# Welcome to ether.fi

ether.fi is a liquid restaking protocol on Ethereum — stake, earn DeFi yield, and spend your crypto with the Cash card.

ether.fi is a decentralized, non-custodial suite of products built on Ethereum. Stake your ETH to earn staking and restaking rewards, put your assets to work in curated DeFi yield vaults, and spend your crypto anywhere with the ether.fi Cash card — all while keeping control of your keys.

New here? Start with the [5-minute Quickstart](/etherfi/quickstart), then explore the product you need below.

## Explore the products

<table data-view="cards"><thead><tr><th></th><th></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><strong>🥩 Stake</strong></td><td>Deposit ETH and receive weETH/eETH — liquid restaking tokens that earn staking + restaking rewards while staying usable across DeFi.</td><td><a href="/pages/Z40QMIw2OUDARjeR00oP">/pages/Z40QMIw2OUDARjeR00oP</a></td></tr><tr><td><strong>💧 Liquid</strong></td><td>Curated, strategist-managed yield vaults for ETH, BTC, stablecoins, and RWAs — one deposit, diversified DeFi yield.</td><td><a href="/pages/KCp8HtFLkmJWFHjV36OF">/pages/KCp8HtFLkmJWFHjV36OF</a></td></tr><tr><td><strong>💳 Cash</strong></td><td>Spend your crypto anywhere with the ether.fi Cash card and earn cashback — your assets keep working while you spend.</td><td><a href="/pages/WRDy2uChZjPgrZoFOl56">/pages/WRDy2uChZjPgrZoFOl56</a></td></tr></tbody></table>

## Choose your path

<table data-view="cards"><thead><tr><th></th><th></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><strong>🚀 Get started in 5 minutes</strong></td><td>Stake ETH, receive weETH, and start earning — a step-by-step walkthrough.</td><td><a href="/pages/9OT79jgvhO2w8opuba0E">/pages/9OT79jgvhO2w8opuba0E</a></td></tr><tr><td><strong>🛠️ Developers &#x26; integrations</strong></td><td>Deployed contract addresses, oracle feeds, and how to integrate weETH into your protocol.</td><td><a href="/pages/St2JbZ2i4xk2Pd4kEpY6">/pages/St2JbZ2i4xk2Pd4kEpY6</a></td></tr><tr><td><strong>💡 Run a validator</strong></td><td>Become a solo staker or node operator in the ether.fi network using distributed validator technology.</td><td><a href="/pages/fBOVSiiSr7eCrF0UUOMU">/pages/fBOVSiiSr7eCrF0UUOMU</a></td></tr><tr><td><strong>🔒 Security &#x26; risks</strong></td><td>Audits, multisig controls, slashing risk, and the protocol's defense posture.</td><td><a href="/pages/Kl7S4b4yzQB4AaMIr5gc">/pages/Kl7S4b4yzQB4AaMIr5gc</a></td></tr></tbody></table>

{% hint style="info" %}
Need help with your account, a transaction, or the Cash card? Visit the [Help Center](https://help.ether.fi) or join the community on [Discord](https://discord.com/invite/zqGzcuQWvD).
{% endhint %}


# Quickstart

Stake ETH, receive weETH, and start earning — in about five minutes.

This guide takes you from zero to earning staking and restaking rewards in a few minutes. You'll stake ETH and receive **weETH**, ether.fi's liquid restaking token, which keeps earning while staying usable across DeFi.

{% stepper %}
{% step %}

#### Set up a wallet and fund it with ETH

Use any Ethereum wallet (for example MetaMask, Rabby, or a hardware wallet). Make sure it holds the ETH you want to stake, plus a little extra to cover network gas fees.
{% endstep %}

{% step %}

#### Open the ether.fi app and connect

Go to [app.ether.fi](https://app.ether.fi) and connect your wallet. Always check the URL — only ever connect to the official domain.
{% endstep %}

{% step %}

#### Stake your ETH

Enter the amount of ETH you want to stake and confirm the transaction in your wallet. You'll receive **eETH** in return — a rebasing token whose balance grows as rewards accrue.
{% endstep %}

{% step %}

#### (Optional) Wrap to weETH for DeFi

If you plan to use your position across DeFi, wrap eETH into **weETH** — a non-rebasing token accepted by most DeFi protocols. Many integrations use weETH directly.
{% endstep %}

{% step %}

#### Put your tokens to work

Hold weETH/eETH to keep earning automatically, supply it to [Liquid vaults](/etherfi/products/liquid) and DeFi protocols for additional yield, or spend against your holdings with the [Cash card](/etherfi/products/cash). You can redeem back to ETH whenever you like, subject to available liquidity.
{% endstep %}
{% endstepper %}

## What you just earned

By holding eETH/weETH you accrue **base Ethereum staking rewards** and **restaking emissions**, which are aggregated and compounded into your position automatically — no claiming required.

## Where to go next

<table data-view="cards"><thead><tr><th></th><th></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><strong>Learn about weETH / eETH</strong></td><td>How the flagship liquid restaking token works.</td><td><a href="/pages/lc4IFrIRwaKerCwivzA6">/pages/lc4IFrIRwaKerCwivzA6</a></td></tr><tr><td><strong>Explore Liquid vaults</strong></td><td>One deposit, diversified DeFi yield.</td><td><a href="/pages/KCp8HtFLkmJWFHjV36OF">/pages/KCp8HtFLkmJWFHjV36OF</a></td></tr><tr><td><strong>Get the Cash card</strong></td><td>Spend your crypto and earn cashback.</td><td><a href="/pages/WRDy2uChZjPgrZoFOl56">/pages/WRDy2uChZjPgrZoFOl56</a></td></tr></tbody></table>

{% hint style="info" %}
Questions along the way? The [Help Center](https://help.ether.fi) and [Discord](https://discord.com/invite/zqGzcuQWvD) are the fastest ways to get help.
{% endhint %}


# Introduction

ether.fi:  Truly decentralized staking.  Keep your keys.  Build the network.

{% embed url="<https://www.youtube.com/watch?v=Mdc8UfKwIIM&ab_channel=ether_fi>" %}

## Links

[ether.fi](https://ether.fi)

[Decentralized Application](/etherfi/get-started/decentralized-application)

[Whitepaper](https://github.com/etherfi-protocol/docs/tree/main/ether.fi-whitepaper)

[Twitter](https://twitter.com/ether_fi)

[Discord](https://discord.com/invite/zqGzcuQWvD)

[Medium](https://etherfi.medium.com/)


# Stake with Ether.fi

We aim to bolster Ethereum's decentralization by simplifying non-custodial staking. While recognizing the complexities of staking, we strive to enable participation for all users. Achieving decentralization requires a collective effort, with individuals contributing diverse skills to the network.

Given this, we have built solutions for users just beginning their Ethereum journey along with long time Ethereum contributoors 🫡 These options are provided below.

<table><thead><tr><th width="140">Options</th><th width="165">Permission Type</th><th width="142">Complexity</th><th width="170">Key Management</th><th>Staking min.</th></tr></thead><tbody><tr><td>Mint eETH</td><td>Permissionless</td><td>Easy</td><td>Relies on security of other stakers</td><td>.01</td></tr><tr><td>Mint weETHs, weETHk or eBTC</td><td>Permissionless</td><td>Easy</td><td>Relies on our vault partners</td><td>.01</td></tr><tr><td>Operation Solo Staker</td><td>Permissioned (Until Q3 2024)</td><td>Intermediate to advanced</td><td>DVT for key management</td><td>0</td></tr><tr><td>Bond 2 ETH for BNFT</td><td>Permissioned<br>(Until Q3 2024)</td><td>Complex</td><td>Own your keys</td><td>2 ETH</td></tr></tbody></table>

**How to get involved:**

* To mint **eETH**, **weETHs**, **weETHk** or **eBTC** simply go to the [ether.fi dapp](https://app.ether.fi) and stake your tokens!
* To become a **Solo Staker**, see [onboarding docs](/etherfi/archive/solo-stakers/operation-solo-staker) 💪
* To **Bond 2 ETH for BNFT** see our [stakers guide](/etherfi/archive/solo-stakers/32-eth-stakers). Note that this is still permissioned.


# Decentralized Application

Web Interface to ether.fi's Staking Smart Contracts

## Stakers

[**32 ETH Staker**](/etherfi/archive/solo-stakers/32-eth-stakers)

[**Node operators**](/etherfi/run-a-validator/node-operators/node-operators-guide)


# Multichain Ecosystem

Both weETH and eBTC are available across multiple chains via LayerZero. Users can natively mint these assets on L2s and alt-L1s directly in our dapp, then immediately use them in DeFi applications or bridge to other supported chains.

Some chains, such as Arbitrum for weETH, utilize canonical bridges. These canonical bridges only support transfers between Ethereum Mainnet and the specific L2 network, with no direct L2-to-L2 bridging supported. When using the bridge tab in our dapp, the network selector will automatically redirect you to the appropriate official bridge interface for your selected chain.

Note: Canonical bridge weETH deployments are separate from LayerZero-enabled chains. Users must use each chain's official bridge interface when working with these deployments.

* [Cross Chain Native Staking](/etherfi/get-started/multichain-ecosystem/cross-chain-native-staking)
* [How to Bridge weETH](/etherfi/get-started/multichain-ecosystem/how-to-bridge)
* [How to Bridge eBTC](/etherfi/get-started/multichain-ecosystem/how-to-bridge-ebtc)
* [Arbitrum Canonical Bridging](/etherfi/get-started/multichain-ecosystem/arbitrum-canonical-bridging)
* [weETH Bridge Deprecation](/etherfi/get-started/multichain-ecosystem/weeth-partial-bridge-deprecation)


# Cross Chain Native Staking

Mint weETH or eBTC directly on supported L2s and alt-L1s

### Benefits:

* Skip mainnet minting and bridging steps
* Avoid DEX fees and slippage
* Get 1:1 exchange at current ETH/weETH rate

### Network Support Overview

| Network  | weETH | eBTC |
| -------- | :---: | :--: |
| Base     |   ✅   |   ✅  |
| Arbitrum |   ❌   |   ✅  |
| Scroll   |   ✅   |   ✅  |
| Linea    |   ✅   |   ❌  |

***

Last updated: March 19, 2025

[LayerZero Audits](https://github.com/LayerZero-Labs/Audits)

{% file src="/files/XlZcHvit71CbbQUyMnNb" %}

<br>


# How to bridge

(To bridge to Arbitrum, please read [Arbitrum Canonical Bridging](/etherfi/get-started/multichain-ecosystem/arbitrum-canonical-bridging))

### To bridge weETH:

1. Naivgate to: <https://stargate.finance/transfer>
2. On Stargate's "Transfer" section, connect your wallet
3. For "From" select weETH as your token on any of the available networks

   <figure><img src="/files/NKL4XsBtyhIm3d9C0t0i" alt="" width="375"><figcaption></figcaption></figure>
4. For "To" select weETH as your token and select an available network of your choice
5. Enter the total amount you'd like to bridge
6. Complete the transaction on your wallet

Congratulations! You now have weETH on your selected network.<br>

<br>


# How to bridge eBTC

### To bridge eBTC:

1. Naivgate to: <https://app.ether.fi/weeth/dappbridge>
2. Select your source network ("From") and destination network ("To") for bridging. For example, if you want to bridge from Ethereum Mainnet to Arbitrum, select "Ethereum" as your "From" network and "Arbitrum" as your "To" network.

<figure><img src="/files/ULbKlTC8nerT7LeyJmWm" alt="" width="375"><figcaption></figcaption></figure>

3. You can track the progress of your bridge transaction by inputing your wallet address into [LayerZero Scan](https://layerzeroscan.com/)


# Arbitrum Canonical Bridging

## How to

**Step 1:** Head to [app.ether.fi](https://app.ether.fi/) and click on the eETH tab

**Step 2:** Connect your wallet

**Step 3:** Stake ETH (or any supported liquid staking token) to receive eETH

**Step 4:** Wrap wETH to receive weETH

**Step 5:** Head to [arbitrum.io](https://arbitrum.io/) and navigate to the bridge tab. Make sure you’re on the Ethereum Mainnet

**Step 6:** Connect your wallet

**Step 7:** Search for weETH on the “From” dropdown, and Arbitrum One on the “To” dropdown

\*\**DO NOT TRY TO BRIDGE eETH\*\* There is currently no market of eETH on Arbitrum.*

<figure><img src="https://lh7-us.googleusercontent.com/5cPIJtteYvjHSdYmFeyrSMlii5qXGMI7i8fATRQ1nsh7hfoSwdSZEbxUyV-lNa4h10kEZAEYNsYRCNvyEkurjeGcbsrXj2g3oJOazSbrZMBTXPihsm_0Pi-9ZDiJfRqqly8Xeu7iB5tlzYWO6J9bpW0" alt="" width="563"><figcaption></figcaption></figure>

**Step 8:** Click “Move Funds to Arbitrum One”, and then you’re done! From there you can use your weETH on Arbitrum Dapps.


# weETH Partial Bridge Deprecation

#### Overview

As part of hardening our cross-chain infrastructure, ether.fi is deprecating weETH bridging on a small subset of chains. Consolidating onto fewer, higher-activity chains reduces risk and allows us to focus security resources where they matter most.

#### Deprecated Chains

The following chains will have weETH bridging disabled on **June 30, 2026**:

**Scroll, Swell, Bera, zkSync, Mode, Blast, Morph, Sonic**

These were selected based on usage, TVL, and integration depth. Additional chains may be deprecated in the future based on the same criteria. Any future deprecations will be communicated with ample advance notice.

#### What You Need to Do

If you hold weETH on any of the deprecated chains, bridge it back to Ethereum or another supported chain before **June 30, 2026**.

#### After Deprecation

If you miss the deadline, recovery is still possible. Reach out to our support team and we'll process your recovery manually. A fixed fee of **0.5 weETH** applies to cover the manual handling.


