Ether.fi

Etherfi Liquid ETH

Ether.fi Liquid ETH is a managed vault on Ethereum that deploys weETH across DeFi strategies including leveraged restaking and liquidity provision. Yield comes from staking rewards, restaking rewards, and DeFi strategy returns, managed by Nonce Capital on the Veda infrastructure.

AUM

$306.28m+48.89%

APY

3.27%+13.15%

BB+Rated Protocol

Updated Mar 9, 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 architecture with modular components and on-chain Merkle-proof constraints limiting strategist actions
Extensive audit coverage from Spearbit (Tier-0) and 0xMacro (Tier-1, 33+ sequential engagements) plus Secure3 and Hexens
Continuous real-time threat monitoring with automatic exchange rate circuit breakers
Active bug bounty program on Immunefi with broad asset scope
Zero fees: 0% platform fee and 0% performance fee with no exit fees

Key Risks

Admin multisig has a small signer set with undisclosed identities, creating centralization risk despite timelock protections
Nonce Capital (strategy manager) has limited publicly verifiable DeFi vault management track record
Vault share token has no secondary market, requiring users to exit via a 3-10 day on-chain queue
Untested stress resilience with no severe market stress, mass-redemption, or bank-run event on record
Vault uses leverage and liquidity provision with explicitly disclosed liquidation and impermanent loss risk