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

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
$4b
Net APY
2.96%
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, 2026Detailed scoring breakdown ↗Challenge this rating ↗Learn about our ratings ↗
Performance
Assets Under Management · 30D▲ 10.31%
$4b
Over the last 30 days, the total value of Etherfi eETH has grown 10.31% with $355.08M in inflows.
Net APY · 30D▲ 4.55%
2.96%
Over the last 30 days, the APY has increased from 2.83% to 2.96%.
Active Users · 30D▲ 0.11%
160k
Over the last 30 days, active users have increased by 0.11%, reaching 159.6K 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 (14)
Smart Contract0x35fA...118ac2
weETH0xCd5f...59b7ee
Oracle0x57Aa...Bb6a41
EtherFiAdmin0x0EF8...42D705
LiquidityPool0x3088...DaF216
EmergencyAdmin0x2aCA...aE8AdC
StakingManager0x25e8...E3f01E
GovernanceToken0xfe0c...9cc0eb
TimelockUpgrade0x9f26...d20761
TreasuryMultisig0x6329...432466
TimelockOperating0xcD42...e45d7a
GovernanceMultisig0xcdd5...A48c21
eETHImplementation0xCB3D...a2ad84
LiquidityPoolImplementation0x83bc...37ef12
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.

Get the full picture today

Request the full rating report and gain access to unparalleled rating data & information.

Institutional-Grade Research Delivered to Your Inbox

In-Depth Research ReportsIn-depth analysis on staking protocols and yield strategies
Risk Assessment ReportsComprehensive risk evaluations for capital allocators
Exclusive Events & Market IntelligenceEarly access to Digital Asset Yield Summit, and more

Join 12,000 institutional allocators worldwide. No spam, unsubscribe anytime.

Institutional Research Reports