# Loyalty Points

How do loyalty points work on ether.fi?

*This will address Loyalty Points as they relate to eETH/weETH only. With regards to* [*ether.fan*](http://ether.fan/)*, Loyalty Points will continue to accrue in the same way they always have. For more, see* [*ether.fan Loyalty Points*](https://github.com/etherfi-protocol/docs/tree/main/broken/pages/hNcbUTeajT66s8MRKnhc/README.md#ether.fan-loyalty-points)*. One other important clarification is that ALL LOYALTY POINTS (from* [*ether.fi*](http://ether.fi/) *or ether.fan) ARE THE SAME. This includes Loyalty Points earned from the Early Adopter Pool, ether.fan, eETH and weETH. A point is a point. There are simply just some more nuanced use cases for them in ether.fan that relate to the gamified environment that the community has created, and we envision the same for eETH as we continue to hit on our roadmap.*&#x200B;

### **ether.fi Loyalty Points**

eETH/weETH holders, eBTC, eUSD, Liquid vaults and using ether.fi assets in integrated DeFi protocols will earn [ether.fi](http://ether.fi/) Loyalty Points.

1. The protocol will pass 100% of points and any benefits from points to users and will not withhold ANY points
2. The points you see in your dashboard is an estimate that accounts for the point delay in activating a natively restaked validator, as points only begin to accrue once the validator is active on the beacon chain. This variation can range from 10-20% depending on the volume of ETH inflow into the protocol on a day.

The protocol only grants points based on your eETH/weETH balance, in your wallet or in an LP/vault, and the amount of eETH you have can fluctuate if you're in an LP. See [Integrations - Points](/etherfi/get-started/loyalty-points/integrations-points) for further details of each integration.

**Where will Loyalty Points be displayed.**

They are shown on the [ether.fi Dapp Portfolio tab](https://app.ether.fi/portfolio) once you connect your wallet. These points will accrue in real time.​

**What can I do with Loyalty Points?**

Loyalty Points play a role in understanding your participation in the ether.fi protocol, reviewed at the end of a [Season](https://etherfi.gitbook.io/etherfi/events/previous-seasons) where additional rewards are distributed to stakers.

​**How to earn Loyalty Points.**

The easiest way is to simply stake your assets on [ether.fi](http://ether.fi/) or depositing into a [Liquid vault](https://app.ether.fi/liquid). As we continue to rollout our partnerships and integrations, we will implement programs for users to begin earning additional points for LP’ing into DeFi protocols that we integrate with, referring frens, quests to L2’s, etc. etc. Please be aware that you **will only continue to earn Loyalty Points** if your wallet is holding ether.fi assets such as weETH or eBTC, holding a Liquid vault position, or if you have followed one of the ecosystem paths that we have provided on our [DeFi tab](https://app.ether.fi/defi).​

**Loyalty Points Formula:**

Season 1 Rules:

Staking .001 Ether, earned you 1 points / day.

This simply meant that loyalty points earned = ETH staked \* 1000\* days staked

Example: If you had 5 ETH staked for 6 days, you would have received 30k loyalty points (5 \* 1000 \*6) 💪

For our whales, there was a sizeable cap on total loyalty points earned of 10¹².​\
\
Season 2+ Rules:

For Season 2, all points earned after March 15th will now receive an automatic 10x boost!

This means staking .001 Ether now earns you 10 points / day

To put it simply, Season 2 loyalty points earned = ETH staked \* 10000 \* days staked.

Example: If you have 5 ETH staked for 6 days, you will now receive 300k loyalty points (5 \* 10000 \*6) 💪💪💪

Please note that this equation does not include potential multipliers such as StakeRank and DeFi integration boosts.

**Can I lose my Loyalty Points?**

No. You will not lose any of your Loyalty Points in relation to your ether.fi assets and positions. They will simply stop accruing if you no longer hold these assets in your wallet. As mentioned, once turned on, activities such as LP’ing into various protocols and moving your ETH to L2’s will also continue to generate you Loyalty Points. Join the discord for updates on this rollout as eETH becomes composable throughout all of DeFi.

**Risks Involved with Points Earned from Liquidity Pools (LP)**

Please note that the point tracking ratio on liquidity pools is always changing. Points are given to the pool based on the ratio of our token (weETH) to another token(s) in the pool. For that reason, the ratio of points given out is constantly changing. To compensate for less points, there may be a boost; please take all of this into consideration if you are trying to maximize points.

​**Loyalty Points for Operation Solo Stakers, Bond holders (B-NFT’s) and 32 ETH Stakers**

These members are pivotal pieces of our ecosystem and we want to ensure we recognize them as such. Rest assured we have extra boosts and acknowledgements for the foundational backbone of the protocol and Ethereum network. More to come on this for your service. 🫡​

**Can I transfer my Loyalty Points?**

No.​

**Badges**

Badges are a way to collect additional loyalty points by performing certain actions. We are constantly adding more badges for various events! [See our badges page for more info.](/etherfi/get-started/loyalty-points/badges)

**See info on** [Integrations - Points](/etherfi/get-started/loyalty-points/integrations-points)

### Points Incident of *Feb 13-Feb 21*

We take points very seriously and we know you do as well, for that reason we are documenting the events of the past week, explaining why we've been changing the underlying infrastructure and how some errors were introduced during the migration.

When we initially built our initial points system, it was within the span of a few days and many late nights, we imagined having 1 or 2 DeFi integrations a month and a relatively small amount of traffic, since the initial version was generally keeping up we didn't think much of it until things started picking up this year and DeFi integrations are now being added every week.

We kicked off on our journey to build a new and improved service that syncs all the degen data on the blockchain where eETH is being used, this service is much faster at syncing everything from scratch and has better recovery built in, in case of failure.

We proceeded to deploy this new service on **13 Feb 2024** and did some testing after which we got really excited and released it into the wild, we were also excited because we knew this new service would increase the points in a lot of valid cases, since the previous service had downtime and did experience some errors that we noted quite a while back, causing some distribution failures.

The only thing we missed was that unfortunately the UI still had older logic in place where points being calculated in a specific way related to the old service but not account for the new service, this affected EigenLayer points and ether.fi loyalty points, causing a very unfortunate bug where points for DeFi integrations were being double counted and showing another 2x boost on top of already boosted point generation :scream:

We initially deployed the first fix for this **16 Feb 2024** believing only EigenLayer points were affected, but during testing with our beta-tester group on **20 Feb 2024** for the latest release for new DeFi integrations, we came to the conclusion that the bug affecting EigenLayer points also affected ether.fi loyalty points, were are deploying a fix for this today, **21 Feb 2024**.

*TLDR*

A new points service was released recently and while the points service is much improved on the previous version, a UI bug caused some points to be double counted.

This has now been resolved, and all points should now reflect correctly. For many ether.fi users that saw their points increase at a double rate during that time period will see a significant point reduction in their dashboard.

To give greater transparency moving forward, we are working on a points history view in the dapp that will display points as they are earned over time.

Apologies to all either.fi members impacted by this display issue.


# Badges

Ether.fi Badges serve as Loyalty Point recognition, highlighting accomplishments and contributions of users within the protocol ecosystem. Each badge is uniquely designed for active eETH/weETH holders and participation in ether.fi community and events.

There are two types of badges, variable and static. The variable badges have levels that you can unlock as you progress or stake more, where static badges are a one of kind badge that's unlocked by a certain action. As variable badges can increase with progress / more ETH staked, the same holds true if there is a reduction in the eETH/weETH held by the wallet. This means that points can go down by the same proportional amount. For static badges, they will remain as long as there is eETH/weETH held in the associated wallet.

[**See your Portfolio tab**](https://app.ether.fi/portfolio) for current available badges


# Referrals

This referral program covers ETH deposits on Ethereum mainnet and L2s at app.ether.fi. Each 0.1 ETH staked via ether.fi earns the person who stakes and the person who referred 10000 loyalty points.

**Note**: Referral points may take up to 2 hours to display in your Portfolio.

### Referrals on ether.fi

Referrals are now live for ether.fi eETH staking! You can generate your referral link by connecting your wallet on [https://www.ether.fi](https://www.ether.fi/) and then navigating to the portfolio page where you'll find a button to generate the link.

On sharing your link with your friend, they should see a confirmation message when they stake ETH.

For every 0.1 ETH staked, you and your friend will both earn 10,000 loyalty points!

Happy staking and remember to spread the cheer to everyone!

### Other notables

The protocol reserves the right to review and remove any instances of users gaming the referral point program. This program is meant to promote the ecosystem and is not designed for users to gain an unfair advantage through wallet manipulation tactics.


# Integrations - Points

Users who provide liquidity and deposit in particular pools that the protocol has integrated have the opportunity to earn yield from those protocols, while still accruing ether.fi loyalty points and may also earn additional protocol partner points. Below is a breakdown of the pools supported along with a how to of how to deposit to ensure rewards are earned.

[See your DeFi tab ](https://app.ether.fi/defi)for current protocol integrations with points tracking

See examples below of previous DeFi integrations and how points are tracked across these protocols

* [Pendle](#pendle)
  * [Liquid Lockers](#liquid-lockers)
* [Bribe Pools](#bribe-pools)
* [Morpho Blue](#morpho-blue)
* [Silo](#silo)
* [Curve](#curve)
* [Maverick](#maverick)
* [Gravita](#gravita)
* [Term Finance](#term-finance)
* [Sommelier](#sommelier)
* [Prisma](#prisma)
* [Zircuit](#zircuit)
* [Gearbox](#gearbox)
* [Asymetrix](#asymetrix)
* [Bunni](#bunni)
* [Ion](#ion)
* [Stella](#stella)
* [Sturdy](#sturdy)
* [f(x)](#f-x)
* [IPOR](#ipor)
* [InstaDapp](#instadapp)
* [Vector Reserve](#vector-reserve)
* [Beefy](#beefy)
* [AAVE](#aave)

### Pendle

The yield market on Pendle can be largely separated into 3 positions for eETH:

1. [PT - Fixed yield](#id-1.-pt-eeth)
2. [LP - Single asset exposure farming strategy](#id-2.-eeth-lp)
3. [YT - Yield strategy. Biggest risk/reward](#id-3.-yt-eeth)

[Liquid lockers](#liquid-lockers) for Pendle enables users to enjoy boosted Pendle rewards by providing liquidity without needing to hold any vePENDLE, while continuing to earn both ether.fi loyalty points.

#### 1. PT-eETH

PT = principal token representing the principal only at maturity.

This strategy consists of depositing your eETH into the Pendle protocol for a fixed duration, and earning a fixed yield at maturity. In this scenario you’re earning staking yield (\~27% at time of writing) for the duration of your deposit. Note that this strategy does not earn you EiegenLayer and [Ether.fi](http://ether.fi) points. You are simply locking in a fixed yield in ETH.

<figure><img src="https://lh7-us.googleusercontent.com/OAL95FQNFu-MRANh4r7SrCsNcKQ9kgidAvNxPaoS996OhddpVaSOCheVJLnebc2Airt-6vX0_4PSjMidMwLQB8OuDCX7JztSZocdQodl83BBSZY6ExJ7RWbSqveiKp8NUFKlYeGhMxhJXa1pmL7akGE" alt=""><figcaption></figcaption></figure>

In the image above, 1 ETH enables you to purchase 1.0979 PT. In other words, you’re foregoing points for a guaranteed 9.79% return until maturity. At the time of writing, that translates to \~27.18% APY. Note: PT is not locked, you can sell PT at any time at the market rate

#### 2. eETH-LP

By providing liquidity to the pool, you will be getting a yield burger.

* [Ether.fi](http://ether.fi) Loyalty points
* ETH staking yield
* Swap fees
* Pendle incentives
* PT eETH fixed yield.

The LP position consists of PT-eETH + SY-eETH. SY portion earns yield. This is also single asset exposure, meaning IL is minimal. The ratio of PT-eETH and SY-eETH in LP can be checked [here](https://app.pendle.finance/trade/pools/0xf32e58f92e60f4b0a37a69b95d642a471365eae8/zap/in?chain=ethereum).

Note: The ratio of LP is always changing.

***Zero Price Impact Mode Enabled:***

To maximize point earnings ([ether.fi](http://ether.fi) points) without participating in liquid lockers, enable zero price impact when zapping in.

<figure><img src="/files/sxn2qUFiggkLcWrEXdHV" alt="" width="375"><figcaption></figcaption></figure>

If zero price impact mode is enabled, a portion of eETH (SY-eETH) will be converted to YT-eETH and a portion of eETH (SY-eETH) will be converted to PT-eETH to create LP-eETH (PT-eETH/SY-eETH) SY-eETH and YT-eETH can earn points. You will earn Etherfi Loyalty points from the amount (SY-eETH + YT-eETH). It will be 2x Etherfi Loyalty points point from amount eETH you deposit to create LP on Pendle.

***Zero Price Impact Mode Disabled:***

The eETH LP is a SY/PT position. With this mode disabled, zapping into Pendle converts a portion of your eETH (or SY-eETH) into PT-eETH to LP. The YT-eETH are sold for equivalent amounts of PT/SY to be LP-ed. This increases your LP, in turn you will lose YT therefore reducing your points earnings to no more than 1x Etherfi loyalty points.

<figure><img src="https://lh7-us.googleusercontent.com/AFaJx2XRs5QI1xcwJit56Rf-aHBWi8euIp0TPBRiHdUSJbac2UUOlTTky8mY_Wdwf1l8hzS3WU4LwLq4jkRU0O_oPgy8qP0JQgCE59gOOj4IZ4NxeSTLj1nkAKU833GlGhCC3AjEP5WmYraKIR1CioM" alt=""><figcaption></figcaption></figure>

Regarding the 1x Etherfi loyalty points - The ratio of PT-eTH and SY-eETH (eETH) in LP is always changing, so amount of SY-eETH (eETH) in LP will always change therefore the points you earn will change. Points earned will not be fixed

Note that depositing this position into a liquid locker increases your Etherfi Loyalty points earnings may get an additional boost.

