ether.fi
Non-custodial crypto neobank that began as ETH staking (eETH, weETH) and adds a Cash card, borrowing and vaults.
No project pays to be listed. How we rank
ether.fi key facts
| Category | Liquid staking |
|---|---|
| Chains | Ethereum |
| Platforms | Web |
| Custody | Non-custodial |
| US availability | Stake allowed; Liquid not available to US residents |
| Security audits | 45+ reports from Certora, CertiK, Halborn, Nethermind, Zellic and others |
| Launched | 2023 |
| Token | ETHFI (governance); eETH and weETH (staking) |
What is ether.fi?
ether.fi is a non-custodial crypto neobank that started in 2023 as an Ethereum staking protocol. Staking ETH mints eETH, a rebasing token, or weETH, its wrapped form. It now adds the Cash card, borrowing and Liquid vaults. In September 2026 a legacy withdrawal contract exploit cost users about $40K; ether.fi says it is reimbursing in full.
How ether.fi works
When you stake, you deposit ETH through an ether.fi interface and the protocol issues eETH or weETH.
The ETH goes to Ethereum validators run by node operators, and an oracle reports validator activity and rewards to the contracts. Rewards show up in two ways: eETH's balance rebases upward, while weETH keeps a fixed balance and each token becomes worth more eETH. Both earn consensus and execution-layer rewards only, with no bundled restaking.
ether.fi previously restaked much of its ETH through EigenLayer and is winding that down. As of August 2026 it reported less than 1% of protocol assets still restaked, with removal planned by the end of Q3 2026. Restaking exposure now lives in optional products such as weETHs. Redemption of eETH or weETH for ETH depends on protocol liquidity, Ethereum validator withdrawals and network conditions.
Around staking, ether.fi runs a non-custodial account secured by a passkey, with no password. The same account holds the Cash card, a Borrow feature that lends against your assets, Liquid vaults under the Earn tab and a Markets tab for crypto trading. Borrow Mode on the card lets you spend against your holdings without selling them.
How to start with ether.fi
- Sign up at the ether.fi app as a Personal or Business member, verify your email, accept the Terms of Use and create a passkey.
- Identity verification is required for the Cash card and bank transfers.
- For US residents, the terms allow the Stake service and, subject to US cardholder agreements, the Cash service and Liquid Reserve, which is unavailable in New York.
- US residents cannot use Liquid vaults, and tokenized stocks and metals are not offered in the US.
- Canadian residents are excluded entirely.
ether.fi fees and limits
- Instant redemption swaps eETH or weETH for ETH or stETH at once, minus an exit fee set per token, and works only while buffer liquidity sits above a low watermark; the docs say both the fee and the watermark are hard-capped at 5% in code, with live values readable onchain.
ether.fi has two ways out of eETH or weETH. The standard queued withdrawal carries no fee and no rate limit but waits in the withdrawal queue. Liquid vaults charge a platform fee for vault management and may add a strategy provider's performance fee, taken about once a day and already reflected in your balance, plus a withdrawal discount from 1 basis point to cover solver gas. Vault withdrawals can take up to 3 days, or 7 for Liquid USD RWAs.
Risks to know before using ether.fi
- On September 11, 2026, an attacker used a missing authorization check in the legacy Veda AtomicQueue contract, a withdrawal helper Liquid vaults had stopped using.
- Only wallets with an old, unrevoked approval to that contract and smart wallet code that accepts unknown calls, such as Coinbase Smart Wallet or Ambire, were exposed.
- Losses were about $40K on Ethereum plus about 2,257 sETHFI on Arbitrum, and ether.fi says it is reimbursing affected users in full.
- ether.fi states it is not a regulated financial institution.
- Its risk page lists validator penalties and slashing, oracle and governance failures, Ethereum withdrawal delays and weETH trading below its redemption value.
- The audit page counts more than 45 reports from more than 10 firms since February 2023.
- Risks that apply to every product include a compromised sign-in method, a lost signing device, and bugs or privileged roles in the contracts.
ether.fi usage
From DefiLlama (TVL) (fees users paid), updated Nov 10, 2026.
ether.fi alternatives
Other projects people compare with ether.fi.
Solana liquid staking token JitoSOL that pays staking plus MEV rewards, run by the Jito Foundation.
Ethereum liquid staking protocol: stake ETH, receive stETH, and keep it usable in DeFi.
Decentralized Ethereum liquid staking protocol: deposit ETH for rETH, or run a node with an ETH bond.
Where ether.fi ranks on DappAtlas
Listed next to ether.fi
- Gemini Crypto exchange
- Robinhood Crypto Crypto exchange
- EigenLayer Restaking
ether.fi pros and cons
- More than 45 public audit reports since February 2023
- US residents can use the Stake service
- eETH and weETH stay usable across DeFi
- Liquid vaults not available to US residents
- Legacy AtomicQueue exploit in September 2026 took about $40K from users
- Tokenized stocks and metals not offered in the US
ether.fi FAQ
What is ether.fi?
ether.fi is a non-custodial crypto neobank that started in 2023 as an Ethereum staking protocol. Staking ETH mints eETH, a rebasing token, or weETH, its wrapped form. It now adds the Cash card, borrowing and Liquid vaults. In September 2026 a legacy withdrawal contract exploit cost users about $40K; ether.fi says it is reimbursing in full.
How much value is locked in ether.fi?
$4.9B according to DefiLlama on Nov 10, 2026. It is deployed on 6 chains: Ethereum, Arbitrum, Scroll, Optimism, Base, Berachain.
How much do users pay ether.fi in fees?
$12.1M over the last 30 days, according to DefiLlama on Nov 10, 2026.
Is ether.fi available in the US?
Stake allowed; Liquid not available to US residents, according to ether.fi’s own page (checked Sep 26, 2026).
Does ether.fi hold my funds?
No. ether.fi is non-custodial: you keep your funds in your own wallet and sign each transaction.
Sources
- ether.fi: official site
- ether.fi: Terms of Use
- ether.fi: Docs, Audits
- ether.fi: Docs, About ether.fi
- ether.fi: Ethereum Staking
- ether.fi: weETH and eETH
- ether.fi: Staking
- ether.fi: Welcome
- ether.fi: Quickstart
- ether.fi: Sep 11 incident, legacy AtomicQueue exploit
- ether.fi: Risks
- ether.fi: Contract how-to (withdrawals)
- ether.fi: Integration guide
- ether.fi: Liquid vault FAQs
- DefiLlama
How this page works
Sources: ether.fi: official site, ether.fi: Terms of Use, ether.fi: Docs, Audits. Data as of Oct 1, 2026.
Not affiliated with any project listed. Educational content, not financial advice.