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

Ether.fi weETH is the non-rebasing wrapped form of eETH, a liquid restaking token on Ethereum representing staked ETH that is also restaked through EigenLayer. Yield is generated from Ethereum consensus and execution layer staking rewards plus EigenLayer restaking rewards. weETH is the DeFi-integrated and cross-chain bridgeable form of the token, distributed via LayerZero OFT.

AUM
-
Net APY
-
Active Users
-
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 Security94
KMPKey Management Permissions81
MMarket87
LLiquidity100
CCollateral100
PMProtocol Mechanics100
ICEInfra Counterparty Exposures82
PCEProtocol Counterparty Exposures100
GGovernance70
FRFinancial Resilience60
TLCTeam Legal Compliance100
DTDocumentation Transparency100
Updated Jul 14, 2026Detailed scoring breakdown ↗Challenge this rating ↗Learn about our ratings ↗
Market Details
ChainEthereum
TreasuryNot reported
Code AuditsCertora ↗Zellic ↗Nethermind ↗Omniscia ↗Halborn ↗Paladin ↗Decurity ↗Solidified ↗CertiK ↗Hats Finance ↗
Oracles UsedChainlink (weETH/ETH) ↗EtherFi Oracle ↗
Stated Withdrawal Time1-7 days
Component Ratings
Contract Addresses
Smart Contract0xCd5f...59b7ee
eETH0x35fA...118ac2
Oracle0x57Aa...Bb6a41
TimelockA0x9f26...d20761
TimelockB0xcD42...e45d7a
EtherFiAdmin0x0EF8...42D705
LiquidityPool0x3088...DaF216
EmergencyAdmin0x2aCA...aE8AdC
Key Strengths
S1Demonstrated mass-redemption resilience during the 2026 liquid restaking redemption wave, processing roughly a fifth of protocol TVL without capping, blocking, or discounting any withdrawal request.
S2The weETH peg held through the worst stress event on record for liquid restaking tokens, never trading more than 1% below fair value while peers suffered major losses.
S3Cross-chain transfers require a strict quorum of independent verifiers run by separate entities with no single-verifier fallback, pinned message libraries, and per-route on-chain rate limits.
S4Extensive audit coverage with a public registry of reports from many independent firms including formal verification, backed by an active Immunefi bug bounty.
Key Risks
R1Governance voting power is highly concentrated, with a single address casting a majority of all power on recent proposals and the top ten addresses controlling nearly all of it.
R2The live cross-chain bridge deployment configuration has never been independently audited — audit scope covers contract code rather than the verifier setup, which is the surface a comparable protocol lost hundreds of millions through.
R3Bridge rate-limit values are not published and no automatic pause is bound to a cap breach, so halting an anomalous release depends on monitoring rather than a hardcoded on-chain limit.
R4Multisig signer identities are deliberately withheld, so signer independence cannot be verified from public information despite strong thresholds.

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