For further reading - see Pendle doc's[ here](https://pendle.gitbook.io/pendle-academy/ecosystem-and-resources/lrt-points-trading)

#### 3. YT-eETH

This is where things get interesting. Enter leveraged points. YT is the yield token (for points and yield), representing the yield of the underlying asset until maturity.

Every 1 YT-eETH you own will stream all the yield and points generated by 1 eETH to you until maturity. At the current time of writing, every 1 eETH gives you yield and points exposure to a 11.18 eETH position. The price of YT is subject to market rates depending on how the market values it.

<figure><img src="https://lh7-us.googleusercontent.com/uiU7hZcCvbLLYqVW_ZsrhDxbHTe_QrkLkQ_giBJkTnTk9vAgxe-KtM0qN7s0klhc2x38KK5Tmp4MUGGNKls-xigT5KLO-e2dpxb-uP-NOd2k_10Eb3g-6hDUD6523oeK8vj-sl6Rr1sfR6Yrvn-UVjo" alt=""><figcaption></figcaption></figure>

Note: YT is not locked, you can sell YT at any time at the market rate

This is where points speculations comes into play when determining if YT is priced correctly, which is not for discussion here. Normally, you look at the long yield APY to determine the price you’re willing to pay. But again, in this case with eETH, there are other factors to consider such as [Ether.fi](http://ether.fi) loyalty points .

Degen responsibly.

#### Liquid Lockers

Liquid lockers currently integrated into ether.fi's point tracking are listed below:

[Equilibria](https://equilibria.fi/stake)

<figure><img src="/files/ScLtu0hX65hUQ8xbYSzv" alt="" width="563"><figcaption></figcaption></figure>

[Penpie](https://www.pendle.magpiexyz.io/stake/0xF32e58F92e60f4b0A37A69b95d642A471365EAe8)

<figure><img src="/files/MphqPZ4gqR52rTq5qDmZ" alt="" width="563"><figcaption></figcaption></figure>

Stakedao - coming soon. This locker is not currently retroactively being tracked.

*Acknowledgements to Pendle Intern for the thread work in helping to construct the above*

### Bribe Pools

#### Penpie

We are currently tracking ether.fi points for the Penpie Bribe Pools on Ethereum. We are also tracking points off-chain for Arbitrum, and they will be retroactively rewarded. Learn more about this pool [here](https://www.pendle.magpiexyz.io/bribe/).

#### Equilibria

We are currently tracking ether.fi points for the Equilibria Bribe Pools on Ethereum. Learn more about this pool [here](https://equilibria.fi/vote/).

### Morpho Blue

We have integrated with Morpho Blue to allow users to deposit weETH as collateral to borrow ETH. This can be done [here](https://app.morpho.org/borrow). Points are tracking on ether.fi.

<figure><img src="/files/oHMO051j7wLUdoQBPsRH" alt=""><figcaption></figcaption></figure>

Points are tracked as follows:

* The weETH deposited as collateral will continue to earn ether.fi points at 1x. It would be the same as holding weETH.
* Looping is permitted. Points will accrue based on the deposited collateral.
* The ether.fi protocol and Morpho Blue have provided USDC and Morpho incentives to the supply side of the market; however, to further incentivize, 1x ether.fi points will be awarded for supplying ETH. They will accrue at the same value as holding weETH.

We encourage users who want to learn more to refer to the Morpho Blue [AdaptativeCurveIRM](https://docs.morpho.org/concepts/morpho-blue/core-concepts/irm/).

### Silo

We have integrated with Silo to allow users to deposit weETH as collateral to borrow ETH. This can be done[ here](https://app.silo.finance/silo/0xCD7ae3373F7e76A817238261b8303FA17D2AF585). Points are tracking on ether.fi.

<figure><img src="/files/nVy5BzvYTXkFpRlcaTb7" alt="" width="563"><figcaption></figcaption></figure>

This is a symmetric market, meaning usesrs can deposit weETH and borrow ETH, and vice versa.

Points are tracked as follows:

* The weETH deposited as collateral will continue to earn ether.fi points proportional to the amount of weETH in the deposit contract. As this is a symmetric market, users can deposit ETH and borrow weETH, which reduces the supply side of weETH.
* Looping is permitted. Points will accrue based on the deposited collateral as above.
* Both the ether.fi and Silo protocols have provided Silo incentives to the supply side of the market; however, to further incentivize, 1x ether.fi points will be awarded for supplying ETH. They will accrue at the same value as holding weETH.

Additionally, we are tracking points for the weETH-ETH-USDC pool on Silo on Arbitrum. Points are currently tracking and will be retroactively rewarded.

### Curve

***Points:** Ether.fi Loyalty Points*

*\*\*Update\*\* Points earned on the weETH-rswETH pool are accruing in the database and will be shown retroactively on the front end for deposits.*

We have integrated LP tracking with the weETH/WETH pool deployed on Curve. Link [here](https://curve.fi/#/ethereum/pools/factory-stable-ng-22/deposit).

either.fi loyalty points are awarded based on your weETH holdings in the pool, and then boosted 2x. As is the case with any other liquidity pool, loyalty points can fluctuate based on the total amount of weETH in the pool.

Action required to stake in the pool

1. Stake your ETH with [ether.fi](http://ether.fi/) and wrap your eETH to weETH. weETH is the non-rebasing token that has been designed for DeFi.
2. Go to the DeFi tab and click the link that takes you directly to the Curve pool.

<figure><img src="/files/SYlRf8GuiWAvnTbfWW4g" alt="" width="563"><figcaption></figcaption></figure>

3. Once on the Curve pool page, connect your wallet and deposit the amount of weETH and WETH that you would like. Note the below has just been shown for illustrative purposes. This position will continue to earn [ether.fi](http://ether.fi/) loyalty points.

<figure><img src="/files/U5g06fQwhuMfNFyGAu44" alt="" width="563"><figcaption></figcaption></figure>

4. After you deposit your assets, you can then stake the LP token to earn the emissions provided by the pool.

<figure><img src="/files/K2tcZhQRxMVWved0jr5n" alt="" width="563"><figcaption></figcaption></figure>

5. You’re now staked in the Curve pool earning LP rewards, and boosted [ether.fi](http://ether.fi/) Loyalty points

*Share based pool - Points earnings*

You may notice a discrepancy in [ether.fi](http://ether.fi/) Loyalty Points. This is due to the fact that when you deposit to the curve pool, you receive a weETH/WETH Curve liquidity pool token representing your share of the total pool, meaning you no longer solely hold the weETH or WETH contributed, rather your current holdings represent your share of all assets in the pool. For example, say you deposited 10 weETH and no WETH, and after doing so, the pools is composed of 40 weETH and 60 WETH. As a result, you now own \~10% of the pool (10/100) assuming weETH to WETH is priced 1:1 (which is an assumption made solely for illustrative purposes). In this scenario you will only earn [ether.fi](http://ether.fi/) points on 10% of the weETH in the pool (40\*10%). To put it another way, you earn points proportional to the amount of pool tokens u hold. If you hold x pool token and there’s 10x total pool tokens then you will earn loyalty pts the pool is accruing.

### Maverick

***Points:** Ether.fi Loyalty Points*

We have integrated LP tracking for the following pools deployed on Maverick:

* [ETH - weETH #72](https://app.mav.xyz/boosted-positions/0x1973c07a2bb43cad0fd46eed2dd3a80628ff80b7?chain=1)
* [weETH - rsWETH #92](https://app.mav.xyz/boosted-positions/0x829ceb0665b00af5b34df3c4a00fe5ca453fc261?chain=1)
* [ETH - weETH #95](https://app.mav.xyz/boosted-positions/0x4650c64a8136f7bc2616a524cb44cfb240e33a40?chain=1)

This tracking has been designed for users to continue to earn loyalty points while being able to provide liquidity into the pool and earn the yield associated with the pool.

Action required to stake in the pool

1. Stake your ETH with [ether.fi](http://ether.fi) and wrap your eETH to weETH. weETH is the non-rebasing token that has been designed for DeFi.
2. Go to the DeFi tab and click the link that takes you directly to the Maverick pools.

<figure><img src="/files/EhUsSNOFR5rLFC1PaQQg" alt="" width="563"><figcaption></figcaption></figure>

3. Once on the Maverick pool page, connect your wallet and deposit the amount of weETH and ETH. This position will continue to earn [ether.fi](http://ether.fi/) loyalty points.

Guide [here](https://docs.mav.xyz/guides/liquidity-providers/how-to-add-liquidity) on adding liquidity to Maverick

Note that there is the “auto stake” option for your deposit. This will allow you to stake to the pool to earn the emissions provided by the pool.

4. You’re now staked in the Maverick pool earning LP rewards, and boosted [ether.fi](http://ether.fi/) Loyalty points.

You may notice a discrepancy in [ether.fi](http://ether.fi/) Loyalty Points. This is due to the fact that when you deposit to the Maverick pool you hold a concentrated liquidity position, and the composition of this position can move from 0% to 100% weETH depending on the price and trading in the pool. If you want to make sure you continue to earn points you should either contribute just one side (weETH) or a wide position so the price doesn't move outside their range More information can be found [here](https://docs.mav.xyz/guides/liquidity-providers/how-to-check-position-balances) regarding your position balances.

### Gravita

***Points:** Ether.fi Loyalty Points*

We have integrated tracking on Vessels on Gravita.

This tracking has been designed for users to continue to earn points while being able to provide borrow GRAI against their weETH.

We are currently tracking points live on the dashboard for Gravita on Ethereum, and tracking points off-chain for Gravita on Arbitrum. Points earned from the Arbitrum vessel will be rewarded retroactively.

Action required to open up a vessel

1. Stake your ETH with [ether.fi](http://ether.fi) and wrap your eETH to weETH. weETH is the non-rebasing token that has been designed for DeFi.
2. Go to the DeFi tab and click the link that takes you directly to the Gravita Vessel.

<figure><img src="/files/2ZLNgX1quAZOeiHhokFp" alt="" width="563"><figcaption></figcaption></figure>

3. Once on the Gravita page, you can connect your wallet and deposit the amount of weETH that you would like. This weETH deposited will continue to earn ether.fi loyalty points.

<figure><img src="/files/is00UOppFf9H4tF6RZLs" alt="" width="563"><figcaption></figcaption></figure>

### Term Finance

* Term finance is a fixed rate lending platform that allows users to use tokens as collateral to borrow ETH or USDC.
* The partnership between [ether.fi](http://ether.fi/) and Term will allow users to borrow ETH against their eETH liquid restaking tokens.
  * The mechanism of matching lenders and borrowers and determining the interest rate is timed auction.
  * Borrowers specify the amount of eETH they want to provide as collateral, and the amount of ETH they want to borrow, along with the maximum interest rate they are willing to pay..
  * Lenders specify the amount of ETH they are willing to lend and the minimum interest rate they are willing to accept.
  * When the auction time runs out a clearing interest rate is determined and the pool runs for a predetermined time - in this case for 1 month.
  * Something to keep in mind as a borrower is that you can borrow ETH at a certain rate and stake it into eETH, and then deposit that eETH into Pendle for as much as 25% APR - so it’s reasonable to expect that there will be some arbitrage taking place.

Points will be awareded as follows:

* Borrowers who supply eETH as collateral will continue to earn [ether.fi](http://ether.fi/) loyalty points as normal.
* It may take a few days for points to show up on the [ether.fi](http://ether.fi/) portfolio page, but points are being tracked and will be properly awarded from day one.
* Lenders will also earn [ether.fi](http://ether.fi/) points at the same rate as if they were holding eETH (i.e. 1000 points per day per 1 ETH lent.)
* This makes the Term integration unique in that users can earn [ether.fi](http://ether.fi/) points and an interest rate on their ETH.
* Of course this opens up the possibility of leveraged [ether.fi](http://ether.fi/) staking, by providing eETH as collateral and then staking the borrowed ETH back into eETH allowing users to double the number of points they’re earning

### Sommelier

*Points: Ether.fi Loyalty Points*

We have integrated point tracking on the Turbo eETH v2 vault on Sommelier. Points can be found on Sommelier [here](https://app.sommelier.finance/strategies/Turbo-eETHV2/manage).

This tracking has been designed for users to earn ether.fi loyalty points on their eETH deposit.

Along with the release of the Turbo eETH v2 vault, we have deprecated the Turbo eETH v1 vault. To participate in any new rewards program, you must withdraw your assets from Turbo eETH v1 and deposit into Turbo eETH v2. Learn more about the deprecated vault [here](https://app.sommelier.finance/strategies/Turbo-eETH/manage).

### Prisma

*Points: Ether.fi Loyalty Points*

We have integrated tracking on the weETH collateralized vault on Prisma. After depositing weETH, you'll receive ULTRA as collateral.

This tracking has been designed for users to earn 2x ether.fi loyalty points on their weETH deposit.

Please note, the ULTRA v1 vault has been deprecated. To participate in any new rewards program, you must migrate your assets to the v2 vault [here](https://app.prismafinance.com/vaults/select/0x1691308554C0A5A37C87E947677a4D31B9c97da9).

For more information, check out Prisma's docs[ here](https://docs.prismafinance.com/guides/using-prisma-finance/opening-a-vault/wrap-your-eeth-to-weeth).<br>

### Zircuit

*Points: Ether.fi Loyalty Points*

We have integrated point tracking on the Zircuit weETH Staking Pool.

Along with Ether.fi loyalty points, users will also earn Zircuit points. You can read more about their point system and future plans [here](https://stake.zircuit.com/faq).

### Gearbox

*Points: Ether.fi Loyalty Points*

We have integrated point tracking on Gearbox.

