokens.
Platform reports $94.6M in total ARR as Cash card daily volume reaches $2M, doubling from $1M over a 30-day period.
Cash card achieves $36M November volume with 9% month-over-month growth from $33M. Platform joins ETHGas Open Gas Initiative to provide gasless transactions for users.
Protocol authorizes up to $50M buyback from treasury if price drops below $3, with no execution evidence to date.
ResolvLabs' first governance proposal passes, distributing 120,000 ETHFI to RESOLV stakers over three months based on stake size and duration multipliers.
Q3 fee revenue reaches $77m with 85% quarter-over-quarter growth.
Limited-time 10% cashback promotion on card transactions for 10 days ahead of Christmas, increased from the standard 3% cashback rate.
Partnership with Jumper offers 11% total cashback (1% extra on top of base 10%) on credit card purchases through December 10.
Protocol announces $80M+ revenue run rate and executes $1-2M weekly token buybacks ($200K bought today). Daily transactions reach all-time high while investor vesting ends in 4 months.
Credit card product reaches all-time high weekly revenue of $453.54K ($23.6MM annualized). Arthur Hayes bought 696,000 ETHFI tokens worth $543K.
eETH ARM strategy posts 6.4% trailing 30-day APY in private beta with $1.3M+ trading volume through aggregator routing. OETH completes three audits and begins validator migration for major upgrade supporting EIP-7251 and removing oracle dependencies.
A 10-day Christmas promotion offers 10% cashback for new user registrations, with additional gold card invitation opportunities that include future points and airdrop access.
Card registration opens for Singapore users; third wave of 4% reward gold cards being distributed.
ETHFI token buybacks continue; DCF Cap seeded the project.
Rain, a first-class Visa member, issues the EtherFi card and settles transactions with Visa using stablecoins instead of fiat.
Most EtherFi Card transactions fall in the $1-$50 USD range, settling on-chain across ETH L2s and Solana.
Arthur Hayes buys $543K in ETHFI this week, approximately 2 weeks after selling all his ETHFI holdings for a loss.
Arthur Hayes purchases 696,000 ETHFI tokens worth $543K over two days.
CryptoHayes purchased $331K of ETHFI tokens from Cumberland trading desk in the past hour.
Resolv launches governance functionality with initial proposal sending 120,000 ETHFI earned from weETH to stRESOLV holders.
weETH goes live on Monad as a day one listing, bridgeable through StargateFinance.
weETH launches on Tydro, a lending market on Ink blockchain, with bridge, loop, and collateralize functionality.
Crypto card reports approximately $60 million cumulative spend volume and $4.5 million in rewards distributed last quarter, with availability across UK, EU, UAE, Hong Kong, select US states and acceptance at over 100 million merchants worldwide.
Linear token unlocks with daily releases exceeding $1 million are scheduled for ETHFI over the next 7 days according to Coingecko data.
Cash vault offers 20% fixed APR boost for holding beHYPE or wHYPE on HyperEVM, limited to first 1000 depositors through December 4th with minimum $50 spend requirement and includes borrow mode functionality plus 3% cashback on spending.
weETH launches on Ink blockchain ecosystem, expanding liquidity and integration opportunities for the wrapped staked ETH product.
Arthur Hayes (former BitMEX CEO) sells ETHFI tokens, CEO Mike Silagadze notes Hayes sold less ETHFI compared to other tokens and previously supported the project at $0.30.