Wrapped eETH Liquid Staking

weETH is ether.fi's non-rebasing liquid restaking token — the wrapped version of eETH. It represents staked ETH plus both staking and restaking rewards, keeping a constant balance while its exchange rate against ETH appreciates. That fixed balance is what makes it usable across lending markets and DeFi integrations. Staking Rewards tracks two separate figures for it: the protocol exchange ratio ether.fi redeems at, and the market ratio it trades at.

weETH's current APY, shown at the top of this page, comes from three stacked sources: Ethereum consensus rewards, execution-layer tips and MEV, and EigenLayer restaking rewards earned by securing Actively Validated Services. The first two are measured on ETHSRB, the Ethereum benchmark Staking Rewards publishes — consensus-layer earnings plus execution-layer tips and MEV, divided by total staked ETH, over 24 hours and annualized without compounding. The AVS restaking layer sits on top of that benchmark rather than inside it, which is exactly why weETH's rate runs above a plain ETH LST. It is also the reason to look at the realized 90- and 365-day return on this page rather than the headline figure alone: base staking rewards are steady, and the restaking component is the part that varies.

eETH rebases, so your balance grows daily; weETH keeps a fixed balance and appreciates in value instead. weETH is the better choice for accounting, tax reporting and DeFi integration, which is why most protocols list it rather than eETH. Converting between the two through ether.fi is permissionless and instant. They earn identically, but they trade as separate assets, so Staking Rewards tracks each one's market price and peg accuracy separately.

weETH carries more risk than a plain ETH LST, and the reason is restaking. It layers smart-contract risk across ether.fi, the wrapper and EigenLayer, and it creates dual slashing exposure — Ethereum consensus penalties plus EigenLayer AVS penalties. A discount to redemption value during stress is also possible, and weETH's peg accuracy is tracked continuously on this page for exactly that reason. ether.fi diversifies operators and is audited, but residual risk remains. The practical way to judge whether the extra risk has been paid for is the realized 90- and 365-day return here, compared against a plain ETH liquid staking token over the same window — restaking's premium is a claim about the future, and that comparison is the record of the past.

ETH deposited into ether.fi is automatically restaked into EigenLayer at the protocol level, so weETH holders earn AVS restaking rewards on top of base staking yield with no extra steps and no separate deposit. The trade-off is accepting EigenLayer's additional slashing conditions alongside Ethereum's. Because base staking rewards follow the ETHSRB benchmark and AVS rewards do not, the restaking contribution is the variable part of weETH's yield — which is what the reward-stability figures on this page measure: how closely the return actually delivered has tracked the rate that was advertised.