With Gearbox, you can earn passive yied by providing liquidity with your position, or you can trade on margin, leveraging your position up to 10x.

Learn more about Gearbox [here](https://gearbox.fi/).

### Asymetrix

*Points: Ether.fi Loyalty Points*

We have integrated point tracking on Asymetrix. In addition to Ether.fi loyalty points, users will also earn Asymetrix points.

Asymetrix collects ETH from multiple users and distributes all the staking rewards to one user through a raffle.

Learn more about Asymetrix [here](https://eeth.asymetrix.io/).

### Bunni

*Points: Ether.fi Loyalty Points*

We have integrated point tracking on Bunni for the rETH - weETH pool on Ethereum. Points are currently tracking on[ your ether.fi Portfolio tab](https://app.ether.fi/portfolio).

Bunni allows users to invest in pools and receive LP tokens. Furthermore, you can stake your LP tokens to receive additional yield.

Learn more about Bunni [here](https://bunni.pro/pools/ethereum/0x1d471d70ac102e61be86b7b1e7ce41574f0133be).

### Ion

*Points: Ether.fi Loyalty Points*

We have integrated point tracking on Ion for the wstETH - weETH lending pool on Ethereum. are currently tracking on[ your ether.fi Portfolio tab](https://app.ether.fi/portfolio).

Ion allows users to provide LRT's such as weETH as collateral to borrow other tokens, such as stETH.

Learn more about Ion [here](https://www.app.ionprotocol.io/lend?collateralAsset=weETH\&lenderAsset=wstETH\&marketId=0).

### Stella

*Points: Ether.fi Loyalty Points*

We have integrated point tracking on Stella for their eETH Penpie lending pool on Arbitrum. are currently tracking on[ your ether.fi Portfolio tab](https://app.ether.fi/portfolio).

Stella allows users to supply ETH and borrow eETH on the Penpie Liquid Locker. Additionally, users have the option to leverage their trade

Learn more about Stella [here](https://app.stellaxyz.io/strategies/0x03346cceb9344590c9d2359bfd0164c579b75fd3).

### Sturdy

*Points: Ether.fi Loyalty Points*

We have integrated point tracking on Sturdy for their weETH lending pool on Mode. are currently tracking on[ your ether.fi Portfolio tab](https://app.ether.fi/portfolio).

Sturdy allows users to supply weETH and borrow WETH.

Learn more about Sturdy [here](https://v2.sturdy.finance/silos/mode/0x6CEf966e111362ff22d8789B1fa886e4EF674C5A/provide).

### f(x)

*Points: Ether.fi Loyalty Points*

We have integrated point tracking on f(x) protocol for their stablecoin rUSD on Ethereum. are currently tracking on[ your ether.fi Portfolio tab](https://app.ether.fi/portfolio).

rUSD is a stablecoin backed entirely by LRTs, starting with eETH.

Learn more about f(x) [here](https://fx.aladdin.club/assets/rUSD/).

### IPOR

*Points: Ether.fi Loyalty Points*

We have integrated point tracking on IPOR for their weETH pool on Ethereum. Points are currently tracking on[ your ether.fi Portfolio tab](https://app.ether.fi/portfolio). Additionally, users may earn pwIPOR incentives.

IPOR refers to a series of smart contracts that provide a benchmark interest rate and enable users to access interest rate derivatives on Ethereum. For the weETH pool, the interest rate derivative is based on the AAVE v3 (mainnet) ETH borrow rate. Swaps will be denominated in ETH and underwritten by the weETH pool. Swaps are paid out in weETH.

Learn more about IPOR [here](https://app.ipor.io/zap/ethereum/weeth).

### InstaDapp

*Points: Ether.fi Loyalty Points*

We have integrated point tracking on InstaDapp for lending weETH via Fluid on Ethereum. Points are currently tracking on[ your ether.fi Portfolio tab](https://app.ether.fi/portfolio).

InstaDapp is a full feature platform for both users and developers to leverage the full potential of DeFi. Fluid is an advanced DeFi lending and borrowing platform on InstaDapp, offering high loan-to-value ratios, innovative liquidation mechanisms, and features like smart debt and collateral.

Learn more about InstaDapp [here](https://t.co/9pbNEjNsHy).

### Vector Reserve

*Points: Ether.fi Loyalty Points*

We have integrated point tracking on Vector Reserve for vETH on Ethereum. are currently tracking on[ your ether.fi Portfolio tab](https://app.ether.fi/portfolio).

vETH is a DeFi primative that is fully backed by LST's and LRTs. It relies on the [Liquidity Position Derivative (LPD)](https://vector-reserve.gitbook.io/vector-reserve/veth-the-first-lpd/the-lp-derivative-lpd). It is a tokenized asset or index of ETH denominated Liquidity Positions (LP) against Liquid Staked Tokens (LST) and Liquid Restaked Tokens (LRT), that encapsulates both ETH and additional yield-generating opportunities

Learn more about Vector Reserve [here](https://www.vectorreserve.com/dapp/veth).

### Beefy

*Points: Ether.fi Loyalty Points*

We have integrated point tracking on Beefy for weETH pools on Ethereum and Arbitrum. Points are currently tracking on[ your ether.fi Portfolio tab](https://app.ether.fi/portfolio).

Beefy is a multi-chain yield optimizer that hosts a number of vaults and DeFi strategies. The following pools on Beefy are supported:

* [weETH-rETH (on Ethereum)](https://app.beefy.com/vault/aura-weeth-reth)
* [weETH-ezETH-rETH (on Ethereum)](https://app.beefy.com/vault/aura-weeth-ezeth-rseth)
* [eETH Equilibria (on Arbitrum)](https://app.beefy.com/vault/equilibria-arb-eeth)

Learn more about Beefy [here](https://app.beefy.com/).

### AAVE

*Points: Ether.fi Loyalty Points*

We have integrated point tracking on AAVE for weETH collateral and borrowing on Ethereum. Points are currently tracking on[ your ether.fi Portfolio tab](https://app.ether.fi/portfolio).

AAVE is a decentralized crypto lending platform that lets users borrow and lend crypto. The weETH/ETH market is symmetric, meaning you can borrow or lend weETH or ETH.

Learn more about AAVE [here](https://app.aave.com/markets/).


# FAQ

eETH launched on November 15th, 2023 🚀

eETH, brought to you by ether.fi, is a Liquid Restaking Token that allows users to stake their ETH to accrue staking rewards and automatically restake their ETH in EigenLayer. weETH is the wrapped non rebasing version of eETH that can be used throughout the DeFI ecosystem. ether.fi will be working with DeFi partners to create utility for weETH including Balancer, Gravita, Pendle, Aura, Maverick, and many more, as well as other layer two protocols proceeding the launch date.

Please see FAQ below outlining all the various protocol changes that have been rolled out along with answers related to restaking. This will be a living document that will evolve as we get feedback from our community. That said, we encourage our community to reach out with any questions that they have and join our discussion on [discord](https://discord.com/invite/zqGzcuQWvD).

## General

<details>

<summary>How do I earn rewards from my ETH being natively restaked on EigenLayer?</summary>

As EigenLayer is not yet in its final form to onboard active validator services, we can not provide a reliable estimate of these rewards. That being said, Ether.fi will be remitting any rewards received from EigenLayer that are earned from being an early depositor into the protocol.

</details>

<details>

<summary>Do I have to restake my ETH?</summary>

No. this is all handled by [Ether.fi](http://ether.fi). You simply need to mint eETH and the protocol takes care of the rest.

</details>

<details>

<summary>How can I stake ETH on ether.fi?</summary>

Refer to [Stake with Ether.fi](/etherfi/get-started/stake-with-ether.fi).

</details>

<details>

<summary>Will all ETH staked in ether.fi be natively restaked?</summary>

Yes.

</details>

<details>

<summary>I thought there were limits on the amount of ETH or liquid staking tokens that could be deposited into EigenLayer? 🤷‍♀️ 🤷‍♂️</summary>

**There are NO LIMITS on the amount of ETH that can be natively restaked into EigenLayer**. The limits only exist for LST's that are looking to restake the LST into EigenLayer (stETH, rETH, cbETH). Until eETH, this was the only simple way to deposit into the EigenLayer protocol.

</details>

<details>

<summary>Will I still be able to use my LST token in DeFi while it is deposited in ether.fi?</summary>

Staking with eETH on [ether.fi](http://ether.fi/) automatically restakes your ETH and accrues staking rewards while allowing users to use eETH in other DeFi protocols. No other liquid staking protocol has this capability. Currently when users restake their other LST's as mentioned above, they lock their tokens, which breaks composability in DeFi. That is due to these LST's not providing a **native** **EigenLayer restaking integration**.

</details>

## eETH

<details>

<summary>How do I mint eETH?</summary>

You can mint eETH through the ether.fi Dapp. Similar to other liquid staking protocols, simply stake your ETH, and in return, receive eETH.

</details>

<details>

<summary>What will I be able to do with eETH?</summary>

We have many ecosystem partners which will allow eETH to be composable throughout the defi ecosystem. Please stay tuned to our socials for updates on launched integrations.

</details>

<details>

<summary>Will eETH be available on other chains?</summary>

Refer to [Layerzero](https://etherfi.gitbook.io/etherfi/getting-started/multichain-ecosystem/secure-bridging-with-layerzero).

</details>

<details>

<summary>Can I only unwrap eETH directly on ether.fi?</summary>

Yes.

</details>

<details>

<summary>What will be my yield on eETH?</summary>

You will earn Ethereum execution and consensus layer staking rewards + loyalty points + EigenLayer restaking rewards. As EigenLayer is not yet in its final form to onboard active validator services, we can not provide a reliable estimate of these rewards. That being said, Ether.fi will be remitting any rewards received from EigenLayer that are earned from being an early depositor into the protocol - this is inclusive of any points received.

</details>

## weETHs, weETHk, and eBTC

<details>

<summary>How do I mint weETHs, weETHk, or eBTC?</summary>

You can mint any of these tokens via our [stake page](https://app.ether.fi/eeth) on the Ether.fi Dapp. Simply choose your desired restaking token and deposit to mint the token of your choice!

</details>

<details>

<summary>What can I do with weETHs, weETHk, or eBTC?</summary>

We have many ecosystem partners that enable these tokens to be composable throughout the DeFi ecosystem. Stay tuned to our socials for updates on new integrations.

</details>

<details>

<summary>Will these tokens be available on other chains?</summary>

Although our vaults are built to be cross-chain compatible, these staking options are currently only available on the mainnet.

</details>

<details>

<summary>Can I only withdraw weETHs, weETHk, or eBTC directly on Ether.fi?</summary>

While you can always withdraw these tokens from our [Stake page](https://app.ether.fi/eeth), you can also choose to swap these tokens via some of our partner protocols, such as Curve. However, please note that this may incur slippage. If you want to avoid slippage, you can withdraw directly on our [Stake page](https://app.ether.fi/eeth).

</details>

<details>

<summary>What will be my yield on weETHs, weETHk, or eBTC?</summary>

Your rewards will vary depending on the product you choose:

* **weETHs**: Earns Etherfi points, Symbiotic points, and Veda points alongside the native vault yield, represented by a 7-day trailing average APY.
* **weETHk**: Earns Etherfi points, Karak points, and Veda points alongside the native vault yield, represented by a 7-day trailing average APY.
* **eBTC**: Earns a variety of points including Lombard, Babylon, Eigenlayer, Karak, Symbiotic, Etherfi, and Veda points, along with an APY represented by a 7-day trailing average.

</details>

## Ether.fan

With the roll-out of eETH, we want to ensure we address any questions regarding how ether.fans will co-exist.

<details>

<summary>Do I need to deposit the ETH in my ether.fan into EigenLayer for it to be restaked?</summary>

No. This is all handled by the protocol in the back-end. You just need to simply continue holding your ether.fan and the rest will be taken care of on your behalf.

</details>

<details>

<summary>Will I be able to migrate my loyalty points attached to my ether.fan to my eETH deposit?</summary>

Yes. Users are able to swap the ETH in their fan, and associated Loyalty Points, directly from ether.fan to eETH. Note however that if you minted your fan less than 6 months ago, you will still incur the ether.fan burn fee with this swap.

</details>

<details>

<summary>Will I be able to migrate the ETH wrapped in my ether.fan to eETH?</summary>

Yes. Users are able to swap the ETH in their fan, and associated Loyalty Points as stated above, directly from ether.fan to eETH. Note that if you minted your fan < 6 months ago, you will still incur the burn fee with this swap. As always, you can withdraw up to 49% of the ETH in your [ether.fan](http://ether.fan) and mint eETH however. This will allow you to keep the loyalty points in your ether.fan (without burning your NFT) and mint eETH with the withdrawn ETH.

</details>

<details>

<summary>When will the burn fee be removed?</summary>

ether.fan holders who have held their ether.fan 6 months from the initial **mint date** will no longer pay a burn fee.

</details>

<details>

<summary>Is it possible to use ether.fan NFT's as collateral in lending protocols in the future?</summary>

As of right now, this will only be possible for eETH. We encourage our community and other protocols that have use cases for ether.fan NFT's to contact us for partnerships.

</details>

<details>

<summary>I am still deposited in the EAP (early adopter pool), can I mint eETH from my EAP deposit instead of an ether.fan?</summary>

No. The migration of funds from the EAP to ether.fan / eETH is now closed. Please open a support ticket if you'd like to request assistance in withdrawing your ETH.

</details>

<details>

<summary>What happens to my EAP deposit? Where can I access these funds?</summary>

Your funds deposited into the EAP are not going anywhere and remain in the contract. Please note that you are not earning rewards in the Early adopter pool. We recommend that you open a ticket on ether.fi website to get support on this migration.

</details>


# Staking

Liquid restaking tokens that earn staking and restaking rewards while staying usable across DeFi.

