Ether.fi

Etherfi Liquid ETH

Ether.fi Liquid ETH is a managed DeFi strategy vault on Ethereum built on Veda's BoringVault infrastructure. It deploys eETH and weETH across protocols including Pendle, Aave, Morpho, and others, with Nonce Capital as strategy manager.

AUM

$181.24m-45.04%

APY

2.68%-17.79%

BB+Rated Protocol

Updated Apr 29, 2026

Risk Rating

BB+

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This rating is based solely on publicly available information. The range from BB+ to A- reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

SCS: Smart Contract Security

KMP: Key Management Permissions

M: Market

L: Liquidity

C: Collateral

PM: Protocol Mechanics

ICE: Infra Counterparty Exposures

PCE: Protocol Counterparty Exposures

G: Governance

FR: Financial Resilience

TLC: Team Legal Compliance

DT: Documentation Transparency

Potential Score

Provider risk assessed across Business, Operations, Reliability, and Security.

View the detailed scoring breakdown

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Contract Addresses

VaultContract

0xf0bb...416C

Teller

0x9AA7...4734

Treasury1

0x7D4b...d5Cd

Treasury2

0x7A6A...bB53

Treasury3

0x5f0E...Ae55

Treasury4

0xD022...C90b

Key Strengths

Non-upgradeable core vault with modular components and Merkle-proof constraint system limiting strategist actions to whitelisted protocols
Extensive audit coverage from Spearbit (Tier-0) and 0xMacro (Tier-1, 33+ sequential engagements), plus Secure3 and Hexens
24/7 Hypernative monitoring with automatic exchange rate bounds circuit breaker
Active Immunefi bug bounty with $300k max payout across approximately 60 assets in scope
Zero platform and performance fees with no exit fees

Key Risks

Admin multisig has fewer than 4 signers with undisclosed identities, creating centralization risk despite 48-hour timelock
Strategy manager Nonce Capital has a limited publicly verifiable DeFi vault management track record
Vault share token has no secondary market; users must exit via 3-10 day on-chain queue
Untested stress resilience across liquidity, market, and financial resilience scenarios
Vault uses leverage and liquidity provision with explicitly disclosed liquidation and impermanent loss risk