[Crypto projects](https://revain.org/projects/) › ether.fi

# ether.fi (ETHFI): how it works, supply and reviews

## In short

- **Type**: Liquid staking protocol on Ethereum mainnet plus a non-custodial account app; not a separate blockchain
- **Maximum supply**: ETHFI is fully minted with a fixed supply of 1 billion; no further issuance
- **Risks and caveats**: Staking positions can lose value through validator penalties or slashing, smart-contract, oracle or governance failure
- **Checked**: 31 October 2026

## Key facts

- **Ticker**: ETHFI
- **Official site**: [ether.fi](https://www.ether.fi/)

Key facts checked on 31 October 2026 against official sources.

## What is ether.fi

ether.fi began in 2023 as an Ethereum liquid staking protocol: users deposit ETH and receive eETH, or its wrapped form weETH, which earn staking rewards and stay transferable. It now presents itself as a non-custodial crypto neobank with a card, trading, borrowing and yield vaults on top of that protocol. ETHFI is its governance token.

## Network and consensus

| Parameter | Details |
|---|---|
| Type | Liquid staking protocol on Ethereum mainnet plus a non-custodial account app; not a separate blockchain |
| Tokens | eETH rebases as rewards accrue; weETH is its non-rebasing wrapper used across DeFi |
| Validators | Deposited ETH is allocated to Ethereum validators run by node operators; an oracle reports rewards |
| Restaking | eETH/weETH no longer bundle EigenLayer restaking; under 1% of assets remained restaked as of August 2026, being wound down |
| Chains | eETH exists only on Ethereum mainnet; weETH and ETHFI are bridged to other chains |

## Supply and issuance

| Parameter | Details |
|---|---|
| Maximum supply | ETHFI is fully minted with a fixed supply of 1 billion; no further issuance |
| Initial distribution | Investors 33.74%, treasury 21.62%, core contributors 21.47%, user airdrops 19.27%, partnerships and liquidity 3.9% (as of 2 August 2025) |
| Vesting | 1-year cliff for all vested ETHFI holders |
| Buybacks | All eETH withdrawal-fee revenue buys back ETHFI weekly, distributed to staked ETHFI (sETHFI) holders |

## What ETHFI is used for

- ETHFI: governance votes on upgrades, fees, node operators and treasury
- Staked ETHFI (sETHFI) receives ETHFI bought back with protocol revenue
- eETH/weETH: represent staked ETH plus rewards and can be used in DeFi

## Who develops and governs ether.fi

- **Foundation**: The ether.fi Foundation carries out ETHFI holder decisions and stewards the treasury and protocol
- **Voting**: Proposals on the governance forum; votes on Snapshot (etherfi-dao.eth)
- **Upgrade control**: A 6-of-10 Upgrade Admin multisig acts through a 10-day timelock; a 4-of-7 Operating Admin can pause immediately
- **Open source**: Contracts are published in the etherfi-protocol GitHub organisation

## History

| Date | Event |
|---|---|
| 2023 | ether.fi started as an Ethereum staking protocol |
| February 2023 | First published security reviews of the staking contracts |
| 14 July 2026 | A security upgrade (consolidated role registry, new withdrawal finalisation) executed on-chain after the 10-day timelock |
| August 2026 | Under 1% of protocol assets remained restaked on EigenLayer as that position was wound down |

## Security and audits

- More than 45 audit reports from more than 10 firms and programmes since February 2023, including Certora, CertiK, Decurity, Halborn, Nethermind, Omniscia, Paladin, Solidified and Zellic
- The July 2026 security upgrade was reviewed by Certora (report dated 28 June 2026)
- Public bug bounty on Immunefi
- Rebases need 3-of-3 oracle agreement and are rejected above a 5% APR cap

## Security incidents

| Date | What happened | Source |
|---|---|---|
| 11 September 2026 | Exploit: An attacker exploited a missing authorization check in the legacy Veda AtomicQueue withdrawal helper; wallets with old approvals and certain smart-wallet code lost liquidETH, USDC and other Liquid tokens. ether.fi puts realized user loss at about $40K on Ethereum plus about 2,257 sETHFI on Arbitrum; no vault, treasury or protocol-held assets were affected. Funds returned: ether.fi says all affected users are being reimbursed in full. | [etherfi.gitbook.io](https://etherfi.gitbook.io/etherfi/security/security-and-risks/incident-management/sep-11-incident-legacy-atomicqueue-exploit) |

Further incidents are reported by third parties (press, incident databases) but are not confirmed in the company’s own channels, so they are not listed here.