When you stake with ether.fi you receive a **liquid restaking token (LRT)** — a token that represents your staked position and keeps earning while you hold it. Unlike traditional staking, your assets are never locked away: LRTs stay liquid and composable, so you can use them across DeFi or redeem them for the underlying asset.

ether.fi's tokens are **natively restaked** at the protocol level (via EigenLayer), giving you exposure to both base Ethereum staking rewards and restaking emissions — without the long unstaking delays of conventional liquid restaking strategies.

New to staking? Follow the [5-minute Quickstart](/etherfi/quickstart) first.

## Choose a token

<table data-view="cards"><thead><tr><th></th><th></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><strong>weETH / eETH</strong></td><td>The flagship ETH liquid restaking token. eETH rebases; weETH is the wrapped, non-rebasing version used across DeFi.</td><td><a href="/pages/lc4IFrIRwaKerCwivzA6">/pages/lc4IFrIRwaKerCwivzA6</a></td></tr><tr><td><strong>eBTC</strong></td><td>Liquid restaked Bitcoin — earn yield on your BTC.</td><td><a href="/pages/YdFvgkfBILFYjacB0g3G">/pages/YdFvgkfBILFYjacB0g3G</a></td></tr><tr><td><strong>eUSD</strong></td><td>A yield-bearing stablecoin position.</td><td><a href="/pages/JBEIAGsLvGEMnGO2zmEK">/pages/JBEIAGsLvGEMnGO2zmEK</a></td></tr><tr><td><strong>weETHs (Super Symbiotic)</strong></td><td>weETH restaked through the Symbiotic ecosystem.</td><td><a href="/pages/BB15niOrIeVAile58xhj">/pages/BB15niOrIeVAile58xhj</a></td></tr><tr><td><strong>weETHk (King Karak)</strong></td><td>weETH restaked through the Karak ecosystem.</td><td><a href="/pages/iE4kOv2SBx8MIk55RLOx">/pages/iE4kOv2SBx8MIk55RLOx</a></td></tr><tr><td><strong>beHYPE</strong></td><td>Liquid staking for HYPE on Hyperliquid.</td><td><a href="/pages/aiJ3saLi7rOxIQxWVvmp">/pages/aiJ3saLi7rOxIQxWVvmp</a></td></tr></tbody></table>

{% hint style="info" %}
New to eETH/weETH? Read the [Staking FAQ](/etherfi/get-started/faq). Looking for contract addresses or how to integrate weETH into your protocol? See [Contracts & Integrations](/etherfi/developers/contracts-and-integrations).
{% endhint %}


# weETH / eETH

## Overview

eETH is ether.fi’s flagship Ethereum-backed liquid restaking token for native staking and multichain bridging, designed to simplify yield optimization and expand DeFi utility.

eETH is backed by staked and natively restaked ETH (via EigenLayer) to deliver dual exposure to staking and restaking economics.

## Key Benefits

In a conventional [Liquid ReStaking](https://docs.eigenlayer.xyz/eigenlayer/restaking-guides/restaking-user-guide/liquid-restaking/) strategy, the users lock their Liquid Staking Tokens such as `stETH` into the EigenLayer's Liquid ReStaking Strategy contracts. The cons are that the restaked assets are non-transferrable, non-usable in DeFi, and require 14 days withdrawal period for redemption back into the LSTs. Note that you will need additional delays to redeem ETH from your LSTs, again.

However, ether.fi's `eETH` and `weETH` are **Natively ReStaked** tokens at a protocol-level enabling broad DeFi composability and removing such long 14 days of un-restaking withdrawal delays.

By holding eETH/weETH, holders accrue:

* **Base Ethereum staking rewards** – reflected via protocol staking yields (rebasing in eETH; wrapped for weETH)
* **Restaking emissions** – aggregated weekly, converted to ETH, and automatically deposited into the LST liquidity pool, increasing token value via **rebasing** without requiring any claims or additional action

Users can use eETH/weETH across DeFi for additional yield strategies or other activities.

ETH redemptions from eETH/weETH can be processed without EigenLayer unstaking delays, as long as Ether.fi has sufficient liquidity; if liquidity is temporarily constrained, withdrawal timing may vary.

For more details, visit [here](https://github.com/etherfi-protocol/docs/tree/main/ether.fi-whitepaper)


# eUSD

## Overview

eUSD is our flagship synthetic dollar liquid restaking token. Created to service the growing demands of alternate collateral within restaking, eUSD simplifies yield optimization and expands utility.

eUSD is backed by USDe, through a partnership with Ethena, to bring a dual yielding (Ethena’s tokenized basis trade + restaking) USD-denominated product to market. Restaking will be conducted through Eigen Layer. Users are able to deposit USDe, USDC, DAI and USDT.

## Key Benefits

1. Yield from Ethena’s tokenized basis trade + restaking yield
2. Don’t worry about restaking caps or delegations
3. Access multiple point programs: 1x EigenLayer, 20x Ethena, 3x ether.fi and 3x Veda ​Check out eUSD on ether.fi

​[Check out eUSD on ether.fi](https://app.ether.fi/eusd)

## Audits & Contract Deployments

#### Audits

<https://github.com/Se7en-Seas/boring-vault/tree/main/audit>

#### Contracts

BoringVault: 0x939778D83b46B456224A33Fb59630B11DEC56663

Token: 0x939778D83b46B456224A33Fb59630B11DEC56663

Accountant: 0xEB440B36f61Bf62E0C54C622944545f159C3B790

Lens: 0x5232bc0F5999f8dA604c42E1748A13a170F94A1B

Teller: 0xCc9A7620D0358a521A068B444846E3D5DebEa8fA\
Old Teller (still active): 0xA5C0bc543Ae9e522d0d8829191D759c0f0BcD098

## eUSD LRT FAQS

**Are deposits in the vault capped?**

* No caps on launch of the vault. The vault activity and total deposits will be monitored, and will introduce caps if required for a healthy balance of Symbiotic points across deposits.

**What is the withdrawal period?**

* There is a 10-day withdrawal period. While most withdrawals will complete well before this maximum window, this is an additional safety mechanism added by Veda.

**Is there any benefit to depositing a certain token over another?**

* No. All deposits are treated the same.

**What are Veda points, who is Veda?**

* Veda is the first Native Yield Layer and the protocol powering Liquid and the eUSD LRT. You can learn more about Veda on X[ https://x.com/veda\_labs](https://x.com/veda_labs)

**Where can I see my Veda points earned?**

* The Veda points dashboard is under development but is expected to be available in a few weeks. You can learn more about Veda on X[ https://x.com/veda\_labs](https://x.com/veda_labs)

**Where can I see my points earned?**

* On the ether.fi App (coming soon)

**Who audited the vault?**

The vault was audited by Macro and Spearbit

* <https://github.com/Se7en-Seas/boring-vault/tree/main/audit>

**How is eUSD different from other Liquid LP tokens?**

* You will be able to use eUSD in DeFi for all the things you know and love. More big news on this coming soon.

**Any yields earned on this vault other than points?**

* You will earn the yield from Ethena’s tokenized basis trade in addition to staking yield.

<br>


# eBTC

## Overview

eBTC is our flagship Bitcoin-backed liquid restaking token. Created to service the growing demands of alternate collateral within restaking, eBTC simplifies yield optimization and expands utility. eBTC is now available for native staking and bridging across multiple chains including Ethereum mainnet, Base, Arbitrum, and Corn.

eBTC is backed by LBTC, through a partnership with [Lombard](https://docs.lombard.finance/), to bring the first dual yielding (staking + restaking) Bitcoin product to market. Staking will be conducted through Babylon, with restaking services through a combination of Eigen Layer, Symbiotic, and Karak. Users are able to deposit LBTC & WBTC.

## Key Benefits

1. Earn staking + restaking yield
2. Don’t worry about restaking caps or delegations
3. Access multiple point programs: Symbiotic, ether.fi, Lombard, and Veda points, plus Karak and EigenLayer points soon.

​[Check out eBTC on ether.fi](https://app.ether.fi/liquid/ebtc)

## Audits & Contract Deployments

#### Audits

<https://github.com/Se7en-Seas/boring-vault/tree/main/audit>

#### Contracts

BoringVault: 0x657e8C867D8B37dCC18fA4Caead9C45EB088C642

Token: 0x657e8C867D8B37dCC18fA4Caead9C45EB088C642

Accountant: 0x1b293DC39F94157fA0D1D36d7e0090C8B8B8c13F

Lens: 0x5232bc0F5999f8dA604c42E1748A13a170F94A1B

Teller: 0x6Ee3aaCcf9f2321E49063C4F8da775DdBd407268

#### Repo

<https://github.com/Veda-Labs/boring-vault/pull/22/files>

## Bitcoin LRT FAQS

**On which networks is eBTC available?**

* eBTC is available on Ethereum mainnet, Base, Arbitrum, and Corn. The contract addresses remain the same across all supported networks.

**Are deposits in the vault capped?**

* No caps on launch of the vault. The vault activity and total deposits will be monitored, and will introduce caps if required for a healthy balance of Symbiotic points across deposits.

**Does this also have a 72 hour withdrawal period like other vaults?**

* No, it is a 7-day withdrawal period. While most withdrawals will complete well before this maximum window, this is an additional safety mechanism added by Veda.

**Is there any benefit to depositing a certain token over another?**

* No. All deposits are treated the same.

**What are Veda points, who is Veda?**

* Veda is the first Native Yield Layer and the protocol powering Liquid and the BTC LRT. You can learn more about Veda on X <https://x.com/veda_labs>

**Where can I see my Veda points earned?**

* The Veda points dashboard is under development but is expected to be available in a few weeks. You can learn more about Veda on X <https://x.com/veda_labs>

**Where can I see my points earned?**

* On the ether.fi App (coming soon)

**Who audited the vault?**

* The vault was audited by Macro and Spearbit\
  <https://github.com/Se7en-Seas/boring-vault/tree/main/audit>

**How is eBTC different from other Liquid LP tokens?**

* You will be able to use eBTC in DeFi for all the things you know and love. More big news on this coming soon.

**Any yields earned on this vault other than points?**

* You will earn the composite staking rate of all yield bearing assets in the vault.

**How does this give me more points, or even the same amount of points vs depositing directly into Symbiotic and other restaking partners?**

* Symbiotic only accepts deposits until the deposit cap for a given asset is reached. Those deposits are the only ones that earn Symbiotic points until deposit caps are raised again. This is true for all deposit methods.
* Users that deposit on Symbiotic directly only earn Symbiotic points.
* Users that deposit into eBTC Bitcoin LRT earn Symbiotic points, ether.fi points and Veda points and more.

**How much karak points do I earn?**

* WBTC or LBTC assets deposited in the eBTC vault staked specifically in Karak, earn an enhanced 2x point multiplier:
  * May 12 - Oct 8, 2024: 46,000 base points × 2 = 92,000 points per token per day
  * Oct 8 - Oct 24, 2024: 49,900 base points × 2 = 99,800 points per token per day
  * Oct 24 - Nov 8, 2024: 53,800 base points × 2 = 107,600 points per token per day
  * After Nov 8, 2024: 60,800 base points × 2 = 121,600 points per token per day
* Important: Only the portion of your eBTC assets that the vault has allocated to Karak earn these enhanced rates. eBTC assets allocated to other restaking platforms do not receive karak points.


# weETHs (Super Symbiotic)

## Overview

weETHs, the Super Symbiotic LRT, is intended to provide ether.fi customers an easy onboarding into the Symbiotic ecosystem. Unlike other LRTs, users have numerous deposit options including WETH, eETH, weETH, wstETH, cbETH, bETH, rETH, mETH, swETH, etc. These assets will be directly restaked on Symbiotic each time the deposit caps are raised.

## Key Benefits

1. Earn staking yield
2. Don’t worry about tracking when Symbiotic deposit caps will be lifted
3. Access multiple points programs: Symbiotic points, ether.fi points and Veda points

​[Check weETHs on ether.fi](https://app.ether.fi/liquid/symbiotic)

## Allocations

A portion of weETHs deposits may be allocated to third-party protocols to seek additional rewards for depositors. Each allocation introduces its own risk profile, which may include smart contract, liquidity and counterparty risk. Below is a summary of current allocations.

**Cap Protocol – M11 Credit / FalconX**

A portion of weETHs collateral is allocated to [Cap Protocol](https://docs.cap.app/), where M11 Credit acts as a borrower. M11 Credit deposits the borrowed funds into the Pareto vault, which supplies capital to FalconX to be utilized in their Prime Brokerage. This allocation generates a sustainable yield sourced from FalconX's lending activity.

**How the delegation works:**

Symbiotic → Cap Protocol → M11 Credit (borrower) → Pareto Vault → FalconX

**Delegation Risks**

By holding weETHs, you are exposed to the following risks associated with this delegation. Please review carefully before depositing.

* **Slashing Risk:** If the loan collateral reaches an excessively high loan-to-value (LTV) ratio, delegated funds may be partially or fully slashed. This would result in a loss of principal for weETHs holders.
* **Counterparty Risk (FalconX):** Funds ultimately flow to FalconX. If FalconX mishandles, misappropriates, or is otherwise unable to return the borrowed capital, depositors may suffer a loss.
* **Counterparty Risk (M11 Credit):** M11 Credit acts as the intermediary borrower. Any failure by M11 Credit to meet its obligations under the Cap Protocol framework could impact the return of funds.
* **Protocol Risk (Cap Protocol / Pareto):** Smart contract bugs, exploits, or operational failures in Cap Protocol or the Pareto vault could result in loss of delegated funds.
* **Liquidity Risk:** Delegated capital may not be immediately available for withdrawal. Redemption timelines depend on the underlying loan terms and protocol mechanics.

> **Important:** This delegation means weETHs is no longer solely exposed to Symbiotic restaking risk. By depositing, you acknowledge exposure to the full delegation chain described above. Past performance of any counterparty does not guarantee future results.

