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Ether.fi review 2026
TL;DR
Ether.fi is the largest liquid restaking protocol on Ethereum. After the KelpDAO exploit TVL dropped from its $7.8B January peak to $5.3B. The Cash card now has 70,000 active users and 300,000 accounts, $2M of daily volume. On 30 April the team pre-emptively hardened the weETH bridge: DVN 4/4 across all 20 supported chains. From 30 June the weETH bridge closes on 8 smaller chains – a liquidity concentration play. ETHFI slid from $0.47 to $0.30.
Go to Ether.fiWhat is Ether.fi
Ether.fi is a liquid restaking protocol launched in 2023. The main difference from Lido and others: you control your own validator keys (non-custodial model). You stake ETH and get eETH or weETH (the wrapped version), which auto-restakes into EigenLayer for extra yield.
In April-May 2026 Ether.fi TVL pulled back from its $7.8B January peak to $5.3B (Ethereum $5.1B + OP Mainnet $183M). The drop tracks the broader DeFi outflow after the KelpDAO exploit – the whole DeFi map lost $13B in two days. Liquid vaults hold a separate $175M.
Current yields: base ETH staking around 3.5% APY, restaking boost 2-4% (EigenLayer AVS + EIGEN emissions). Liquid 14-day APY: ETH ~4.71%, USD vault ~6.99%. In May a new EURC vault went live with K3 Capital and MidasRWA (zero FX conversion).
The Cash card hit 70,000+ active users, 300,000+ accounts, 28,000 daily transactions, and $2M of daily volume. On 15 April $220M of TVL migrated from Scroll to OP Mainnet without downtime. By the team's estimate, Ether.fi Cash now handles roughly 50% of all crypto-card transactions in the sector.
KelpDAO fallout: Ether.fi itself was not hit. On 30 April the team pre-emptively hardened the weETH bridge to DVN 4/4 across all 20 supported chains (instead of one node). From 30 June the weETH bridge closes on Scroll, Swell, Bera, zkSync, Mode, Blast, Morph, and Sonic – liquidity concentrates on the main networks. On 4 June (announced in May) the team launched a $25M RWA vault with Plume (target $100M): BlackRock iShares AAA CLOA, Fidelity FBND, FalconX credit pool.
The ETHFI token lost ground: from $0.41-0.63 in April (24 April at $0.47), to $0.373 by 31 May, low of $0.267 on 5 June, now around $0.30. From the $8.57 ATH (March 2024) – down 96%+.
Supported networks
Pros and cons
Pros
- +Non-custodial – you control your own validator keys
- +TVL $5.3B – still the largest liquid restaking protocol
- +Cash card: 70k active, 300k accounts, $2M/day in volume
- +weETH bridge hardened to DVN 4/4 after KelpDAO (30 April)
- +$25M RWA vault with Plume, BlackRock, Fidelity (4 June)
Cons
- –TVL pulled back from the $7.8B January peak to $5.3B after KelpDAO
- –ETHFI is -96% from its ATH, trading near $0.30
- –weETH bridge closes on 8 smaller chains from 30 June
- –Dependency on EigenLayer – any breach there feeds back into eETH
- –Complex stack – eETH, weETH, weETHs, Liquid – easy to get lost
Fees
ETH staking: no protocol fees. Base yield around 3.5% APY from Ethereum staking + 2-4% restaking boost. Cash card: $0 annual fee, promo period at 0% on loans against staked ETH.
Security
Ether.fi was audited by Certik, Zellic, and Solidified. No exploits or losses since inception. After KelpDAO, on 30 April the team pre-emptively hardened the weETH bridge to DVN 4/4 across all 20 chains (many DeFi bridges still ran on a single DVN – the same vector that broke KelpDAO). From 30 June the bridge closes on 8 smaller chains as liquidity concentrates on Ethereum, OP Mainnet, Arbitrum, and Base. The non-custodial model means even if the team disappears, users can pull their funds from validators directly.
Who it's for
Ether.fi is the strongest choice for maximizing yield on staked ETH. The Cash card with $2M of daily volume and 70k active users is a real product for crypto spending in everyday life. The hardened weETH bridge after KelpDAO puts Ether.fi among the better-defended restaking platforms.
FAQ
How did the KelpDAO exploit hit Ether.fi?
The protocol itself was not hit. But TVL pulled back from the $7.8B January peak to $5.3B on the broader DeFi outflow. On 30 April the team pre-emptively hardened the weETH bridge to DVN 4/4 across all 20 chains.
Why are weETH bridges closing on smaller chains?
From 30 June 2026 the weETH bridge closes on Scroll, Swell, Bera, zkSync, Mode, Blast, Morph, and Sonic. The play is liquidity concentration – fewer chains, fewer attack surfaces, easier audits. Main liquidity stays on Ethereum, OP Mainnet, Arbitrum, and Base.
What yields are we seeing now?
Base ETH staking around 3.5% APY + 2-4% restaking boost (EigenLayer AVS + EIGEN). Liquid 14-day APY: ETH ~4.71%, USD vault ~6.99%. In May a new EURC vault joined via K3 Capital and MidasRWA partners.
What is the RWA vault with BlackRock about?
On 4 June 2026 Ether.fi and Plume launched a $25M RWA vault (target $100M). Inside: BlackRock iShares AAA CLOA, Fidelity FBND, FalconX credit pool. It is the first direct bridge between Ether.fi users and institutional RWA products.
What is the Cash card?
A crypto-debit card from Ether.fi. As of May 2026: 70,000+ active cards, 300,000+ accounts, 28,000 daily transactions, $2M of daily volume. Up to 4% cashback in wETH, loans against staked ETH. $0 annual fee.
CoinMagnetic Team
Crypto investors since 2017. We trade with our own money and test every exchange ourselves.
Updated: July 2026
This article contains affiliate links. Not financial advice. DeFi carries a risk of loss – invest responsibly.