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
$109m
Net APY
3.47%
Active Users
8k
Type
Vault
Network
Ethereum
BB+
Elevated RiskCeiling A-
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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 A- reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security100
KMPKey Management Permissions83
MMarket83
LLiquidity70
CCollateral83
PMProtocol Mechanics78
ICEInfra Counterparty Exposures92
PCEProtocol Counterparty Exposures100
GGovernance83
FRFinancial Resilience60
TLCTeam Legal Compliance100
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 27.13%
$109m
Over the last 30 days, the total value of Etherfi Liquid ETH has dropped 27.13% with $40.74M in outflows.
Net APY · 30D▲ 13.03%
3.47%
Over the last 30 days, the APY has increased from 3.07% to 3.47%.
Active Users · 30D▼ 0.08%
8k
Over the last 30 days, active users have decreased by 0.08%, reaching 8.3K wallets.
Market Details
ChainEthereum
Treasury$104.00M
Code AuditsSpearbit ↗0xMacro ↗Secure3 ↗Hexens ↗
Oracles UsedChainlink ↗
Asset ManagerNonce Capital
Stated Withdrawal Time3-10 days
Infrastructure ProviderVeda
Component Ratings
Contract Addresses
Smart Contract0xf0bb...73416C
Teller0x9AA7...514734
Treasury10x7D4b...08d5Cd
Treasury20x7A6A...39bB53
Treasury30x5f0E...73Ae55
Treasury40xD022...FFC90b
Key Strengths
S1Non-upgradeable core vault with modular components and Merkle-proof constraint system limiting strategist actions to whitelisted protocols
S2Extensive audit coverage from Spearbit (Tier-0) and 0xMacro (Tier-1, 33+ sequential engagements), plus Secure3 and Hexens
S324/7 Hypernative monitoring with automatic exchange rate bounds circuit breaker
S4Active Immunefi bug bounty with $300k max payout across approximately 60 assets in scope
Key Risks
R1Admin multisig has fewer than 4 signers with undisclosed identities, creating centralization risk despite 48-hour timelock
R2Strategy manager Nonce Capital has a limited publicly verifiable DeFi vault management track record
R3Vault share token has no secondary market; users must exit via 3-10 day on-chain queue
R4Untested stress resilience across liquidity, market, and financial resilience scenarios
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