## Audits & Contract Deployments

#### Audits

<https://github.com/Se7en-Seas/boring-vault/tree/main/audit>

#### Contracts

BoringVault: 0x917ceE801a67f933F2e6b33fC0cD1ED2d5909D88

Token: 0x917ceE801a67f933F2e6b33fC0cD1ED2d5909D88

Accountant: 0xbe16605B22a7faCEf247363312121670DFe5afBE

Lens: 0x5232bc0F5999f8dA604c42E1748A13a170F94A1B

Teller: 0x99dE9e5a3eC2750a6983C8732E6e795A35e7B861

## Super Symbitoic FAQS

**Are deposits in the vault capped?**

* No caps on launch of the vault. We’ll monitor the vault activity and total deposits, and will introduce caps if required for a healthy balance of Symbiotic points across deposits.

**Does this also have a 72 hour withdrawal period like other vaults?**

* No, it is a 7-day withdrawal period. While most withdrawals will complete well before this maximum window, this is an additional safety mechanism added by Veda.

**Is there any benefit to depositing a certain token over another?**

* No. All deposits are treated the same.

**What are Veda points, who is Veda?**

* Veda is the first Native Yield Layer and the protocol powering Liquid and the Super Symbiotic LRT. You can learn more about Veda on X <https://x.com/veda_labs>

**Where can I see my Veda points earned?**

* The Veda points dashboard is under development but is expected to be available in a few weeks. You can learn more about Veda on X <https://x.com/veda_labs>

**Where can I see my Symbiotic points earned?**

* On the ether.fi App (coming soon)

**Who audited the vault?**

* The vault was audited by Macro and Spearbit\
  <https://github.com/Se7en-Seas/boring-vault/tree/main/audit>

**How is weETHs different from other Liquid LP tokens?**

* You will be able to use weETHs in DeFi for all the things you know and love. More big news on this coming soon.

**Any yields earned on this vault other than points?**

* You will earn the composite staking rate of all yield bearing assets in the vault.

**Do I still earn my \~3% APY like I get for holding eETH?**

* You earn the composite staking rate of all yield bearing assets in the vault.

**How does this give me more points, or even the same amount of points vs depositing directly into Symbiotic?**

* Symbiotic only accepts deposits until the deposit cap for a given asset is reached. Those deposits are the only ones that earn Symbiotic points until deposit caps are raised again. This is true for all deposit methods.
* Users that deposit on Symbiotic directly only earn Symbiotic points.
* Users that deposit into Super Symbiotic earn Symbiotic points, ether.fi points and Veda points.

**Do I still earn staking rewards like I do with eETH?**

* You earn the composite staking rate of all yield bearing assets in the vault.

**What is a delegation, and does it affect my risk?**

* A delegation routes a portion of vault assets to Symbiotic Networks to generate yield. This means weETHs holders bear additional risks beyond Symbiotic restaking, including slashing, counterparty default, and smart contract risk across the delegation chain. See the Delegations section above for full details.

<br>


# weETHk (King Karak)

## Overview

weETHk, the King Karak LRT, is intended to provide ether.fi customers an easy onboarding into the Karak ecosystem. Unlike other LRTs, users have numerous deposit options including WETH, eETH, weETH, wstETH, cbETH, bETH, rETH, mETH, swETH, etc. These assets will be directly restaked on Karak.

## Key Benefits

1. Earn staking yield
2. Access multiple point programs: Karak points, ether.fi points and Veda points

​[Check out weETHk on ether.fi](https://app.ether.fi/liquid/karak)

## Audits & Contract Deployments

#### Audits

<https://github.com/Se7en-Seas/boring-vault/tree/main/audit>

#### Contracts

Vault: 0x7223442cad8e9cA474fC40109ab981608F8c4273

Token: 0x7223442cad8e9ca474fc40109ab981608f8c4273

Accountant: 0x126af21dc55C300B7D0bBfC4F3898F558aE8156b

DelayedWithdraw: 0x78c61B1EA2507C4c2B13f77951549d4e76Acb52B

Lens: 0x5232bc0F5999f8dA604c42E1748A13a170F94A1B

Teller: 0x929B44db23740E65dF3A81eA4aAB716af1b88474<br>

## King Karak FAQs

**How does this give me more points, or even the same amount of points vs depositing directly into Karak?**

* Users that deposit on Karak directly only earn Karak points.
* Users that deposit into King Karak earn Karak points, ether.fi points and Veda points.

**Do I still earn staking rewards like I do with eETH?**

* You earn the composite staking rate of all yield bearing assets in the vault.

**Do I still earn my \~3% APY like I get for holding eETH?**

* You earn the composite staking rate of all yield bearing assets in the vault.

**Any yields earned on this vault other than point**s?

* You will earn the composite staking rate of all yield bearing assets in the vault.

**Where can I see my Veda points earned?**

* The Veda points dashboard is under development but is expected to be available in a few weeks on the Veda website at <https://veda.tech/>. You can learn more about Veda on X <https://x.com/veda_labs>

**Where can I see my Karak points earned?**

* On the ether.fi App (coming soon)

**Who audited the vault?**

* The vault was audited by Macro and Spearbit\
  <https://github.com/Se7en-Seas/boring-vault/tree/main/audit>

**How is weETHk different from other Liquid LP tokens?**

* You may be able to use weETHk in DeFi for things you know and love. Stay tuned.

**What are Veda points, who is Veda?**

* Veda is the first Native Yield Layer and the protocol powering Liquid, the Super Symbiotic LRT and now the King Karak LRT. As a result, it has amassed nearly $1 billion in TVL in just four months. You can learn more about Veda on X <https://x.com/veda_labs>

**Is there any benefit to depositing a certain token over another?**

* No. All deposits are treated the same.

**Does this also have a 72 hour withdrawal period like other vaults?**

* No, it is a 7-day withdrawal period. While most withdrawals will complete well before this maximum window, this is an additional safety mechanism added by Veda.

**Are deposits in the vault capped?**

* No caps on launch of the vault.

**How much karak points do I earn?**

* All assets deposited in the weETHk vault are staked in Karak and earn a 3x multiplier on the entire vault. Here is the rate Karak points are accrued per weETHk:
  * Jul 2 - Sep 5, 2024: 2,300 base points × 3 = 6,900 points per token per day
  * Sep 5 - Oct 24, 2024: 1,950 base points × 3 = 5,850 points per token per day
  * Oct 24 - Nov 8, 2024: 1,980 base points × 3 = 5,940 points per token per day
  * After Nov 8, 2024: 2,300 base points × 3 = 6,900 points per token per day
*

<br>


# beHYPE

## Overview

beHYPE is Hyperbeat's liquid staking token for HYPE, built in collaboration with Etherfi. When you stake HYPE, you receive beHYPE in return—allowing you to keep earning staking rewards while still using your tokens in DeFi.

## Key Benefits

1. Earn yield on your HYPE
2. Earn Ether.fi membership points and Hyperbeat hearts
3. Use beHYPE in Ether.fi Cash

​[Check out beHYPE on ether.fi](https://app.ether.fi/eusd)

## Audits & Contract Deployments

#### Audits

{% file src="/files/WmHZFrpkewPYjlqzySxU" %}

#### Contracts

Contracts are deployed on the hyperEVM

<table><thead><tr><th width="193.328125">Contract</th><th>Contract Address</th></tr></thead><tbody><tr><td>BeHYPE</td><td>0xd8FC8F0b03eBA61F64D08B0bef69d80916E5DdA9</td></tr><tr><td>StakingCore</td><td>0xCeaD893b162D38e714D82d06a7fe0b0dc3c38E0b</td></tr><tr><td>WithdrawManager</td><td>0x9d0B0877b9f2204CF414Ca7862E4f03506822538</td></tr><tr><td>RoleRegistry</td><td>0x90102473a816A01A9fB0809F2289438B2e294F76</td></tr><tr><td>BeHYPETimelock</td><td>0xA24aF73EaDD17997EeEdbEd36672e996544D2DE4</td></tr></tbody></table>


# Liquid

## Overview <a href="#overview" id="overview"></a>

Liquid vaults are automated DeFi strategies that give ether.fi users a simple access point to put their assets to work across the DeFi ecosystem. Users deposit a supported asset and, behind the scenes, the vault allocates across a diversified set of DeFi positions.

As DeFi integrations grow in number, it becomes challenging to keep up with the best opportunities. Some opportunities, such as concentrated liquidity on Uniswap V3, also require specific expertise to maximize performance. Liquid vaults remove that complexity by handling allocation, integration, and rebalancing automatically, so the vaults stay competitive as the market evolves and new protocols are added over time.

## How Liquid is built

ether.fi's live Liquid vaults are built on one of two infrastructure providers:

* **Veda (BoringVault architecture)** — the majority of Liquid vaults. Non-upgradeable core contracts, modular components, strict role separation, and Merkle-constrained strategies. See [Veda Vault Architecture](/etherfi/products/liquid/veda-vault).
* **Midas** — used for RWA and reserve-style vaults. See [Midas Vault Architecture](/etherfi/products/liquid/midas-vault).

## In this section

* [Veda Vault Architecture](/etherfi/products/liquid/veda-vault) — how the Veda BoringVault vaults work
* [Midas Vault Architecture](/etherfi/products/liquid/midas-vault) — how the Midas vaults work
* [Live Vaults](/etherfi/products/liquid/live-vaults) — the vaults that are currently live and accepting deposits
* [Deprecated Vaults](/etherfi/products/liquid/deprecated-vaults) — vaults that are no longer active, kept for reference
* [FAQs](/etherfi/products/liquid/faqs) — common questions about Liquid


# Veda Vault Architecture

How Veda Vaults work.

Most ether.fi Liquid Vaults are built on **Veda’s Boring Architecture**.

This architecture is based on:

* **Non-upgradeable core contracts**
* **Modular components** that can be attached or replaced
* **Strict role separation**
* **Hard constraints on vault actions**

The vault token contract itself remains constant. Functionality is extended or modified by attaching external modules through a role registry. This design significantly reduces the attack surface while still allowing flexibility.

The system integrates **LayerZero**, allowing vault tokens to function across multiple blockchains. For comprehensive protocol details, refer to the official **Veda smart contract documentation**.

***

## User Flow

### Depositing

Users deposit supported assets through the **Teller** contract.

**How it works**

* Users deposit approved ERC20 tokens or the native token
* Deposits mint **BoringVault shares**, issued as an ERC20 token
* These shares represent the user’s proportional ownership of the vault

**Key rules**

* The Teller maintains an **allowlist** of supported deposit assets
* Deposits are blocked if the Teller is paused
* Users must approve the **BoringVault** (not the Teller) to spend the asset
  * Approval can be done via standard ERC20 approval
  * Or via permit signatures, if supported

**Slippage protection**

* Users can specify a **minimum number of shares** to receive
* If fewer shares would be minted, the transaction reverts

**Execution**

* Assets are transferred into the BoringVault
* Shares are minted to the user
* All happens atomically in a single transaction

### Withdrawing

Withdrawals are handled via a dedicated **Boring Queue** per vault.

**How it works**

1. User holds BoringVault shares
2. User approves the **Boring Queue** to spend those shares
3. User submits a withdrawal request

**Withdrawal request parameters**

* Output token
* Minimum output amount

The minimum output amount acts as on-chain protection against unfavorable execution.

**Timing constraints**\
Each vault defines:

* A **minimum delay** before a withdrawal becomes executable
* A **maximum fulfillment window** after which the request expires

These constraints are enforced directly by the queue contract.

**Managing requests**

* Requests can be replaced or canceled before fulfillment
* If canceled, shares are returned to the user

**Fulfillment**

* Withdrawals are fulfilled by **Veda’s solver**
* The solver must meet the user’s minimum output requirement
* Shares are consumed and the output token is delivered atomically

***

## Fees

* Vaults may charge a **platform fee** set in the **Accountant**
* Fee range: **0% to 2%**
* **No performance fees** are charged by any vault

***

## Smart Contracts & Architecture

### Core components

The BoringVault was built from the ground up to be the most secure and flexible framework for building enterprise-grade DeFi products by Veda Labs. Here are the official [docs](https://docs.veda.tech/architecture-and-flow-of-funds) by veda

### Architecture

<figure><img src="/files/PudW8eo3GORsb6tKF4aF" alt=""><figcaption></figcaption></figure>

#### **BoringVault**

The central vault contract. The BoringVault contract is itself the vault's ERC20 **share token** — its address is the token address.

* Holds user assets
* Mints and burns vault shares
* Keeps internal logic intentionally minimal
* Delegates functionality to external modules

This design improves both security and composability.

#### **Teller**

Handles all user-facing deposit actions.

Responsibilities:

* Accepts deposits
* Enforces share lock rules
* Refunds deposits when protections are triggered
* Manages cross-chain token bridging

#### **Hook (Optional)**

Executes custom logic before share transfers.

Common use cases:

* Transfer restrictions
* Share lockups
* Compliance and whitelisting logic

#### **Manager**

Executes vault strategies and rebalances.

* Uses **Merkle proofs** to verify allowed actions
* Can only execute strategies pre-approved by Admin
* Prevents unauthorized or arbitrary vault behavior

#### **Accountant**

Manages the vault exchange rate.

Responsibilities:

* Calculates share-to-asset conversion
* Enforces bounds on rate changes
* Can pause updates during abnormal conditions

#### **BoringOnChainQueue**

Handles withdrawals.

* Receives vault shares from users
* Works with the atomic solver to execute withdrawals
* Ensures timing and minimum output constraints are respected

#### **DecoderAndSanitizer**

Security layer for external protocol interactions.

* Decodes calldata
* Sanitizes parameters
* Ensures only intended operations are executed

#### **Oracle**

Tracks vault value and yield.

