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
$138m
Net APY
3.78%
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▲ 22.83%
$138m
Over the last 30 days, the total value of Etherfi Liquid ETH has grown 22.83% with $25.57M in inflows.
Net APY · 30D▲ 10.85%
3.78%
Over the last 30 days, the APY has increased from 3.41% to 3.78%.
Active Users · 30D▼ 2.41%
8k
Over the last 30 days, active users have decreased by 2.41%, reaching 8.1K 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
Smart Contract0xf0bb...73416C
Teller0x9AA7...514734
Treasury10x7D4b...08d5Cd
Treasury20x7A6A...39bB53
Treasury30x5f0E...73Ae55
Treasury40xD022...FFC90b
Key Strengths
S1Non-upgradeable core vault built on Veda's BoringVault, with a Merkle-proof constraint system that limits strategist actions to whitelisted protocols.
S2Extensive independent audit coverage from top firms, including a long series of sequential engagements on the vault infrastructure.
S3Continuous 24/7 security monitoring paired with automatic exchange-rate-bound circuit breakers that pause the vault on anomalies.
S4Active bug bounty program on a reputable platform covering the protocol's contracts.
Key Risks
R1Small admin multisig with a limited signer set and undisclosed signer identities, concentrating control over whitelist changes and module swaps.
R2The strategy manager has a limited publicly verifiable track record managing DeFi vaults compared to more established managers.
R3The vault share token has no secondary market, so exits rely on a multi-day on-chain withdrawal queue with no immediate exit option.
R4Stress resilience is untested — the vault has not experienced a severe market shock, mass redemption, or bank-run event.
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