## Official ETHFI contracts

| Network | Contract address |
|---|---|
| Ethereum | [0x35fA164735182de50811E8e2E824cFb9B6118ac2](https://etherscan.io/address/0x35fA164735182de50811E8e2E824cFb9B6118ac2) |
| Ethereum | [0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee](https://etherscan.io/address/0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee) |
| Ethereum | [0xFe0c30065B384F05761f15d0CC899D4F9F9Cc0eB](https://etherscan.io/address/0xFe0c30065B384F05761f15d0CC899D4F9F9Cc0eB) |

eETH, weETH and ETHFI on Ethereum mainnet, as listed in the ether.fi deployed-contracts page; weETH and ETHFI addresses on other chains are listed there too.

## Risks and caveats

- Staking positions can lose value through validator penalties or slashing, smart-contract, oracle or governance failure
- Redemption timing depends on protocol liquidity and Ethereum withdrawals; weETH can trade below its redemption value
- ether.fi states it is not a regulated financial institution; the Cash card is issued by a third party
- Multisigs can pause the protocol and, after a 10-day delay, upgrade its contracts

## Official links

- Website: [www.ether.fi](https://www.ether.fi/)
- Docs: [etherfi.gitbook.io/etherfi](https://etherfi.gitbook.io/etherfi)
- Source code: [github.com/etherfi-protocol](https://github.com/etherfi-protocol)
- Governance forum: [governance.ether.fi](https://governance.ether.fi/)
- Governance docs: [etherfi.gitbook.io/gov](https://etherfi.gitbook.io/gov)

## Questions and answers

**What is ether.fi?**

An Ethereum liquid staking protocol started in 2023 that now also offers a non-custodial account with a card, trading, borrowing and yield vaults.

**What is the difference between eETH and weETH?**

eETH is a rebasing token whose balance grows with staking rewards; weETH is its non-rebasing wrapper, whose balance stays fixed while its eETH value rises.

**What is the supply of ETHFI?**

ETHFI is fully minted with a fixed supply of 1 billion tokens and no further issuance.

**Does eETH still include EigenLayer restaking?**

No. eETH and weETH earn Ethereum staking rewards only; ether.fi's legacy EigenLayer position was under 1% of assets in August 2026 and is being removed.

**Is ether.fi audited?**

ether.fi lists more than 45 audit reports from over 10 firms since February 2023 and runs a bug bounty on Immunefi.

## Sources

- [ether.fi docs - Welcome](https://etherfi.gitbook.io/etherfi)
- [ether.fi docs - About ether.fi](https://etherfi.gitbook.io/etherfi/resources/ether.fi-whitepaper)
- [ether.fi docs - Ethereum Staking](https://etherfi.gitbook.io/etherfi/resources/ether.fi-whitepaper/ether.fi-staking)
- [ether.fi docs - Risks](https://etherfi.gitbook.io/etherfi/resources/ether.fi-whitepaper/risks)
- [ether.fi docs - Staking](https://etherfi.gitbook.io/etherfi/products/staking)
- [ether.fi docs - weETH / eETH](https://etherfi.gitbook.io/etherfi/products/staking/eeth)
- [ether.fi docs - Audits](https://etherfi.gitbook.io/etherfi/security/security-and-risks/audits)
- [ether.fi docs - MultiSigs & Controls](https://etherfi.gitbook.io/etherfi/security/security-and-risks/multisigs-and-controls)
- [ether.fi docs - Deployed contracts](https://etherfi.gitbook.io/etherfi/developers/contracts-and-integrations/deployed-contracts)
- [ether.fi docs - FAQ](https://etherfi.gitbook.io/etherfi/archive/introduction/faq)
- [ether.fi Governance - Mission](https://etherfi.gitbook.io/gov)
- [ether.fi Governance - ETHFI](https://etherfi.gitbook.io/gov/ethfi)
- [ether.fi Governance - ETHFI Allocations](https://etherfi.gitbook.io/gov/ethfi-allocations)
- [ether.fi Governance - ETHFI Buyback Program](https://etherfi.gitbook.io/gov/ethfi-buyback-program)
- [etherfi-protocol/smart-contracts README](https://raw.githubusercontent.com/etherfi-protocol/smart-contracts/master/README.md)

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Page updated: 2026-10-31

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Source: https://revain.org/projects/ether-fi/