Built-in safeguards include:

* Maximum update frequency
* Maximum deviation thresholds

This ensures accurate and reliable reporting.

***

## Benefits to this Architecture

* The vault itself is simple and does not execute strategies or complex logic directly, reducing the attack surface.
* External modules handle deposits, accounting, strategy execution, and withdrawals, allowing upgrades or customizations without redeploying the vault.
* Managers use **Merkle proofs** to ensure only authorized, predefined strategies are executed, preventing unauthorized actions.
* Decoder and Sanitizer modules ensure interactions with external protocols are secure and only execute intended operations.

***

## Roles

#### Admin

The Admin is a multi-sig consisting of members from both the veda team and the [ether.fi](http://ether.fi) team. This role is meant to act as a neutral party that is responsible for defining the whitelisted protocols and assets and the actions and parameter the strategist can perform. The admin is also able to make changes to the modules connected to the boring vault, ie the withdrawal queue, teller accountatn etc.

#### Strategist

The Strategist is responsible for submitting rebalance signals to the vault. There are significant limitations to the actions that the Strategist. The strategist rebalances the vault by making manage call with a merkle proof, and the merkle root is set by admin therefore they can only rebalanced based what was whitelisted by the admin. All strategists are multisigs unless there is very limited whitelisted actions with low risk actions.

#### Pauser

Hypernative, and other trusted entities have the ability to pause the vaults as a safety and control mechanism.

***

## Security

There are several layers of security built into the smart contracts.

1. **Constrained actions** - The vault only has the capability to interact with pre-approved protocols and assets using merkle proofs. Rebalances can only be executed using the set of protocols and add assets that are encoded in the merkle root. This places a hard constraint on what actions the vault can take and what parameters can be passed to a protocol
2. **Rebalance deviation** - On every rebalance, the vault computes the total assets before and after the rebalance and reverts the transaction if the change in value exceeds a threshold. This acts as a catch-all safety check on any vault operation.
3. **Multiple roles** - There are various roles each with the ability to only call a subset of functions on the vault. For example, the Strategist can only rebalance the vault but does not have access to other sensitive functions.
4. **Non-upgradeable core** - The token contract is very simple there should never be upgraded even if it was possible in our case it is not possible. All modules attached the boring vault is swappable if new feature need to be added or during a security concern.

***

## Audits

The BoringVault is one of the most audited DeFi contracts in production.

Audit firms commissioned to evaluate the BoringVault include Spearbit, Macro, Secure3 & Hexens.

More details on: <https://github.com/Se7en-Seas/boring-vault/tree/main/audit>


# Midas Vault Architecture

How the Midas-based Liquid Vaults work.

A subset of ether.fi Liquid Vaults are built on **Midas** infrastructure rather than Veda's BoringVault.

Each vault issues a **yield-bearing token** that is backed by one or more underlying strategies. The token's value is tracked by an on-chain price feed, and minting/redemption is handled by dedicated deposit and redemption contracts. Deposited funds are deployed by an MPC wallet secured by Fordefi on behalf of the vault, with Fordefi's policy engine defining the approved protocols and interactions.

For comprehensive protocol details, refer to the official [Midas documentation](https://docs.midas.app/).

***

## User Flow

### Depositing

Users deposit a supported asset (e.g. USDC, USDT, or another approved token) through the **Deposit Vault**.

**How it works**

* The user deposits an approved asset into the Deposit Vault
* The vault mints the vault's **yield-bearing token** to the user at the current on-chain price
* The token represents the user's proportional claim on the underlying strategies

**Slippage protection**

* Users can specify a **minimum number of vault tokens** to receive
* If fewer tokens would be minted, the transaction reverts

Deposited assets are then deployed into the vault's underlying strategies.

### Withdrawing

Withdrawals are processed through the **Redemption Vault**.

**How it works**

1. The user approves the Redemption Vault to spend their vault token
2. The user submits a redemption request; the Redemption Vault takes the approved vault token from the user
3. The request is processed and settled in the output token, which may be fulfilled asynchronously at a later time depending on the vault.

**Slippage protection**

* Users can specify a **minimum output amount** to receive
* If the request would settle for less than this amount, the redemption reverts

**Timing constraints**

Settlement time depends on the underlying strategies' liquidity and redemption profiles.

***

## Fees

* Vaults may charge a **platform fee**
* Fee range: **0% to 2%**
* **No performance fees** are charged by any vault

***

## Smart Contracts & Architecture

These are the contracts that make up a Midas vault.

#### **Token**

The vault's yield-bearing ERC20 token. Its balance/value grows as the underlying strategies accrue yield. It is minted on deposit and burned on redemption.

#### **Deposit Vault**

Handles user deposits. Accepts approved assets, prices them against the on-chain feed, and mints the vault token to the depositor. The underlying assets are then transferred to the Deposit MPC wallet.

#### **Redemption Vault**

Handles user redemptions. Accepts the vault token back from users and settles the output asset once the request is processed.

#### **Oracle / DataFeed**

Provides the on-chain price used to value the vault token. The DataFeed exposes the current price to the deposit and redemption flows so mints and redemptions occur at a fair, auditable rate.

#### **SMA (Separately Managed Account)**

Fordefi MPC wallet that deploys deposited assets into DeFi strategies on behalf of the vault. It is used by the Strategist. The SMA wallet is constrained by Fordefi's policy engine, which is where the approved protocols and interactions for the SMA wallets are defined.

#### **Access Control**

All contracts for a vault reference an Access Control contract to determine who is allowed to call which methods. It acts as the central roles contract for the vault. Roles are defined in the contracts, users are assigned those roles in the access control contract, and vault contracts reference it to determine if a user is eligible to call a given method.

<figure><img src="/files/P9bcFK5O09m6LUTWGNxn" alt=""><figcaption></figcaption></figure>

***

## Benefits to this Architecture

* The vault contracts stay minimal — deposits, redemptions, and pricing are handled by dedicated contracts, while strategy execution happens off the core vault in the SMA wallet.
* Funds are custodied in a Fordefi MPC wallet, and the Fordefi policy engine hard-constrains which protocols and interactions the SMA wallet can perform. All actions require more than two approvers, except for trivial function calls. Furthermore, interacting with a new protocol requires three approvers drawn from both the Midas and ether.fi teams.
* An on-chain price feed values the vault token, so mints and redemptions occur at a fair, auditable rate.
* A central Access Control contract enforces strict role separation across all vault contracts.

***

## Roles

#### Admin

The Admin is an MPC wallet with a 3/5 threshold. It controls the vault's configuration and permissions, but does not control the SMA wallets. The Admin role will eventually be moved to a timelock, giving time to react to any admin transaction.

#### Strategist

The Strategist is responsible for submitting rebalance signals to the vault. There are significant limitations on the actions the Strategist can take. The actions allowed by the Strategist are whitelisted by 2 midas admins and 2 ether.fi admins, locking down the parameters of each function call, the address, the chain, and the threshold of approvers required to execute the call.

#### Pauser

Hypernative and other trusted entities have the ability to pause the vaults as a safety and control mechanism.

***

## Security

There are several layers of security built into the Midas vaults.

1. **Fordefi policy engine** — the SMA wallet can only interact with pre-approved protocols and perform pre-approved actions. This places a hard constraint on what the vault can do with deposited funds.
2. **MPC custody** — deposited funds are held in a Fordefi MPC wallet rather than a single externally-owned account, removing single-key custody risk.
3. **On-chain price feed** — the Oracle / DataFeed governs mint and redemption pricing so deposits and redemptions settle at a fair, auditable rate. It is updated daily by an MPC wallet, with deviation checks enforced at the smart-contract level to prevent faulty price updates.
4. **Access control** — roles are defined in the contracts and assigned via the Access Control contract, so each role can only call the subset of methods it is authorized for.

***

## Audits

Midas smart contract audits are available at: <https://docs.midas.app/resources/audits>


# Live Vaults

The Liquid vaults that are currently live and accepting deposits.

These are the ether.fi Liquid vaults that are currently live and accepting deposits.

* [Liquid ETH Vault](/etherfi/products/liquid/live-vaults/liquid-eth-vault)
* [Liquid USD Vault](/etherfi/products/liquid/live-vaults/liquid-usd-vault)
* [Liquid BTC Vault](/etherfi/products/liquid/live-vaults/liquid-btc-vault)
* [Liquid Reserve Vault](/etherfi/products/liquid/live-vaults/liquid-reserve-vault)
* [Liquid RWA Vault](/etherfi/products/liquid/live-vaults/liquid-rwa-vault)
* [Liquid Euro Vault](/etherfi/products/liquid/live-vaults/liquid-euro-vault)


# Liquid ETH Vault

Deposit eETH, weETH, or WETH and the vault allocates across a diversified set of ETH DeFi strategies. See the [Veda architecture overview](/etherfi/products/liquid/veda-vault) for how these contracts work together.

[Open Liquid ETH Vault on ether.fi →](https://www.ether.fi/app/cash/earn/liquid/eth-yield)

> Deposit assets, TVL, APY, and active protocol allocations change over time — see the [live vault page](https://www.ether.fi/app/cash/earn/liquid/eth-yield) for current details.

**Vault Type:** Veda

**Base Asset:** ETH

**Chains:** Ethereum mainnet, Optimism

### Contracts

Addresses are the same across all deployed chains unless otherwise noted in the table.

| Contract           | Address                                      | Notes                                                          |
| ------------------ | -------------------------------------------- | -------------------------------------------------------------- |
| BoringVault        | `0xf0bb20865277aBd641a307eCe5Ee04E79073416C` |                                                                |
| Accountant         | `0x0d05D94a5F1E76C18fbeB7A13d17C8a314088198` |                                                                |
| Manager            | `0xf9f7969c357ce6dfd7973098ea0d57173592bcca` | Optimism Manager: `0x227975088C28DBBb4b421c6d96781a53578f19a8` |
| Teller             | `0x9AA79C84b79816ab920bBcE20f8f74557B514734` |                                                                |
| Roles Authority    | `0x485Bde66Bb668a51f2372E34e45B1c6226798122` |                                                                |
| BoringOnChainQueue | `0x0D2dF071207E18Ca8638b4f04E98c53155eC2cE0` |                                                                |


# Upgrade of Liquid ETH Vault

## Overview <a href="#overview" id="overview"></a>

The ether.fi Liquid ETH vault is upgrading to Veda’s latest smart contract design, the same used for Liquid USD.\
\
**No action required for existing Liquid ETH vault depositors.**

The upgrade gives the following improvements:

* Ability to operate on L2s
* Easier and quicker integrations with DeFi Protocols to maximize rewards
* Enhanced security features

To ensure a smooth experience, the upgrade will be done in two phases.\
\
**Phase 1: Starting Wednesday, June 12**

The existing Liquid ETH vault will gradually transfer its DeFi positions into the new Liquid ETH vault. This will take 7-14 days.

* No user action is required
* Users will continue to earn yields as normal
* The new vault contract address is 0xf0bb20865277aBd641a307eCe5Ee04E79073416C
* Vault contract audit: <https://github.com/Se7en-Seas/boring-vault/tree/main/audit>

**Phase 2: Following Phase 1**

* Existing depositors in the ETH vault will not need to take any action if they wish to simply maintain their position in the vault
* Old ETH vault depositors that wish to deposit more or partially withdraw from the vault will need to migrate to the new vault and will be prompted to do so at the time they take one of those actions. Full withdrawals do not require migration
* All new deposits will go into the new vault

**Understanding the new risk monitoring**

* As part of the Liquid ETH Vault migration, the infrastructure will include a new, enhanced set of risk monitoring capabilities
* Previously, the existing vaults were protected using a series of risk monitoring alerts across the different protocols used in the yield strategies
* Moving forward, the Liquid ETH Vault will not only monitor risk signals but also include actionable triggers to exit positions programmatically based on specific risk conditions
* The risk management is based on economic risk conditions evaluated block-by-block for protocols and specific positions

<br>


# Liquid USD Vault

Earns yield from a diversified basket of market-neutral stablecoin strategies across blue-chip DeFi protocols. See the [Veda architecture overview](/etherfi/products/liquid/veda-vault) for how these contracts work together.

[Open Liquid USD Vault on ether.fi →](https://www.ether.fi/app/cash/earn/liquid/usd-yield)

> Deposit assets, TVL, APY, and active protocol allocations change over time — see the [live vault page](https://www.ether.fi/app/cash/earn/liquid/usd-yield) for current details.

**Vault Type:** Veda

**Base Asset:** USD

**Chains:** Ethereum mainnet, Optimism

### Contracts

Addresses are the same across all deployed chains unless otherwise noted in the table.

| Contract           | Address                                      | Notes |
| ------------------ | -------------------------------------------- | ----- |
| BoringVault        | `0x08c6F91e2B681FaF5e17227F2a44C307b3C1364C` |       |
| Accountant         | `0xc315D6e14DDCDC7407784e2Caf815d131Bc1D3E7` |       |
| Manager            | `0xcFF411d5C54FE0583A984beE1eF43a4776854B9A` |       |
| Teller             | `0x4de413a26fc24c3fc27cc983be70aa9c5c299387` |       |
| Roles Authority    | `0xaBA6bA1E95E0926a6A6b917FE4E2f19ceaE4FF2e` |       |
| BoringOnChainQueue | `0x38fc1ba73b7ed289955a07d9f11a85b6e388064a` |       |


# Liquid BTC Vault

Earns yield from a diversified set of BTC opportunities, including lending, rate arbitrage across BTC assets, and token incentives. See the [Veda architecture overview](/etherfi/products/liquid/veda-vault) for how these contracts work together.

[Open Liquid BTC Yield Vault on ether.fi →](https://www.ether.fi/app/cash/earn/liquid/btc-yield)

> Deposit assets, TVL, APY, and active protocol allocations change over time — see the [live vault page](https://www.ether.fi/app/cash/earn/liquid/btc-yield) for current details.

