Ether.fi eETH is a liquid restaking token on Ethereum representing natively staked and restaked ETH. Yield comes from Ethereum consensus and execution layer staking rewards plus additional restaking rewards via EigenLayer and Symbiotic.
AUM
$3b
Net APY
2.86%
Active Users
159k
Type
Liquid Staking
Network
Ethereum
BB+
Elevated RiskCeiling AA-
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CurrentPotential
This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from BB+ to AA- reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security100
KMPKey Management Permissions81
MMarket73
LLiquidity78
CCollateral83
PMProtocol Mechanics100
ICEInfra Counterparty Exposures92
PCEProtocol Counterparty Exposures100
GGovernance78
FRFinancial Resilience60
TLCTeam Legal Compliance100
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 19.59%
$3b
Over the last 30 days, the total value of Etherfi eETH has dropped 19.59% with $805.89M in outflows.
Net APY · 30D▲ 2.53%
2.86%
Over the last 30 days, the APY has increased from 2.79% to 2.86%.
Active Users · 30D▲ 0.20%
159k
Over the last 30 days, active users have increased by 0.20%, reaching 159.4K wallets.
Market Details
ChainEthereum
Treasury$104.00M
Code AuditsCertora ↗Zellic ↗Omniscia ↗
Oracles UsedChainlink (weETH/ETH) ↗
Stated Withdrawal Time1-7 days
Component Ratings
Contract Addresses
Smart Contract0x35fA...118ac2
weETH0xCd5f...59b7ee
Treasury10x7D4b...08d5Cd
Treasury20x7A6A...39bB53
Treasury30x5f0E...73Ae55
Treasury40xD022...FFC90b
EtherFiAdmin0x0EF8...42D705
StakingManager0x25e8...E3f01E
Key Strengths
S1Extensive audit coverage from top-tier firms including formal verification by Certora, with an active Immunefi bug bounty program offering up to $300k for critical vulnerabilities
S2No confirmed exploits causing user fund loss across the full protocol history, with security incidents successfully mitigated before any compromise
S3Real-time 24/7 security monitoring via Hypernative partnership protecting the ecosystem
S4Identified founding team with strong entrepreneurial track record and $32.3M raised from reputable institutional investors
Key Risks
R1Admin multisig appears to have a small number of signers, creating centralization risk despite timelock protection
R2eETH/weETH has not been stress-tested under severe depeg or bank-run conditions, unlike battle-tested peers that have processed large withdrawal queues during market stress
R3EigenLayer restaking introduces socialized slashing risk from AVS operators that is additional to standard staking risk
R4No dedicated ring-fenced safety module with binding loss compensation rules exists; the treasury serves multiple purposes without specific reserve commitments
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