ether-fi
Etherfi eETHDeFiBB+
Ether.fi · Liquid Staking · Ethereum

Etherfi eETH DeFi Yield & Risk Rating

Ether.fi eETH is a rebasing liquid restaking token on Ethereum representing staked ETH that is simultaneously restaked through EigenLayer. Yield is generated from Ethereum consensus and execution layer staking rewards plus EigenLayer restaking rewards, distributed as a daily rebase. Ether.fi uses a non-custodial distributed key generation model across a diversified set of node operators.

AUM
$5b
Net APY
2.44%
Active Users
160k
Type
Liquid Staking
Network
Ethereum
BB+
Elevated RiskCeiling AAA
AAAAAABBBBBBCCCCCCD
SCSKMPMLCPMICEPCEGFRTLCDT
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 AAA 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
MMarket87
LLiquidity100
CCollateral100
PMProtocol Mechanics100
ICEInfra Counterparty Exposures85
PCEProtocol Counterparty Exposures100
GGovernance70
FRFinancial Resilience60
TLCTeam Legal Compliance100
DTDocumentation Transparency100
Updated Jul 21, 2026Framework v0.1-gammaDetailed scoring breakdown ↗Challenge this rating ↗Learn about our ratings ↗
Performance
Assets Under Management · 30D▼ 16.99%
$5b
Over the last 30 days, the total value of Etherfi eETH has dropped 16.99% with $1.06B in outflows.
Net APY · 30D▲ 3.78%
2.44%
Over the last 30 days, the APY has increased from 2.35% to 2.44%.
Active Users · 30D▲ 914.75%
160k
Over the last 30 days, active users have increased by 914.75%, reaching 160.4K wallets.
Market Details
ChainEthereum
TreasuryNot reported
Code AuditsCertora ↗Zellic ↗Nethermind ↗Omniscia ↗Halborn ↗Decurity ↗Solidified ↗CertiK ↗Hats Finance ↗
Oracles UsedChainlink weETH/ETH Price Feed ↗EtherFi Oracle committee ↗
Stated Withdrawal Time1-7 days
Component Ratings
Contract Addresses (44)
Smart Contract0x35fA...118ac2
TNFT0x7B5a...E0cA5e
weETH0xCd5f...59b7ee
Oracle0x57Aa...Bb6a41
Liquifier0x9FFD...EF764F
Blacklister0x5585...f99B18
EtherFiAdmin0x0EF8...42D705
RoleRegistry0x6224...fC7cE9
L1SyncPoolETH0xD789...5DA146
LiquidityPool0x3088...DaF216
MembershipNFT0xb49e...27e479
AuctionManager0x00C4...5C4CB9
DepositAdapter0xcfC6...b6A7A2
EmergencyAdmin0x2aCA...aE8AdC
StakingManager0x25e8...6B912d
AddressProvider0x8487...E4A848
EtherFiRestaker0x1B7a...736fFf
GovernanceToken0xfe0c...9cc0eb
TimelockUpgrade0x9f26...d20761
WeETHOFTAdapter0xcd2e...CDCA63
FeeRecipientSafe0x0c83...fF93BA
TreasuryMultisig0x6329...432466
MembershipManager0x3d32...3E3000
TimelockOperating0xcD42...e45d7a
AvsOperatorManager0x2093...a37A6a
EtherFiRateLimiter0x6C7c...0a02F8
GovernanceMultisig0xcdd5...A48c21
RegulationsManager0xBd23...35f4DE
WithdrawRequestNFT0x7d57...9D4E2c
eETHImplementation0xCB3D...a2ad84
EtherFiNodesManager0x8B71...38916F
LayerZeroEndpointV20x1a44...fE728c
NodeOperatorManager0xd5ed...54e35E
EtherFiRewardsRouter0x73f7...51dd58
ProxyAdminL1SyncPool0xDBf6...F6261D
WeETHWithdrawAdapter0xFbfe...0cBE38
RestakingRewardsRouter0x89E4...33a2C8
PriorityWithdrawalQueue0x35e7...3345FA
EtherFiRedemptionManager0xDadE...4E7Ae0
ProxyAdminWeETHOFTAdapter0xa9E9...463CAc
EigenLayerDelegationManager0x3905...8Ef37A
LiquidityPoolImplementation0x83bc...37ef12
EigenLayerRewardsCoordinator0x7750...B0adda
CumulativeMerkleRewardsDistributor0x9A8c...484534
Key Strengths
S1Demonstrated mass-redemption resilience during a market-wide redemption wave, processing a large share of total value locked over several weeks with no request capped or blocked and no depositor haircut.
S2Mainnet-only design carries no cross-chain bridge attack surface — eETH is never bridged; users wrap into weETH to move cross-chain, so the cross-chain messaging risk does not apply to the token itself.
S3The peg held through severe liquid-restaking stress, with only a minor worst-case deviation and no sustained dislocation below fair value.
S4Extensive audit coverage through a public registry of reports from many independent firms, including top-tier auditors and continuous formal verification, backed by a large active bug bounty.
Key Risks
R1Voting power is highly concentrated, with a single address effectively deciding recent governance votes and the top voting addresses controlling nearly all power cast — the rating's only high-risk score, though improvable rather than structural and not a grade cap.
R2Multisig signer independence cannot be verified — thresholds and counts are strong, but signers are published by address only with identities deliberately withheld, so distinctness of the controllers cannot be confirmed.
R3The incident playbook is published but never exercised — no tabletop or simulation, no pre-authorized replacement signers, and no explicit bounds on the pause power.
R4No verifiable loss backstop — the live slashing-risk page still describes slashing insurance as in progress, and treasury composition is undisclosed.

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