Etherfi Liquid ETH DeFi Yield & Risk Rating
Ether.fi Liquid ETH is a managed DeFi strategy vault on Ethereum built on Veda's BoringVault infrastructure. It deploys eETH, weETH, and WETH across protocols including Pendle, Aave, Morpho, and Balancer to generate yield. Nonce Capital serves as the strategy manager.
AUM
$371m
Net APY
3.25%
Active Users
7k
Type
Vault
Network
Ethereum
BB-
Elevated RiskCeiling A-
AAAAAABBBBBBCCCCCCD
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 Permissions75
MMarket83
LLiquidity70
CCollateral83
PMProtocol Mechanics78
ICEInfra Counterparty Exposures92
PCEProtocol Counterparty Exposures100
GGovernance83
FRFinancial Resilience47
TLCTeam Legal Compliance93
DTDocumentation Transparency89
Performance
Assets Under Management · 30D▲ 21.50%
$371m
Over the last 30 days, the total value of Etherfi Liquid ETH has grown 21.50% with $65.66M in inflows.
Net APY · 30D▼ 1.81%
3.25%
Over the last 30 days, the APY has decreased from 3.31% to 3.25%.
Active Users · 30D▼ 1.62%
7k
Over the last 30 days, active users have decreased by 1.62%, reaching 7.5K wallets.
Market Details
ChainEthereum
Treasury$104.00M
Code AuditsSpearbit ↗0xMacro ↗Secure3 ↗Hexens ↗
Oracles UsedChainlink (weETH/ETH) ↗
Asset ManagerNonce Capital
Stated Withdrawal Time3-10 days
Infrastructure ProviderVeda
Component Ratings
Contract Addresses (6)
Key Strengths
S1Non-upgradeable core vault with modular swappable components and a Merkle-proof constraint system that bounds which actions the strategist can take.
S2Reviewed by multiple independent audit firms, including top-tier auditors and a long run of sequential engagements on the underlying vault framework.
S3Continuous automated threat monitoring paired with an on-chain exchange-rate bounds circuit breaker that rejects anomalous rate updates.
S4Active bug bounty covering a broad set of in-scope contracts.
Key Risks
R1The admin multisig is small and its signer identities are undisclosed, so the independence of the controllers cannot be verified.
R2The pause role is exercisable by unenumerated single parties rather than a multisig quorum, with no documented time bound on how long a pause may last.
R3No published incident-response playbook or response service levels, so crisis handling is not verifiable in advance.
R4No public role-change log, so changes to permissions cannot be audited after the fact.
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.