**Vault Type:** Veda

**Base Asset:** BTC

**Chains:** Ethereum mainnet, Optimism

### Contracts

Addresses are the same across all deployed chains unless otherwise noted in the table.

| Contract           | Address                                      | Notes |
| ------------------ | -------------------------------------------- | ----- |
| BoringVault        | `0x5f46d540b6eD704C3c8789105F30E075AA900726` |       |
| Accountant         | `0xEa23aC6D7D11f6b181d6B98174D334478ADAe6b0` |       |
| Manager            | `0xaFa8c08bedB2eC1bbEb64A7fFa44c604e7cca68d` |       |
| Teller             | `0x8Ea0B382D054dbEBeB1d0aE47ee4AC433C730353` |       |
| Roles Authority    | `0x49F954c67ff235034b69b8a59fbe309A40256c8d` |       |
| BoringOnChainQueue | `0x77A2fd42F8769d8063F2E75061FC200014E41Edf` |       |


# Liquid Reserve Vault

Earns rewards on USD holdings by lending deposited stablecoins through DeFi lending markets. See the [Midas architecture overview](/etherfi/products/liquid/midas-vault) for how these contracts work together.

[Open Liquid Reserve Vault on ether.fi →](https://www.ether.fi/app/cash/earn/liquid/reserve)

> Deposit assets, TVL, APY, and active protocol allocations change over time — see the [live vault page](https://www.ether.fi/app/cash/earn/liquid/reserve) for current details.

**Vault Type:** Midas

**Base Asset:** USD

**Chains:** Optimism

### Contracts

Addresses are the same across all deployed chains unless otherwise noted in the table.

| Contract             | Address                                      | Notes |
| -------------------- | -------------------------------------------- | ----- |
| Token                | `0xca5921DF65E2e1b0B98Ae91c0187BA80D4124898` |       |
| Oracle (CustomFeed)  | `0x58dDf77A329CcbE2F4C2114C64ed9E12Ec8a1356` |       |
| DataFeed             | `0x843EAa59836599611FA02BC065dCb128F320Af9f` |       |
| Deposit Vault        | `0x1561eC30da97108Df46535CBd9bAD8C8d8611B3a` |       |
| Redemption Vault     | `0xC87b51735ea5Eeee59D3e12601dC931F77F2837a` |       |
| SMA                  | `0xfC55F922013Cf5bbDA1cF6e0aB2a9B3FF3088c63` |       |
| Redemption Liquidity | `0x47A6D842F32EC8005a9cdfCb0CFEc8Fe12276A42` |       |

### Notes

* A previous deployment on Scroll has been deprecated.


# Liquid RWA Vault

Earns real-world asset (RWA) yield on USD holdings through a tokenized real-world credit and fixed-income strategy. See the [Midas architecture overview](/etherfi/products/liquid/midas-vault) for how these contracts work together.

[Open Liquid RWA Vault on ether.fi →](https://www.ether.fi/app/cash/earn/liquid/rwa-yield)

> Deposit assets, TVL, APY, active allocations, deposit caps, and availability change over time — see the [live vault page](https://www.ether.fi/app/cash/earn/liquid/rwa-yield) for current details.

**Vault Type:** Midas

**Base Asset:** USD

**Chains:** Optimism

### Contracts

Addresses are the same across all deployed chains unless otherwise noted in the table.

| Contract             | Address                                      | Notes |
| -------------------- | -------------------------------------------- | ----- |
| Token                | `0x17bC8Ffd82b8a36e737Ca1141C025089589B915e` |       |
| Oracle (CustomFeed)  | `0xd5aaE6ac1a9ed4BE5DcC1fc172EDeFFd5B6d8080` |       |
| Deposit Vault        | `0x97b30c9D53A010009136b830f8A12f8d5624Bc43` |       |
| Redemption Vault     | `0x12Ae90dCe5C2a4Ee5141FBfc408ff1022D051F42` |       |
| SMA                  | `0x8EC0170B28dcDd6e76977C47b1414865208EbFa3` |       |
| Redemption Liquidity | `0x352D08740859275e64274FeCF3FE5E945ca6C112` |       |

### Notes

* Built in partnership with Plume. Liquid RWA positions are supported as collateral on ether.fi Cash.


# Liquid Euro Vault

Earns yield on EUR-denominated holdings through a Midas-backed strategy. See the [Midas architecture overview](/etherfi/products/liquid/midas-vault) for how these contracts work together.

[Open Liquid Euro Vault on ether.fi →](https://www.ether.fi/app/liquid)

> Deposit assets, TVL, APY, and active protocol allocations change over time — see the [live vault page](https://www.ether.fi/app/liquid) for current details.

**Vault Type:** Midas

**Base Asset:** EUR

**Chains:** Optimism

### Contracts

Addresses are the same across all deployed chains unless otherwise noted in the table.

| Contract             | Address                                      | Notes |
| -------------------- | -------------------------------------------- | ----- |
| Token                | `0xcC476B1a49bcDf5192561e87b6Fb8ea78aa28C13` |       |
| Oracle (CustomFeed)  | `0x01b910C1aa51cdC4a2a84d76CB255C4974Bf8A19` |       |
| DataFeed             | `0xA42A19F6dB6382B94DDFfA752bA682d6Df163D59` |       |
| Deposit Vault        | `0xF1b45eE795C8e1B858e191654C95A1B33c573632` |       |
| Redemption Vault     | `0xDC87653FCc5c16407Cd2e199d5Db48BaB71e7861` |       |
| SMA                  | `0xe433db2ce2c30b44cf521fe51577b10cfdfb9c4e` |       |
| Redemption Liquidity | `0xb077Da537055b61621cDD9fdD525089E0199CF39` |       |


# Deprecated Vaults

Liquid vaults that have been deprecated and are no longer active.

These Liquid vaults have been deprecated and are no longer accepting deposits. They are documented here for historical reference.

* [Elixir Stable Vault](/etherfi/products/liquid/deprecated-vaults/elixir-stable-vault)
* [Usual Stable Vault](/etherfi/products/liquid/deprecated-vaults/usual-stable-vault)
* [UltraYield Stablecoin Vault](/etherfi/products/liquid/deprecated-vaults/ultrayield-stablecoin-vault)
* [The Bera ETH Vault](/etherfi/products/liquid/deprecated-vaults/the-bera-eth-vault)
* [The Bera BTC Vault](/etherfi/products/liquid/deprecated-vaults/the-bera-btc-vault)
* [Liquid Move ETH Vault](/etherfi/products/liquid/deprecated-vaults/liquid-move-eth-vault)
* [Liquid Katana ETH Vault](/etherfi/products/liquid/deprecated-vaults/liquid-katana-eth-vault)
* [Liquid HYPE Yield Vault](/etherfi/products/liquid/deprecated-vaults/liquid-hype-yield-vault)

## Withdrawals

Older Veda vaults that predate the BoringOnChainQueue use the shared **Atomic Queue** for withdrawals instead: `0xD45884B592E316eB816199615A95C182F75dea07`. Where a vault's contracts table has no BoringOnChainQueue, this is the queue used to process withdrawals.


# Liquid HYPE Yield Vault

Deposited HYPE or beHYPE and deployed into HyperEVM protocols to earn real yield and ecosystem incentives. Built on Hyperbeat infrastructure, which follows a token / deposit-vault / redemption-vault model similar to Midas.

> **This vault is deprecated and is no longer accepting deposits.**

[View Liquid HYPE Yield Vault on ether.fi →](https://www.ether.fi/app/liquid/hype)

> Deposit assets, TVL, APY, withdrawal terms, and active protocol allocations change over time — see the [live vault page](https://www.ether.fi/app/liquid/hype) for current details.

**Vault Type:** Hyperbeat

**Base Asset:** HYPE

**Chains:** HyperEVM

### Contracts

Addresses are the same across all deployed chains unless otherwise noted in the table.

| Contract         | Address                                      | Notes |
| ---------------- | -------------------------------------------- | ----- |
| Token            | `0x441794D6a8F9A3739F5D4E98a728937b33489D29` |       |
| Deposit Vault    | `0x5bfb09Dd155C0Ec3f375B266A7353c0bA64F9d60` |       |
| Redemption Vault | `0xa03e0e3b7e6204c9a8d237c4fbd30793555a84fe` |       |

### Notes

* Built on Hyperbeat infrastructure (not Veda or Midas); the strategy is provided by Hyperbeat.

***

*Audits:* [*Hyperbeat Vault-Infra audits*](https://github.com/0xhyperbeat/Audits/tree/main/Vault-Infra)*.*


# Elixir Stable Vault

Earned yield from a diversified set of stablecoin strategies while providing exposure to the Elixir ecosystem. See the [Veda architecture overview](/etherfi/products/liquid/veda-vault) for how these contracts work together.

> **This vault is deprecated and is no longer accepting deposits.**

[View Elixir Stable Vault on ether.fi →](https://app.ether.fi/liquid/elixir)

**Vault Type:** Veda

**Base Asset:** USD

**Chains:** Ethereum mainnet

### Contracts

Addresses are the same across all deployed chains unless otherwise noted in the table.

| Contract        | Address                                      | Notes                                               |
| --------------- | -------------------------------------------- | --------------------------------------------------- |
| BoringVault     | `0x352180974C71f84a934953Cf49C4E538a6F9c997` |                                                     |
| Accountant      | `0xBae19b38Bf727Be64AF0B578c34985c3D612e2Ba` |                                                     |
| Manager         | `0x4D0EF2A55db2439A37507a893b624f89eC7A403c` |                                                     |
| Teller          | `0x417e1Ef6eB82c3E6a60c2DC342e574E4C51B4D35` |                                                     |
| Roles Authority | `0xc9CA4f230d30913877C9A18eEF7e907ee32EBeF2` |                                                     |
| Atomic Queue    | `0xD45884B592E316eB816199615A95C182F75dea07` | Used for withdrawals in place of BoringOnChainQueue |


# Usual Stable Vault

Earned yield from a diversified set of stablecoin strategies while providing exposure to the Usual ecosystem. See the [Veda architecture overview](/etherfi/products/liquid/veda-vault) for how these contracts work together.

> **This vault is deprecated and is no longer accepting deposits.**

[View Usual Stable Vault on ether.fi →](https://app.ether.fi/liquid/usual)

**Vault Type:** Veda

**Base Asset:** USD

**Chains:** Ethereum mainnet

### Contracts

Addresses are the same across all deployed chains unless otherwise noted in the table.

| Contract        | Address                                      | Notes                                               |
| --------------- | -------------------------------------------- | --------------------------------------------------- |
| BoringVault     | `0xeDa663610638E6557c27e2f4e973D3393e844E70` |                                                     |
| Accountant      | `0x1D4F0F05e50312d3E7B65659Ef7d06aa74651e0C` |                                                     |
| Manager         | `0x5F2Ecb56Ed33c86219840A2F89316285A1D9ee0F` |                                                     |
| Teller          | `0xA55a34d31AF7E1bDDFACe2966d51526ECcF4f76E` |                                                     |
| Roles Authority | `0x4c65E8D34EcD7404fC860c4b83B081DF1538bC9e` |                                                     |
| Atomic Queue    | `0xD45884B592E316eB816199615A95C182F75dea07` | Used for withdrawals in place of BoringOnChainQueue |

### Notes

* Strategy was provided by MEV Capital.


# UltraYield Stablecoin Vault

Earned real yield from a diversified set of conservative, market-neutral stablecoin strategies. See the [Veda architecture overview](/etherfi/products/liquid/veda-vault) for how these contracts work together.

> **This vault is deprecated and is no longer accepting deposits.**

[View UltraYield Stablecoin Vault on ether.fi →](https://app.ether.fi/liquid/ultrayield)

**Vault Type:** Veda

**Base Asset:** USD

**Chains:** Ethereum mainnet

### Contracts

Addresses are the same across all deployed chains unless otherwise noted in the table.

| Contract        | Address                                      | Notes                                               |
| --------------- | -------------------------------------------- | --------------------------------------------------- |
| BoringVault     | `0xbc0f3B23930fff9f4894914bD745ABAbA9588265` |                                                     |
| Accountant      | `0x95fE19b324bE69250138FE8EE50356e9f6d17Cfe` |                                                     |
| Manager         | `0x4f81c27e750A453d6206C2d10548d6566F60886C` |                                                     |
| Teller          | `0xc8c58d1567e1db8c02542e6df5241A0d71f91Fe2` |                                                     |
| Roles Authority | `0x3E6D22a67b9728A0866D69EFa16c2e20E60A8451` |                                                     |
| Atomic Queue    | `0xD45884B592E316eB816199615A95C182F75dea07` | Used for withdrawals in place of BoringOnChainQueue |


# The Bera ETH Vault

Provided ETH yield plus Berachain rewards through Boyco pre-launch and post-launch programs. See the [Veda architecture overview](/etherfi/products/liquid/veda-vault) for how these contracts work together.

> **This vault is deprecated and is no longer accepting deposits.**

[View The Bera ETH Vault on ether.fi →](https://app.ether.fi/liquid/bera-eth)

**Vault Type:** Veda

**Base Asset:** ETH

**Chains:** Ethereum mainnet (assets bridged to Berachain)

### Contracts

Addresses are the same across all deployed chains unless otherwise noted in the table.

| Contract           | Address                                      | Notes |
| ------------------ | -------------------------------------------- | ----- |
| BoringVault        | `0x83599937c2C9bEA0E0E8ac096c6f32e86486b410` |       |
| Accountant         | `0x04B8136820598A4e50bEe21b8b6a23fE25Df9Bd8` |       |
| Manager            | `0x62b283d4FeFB2a120e1120dba9f83bE6CA41bCD7` |       |
| Teller             | `0xd445C65e4821dbD4ed0114eCDF6325c69faD7653` |       |
| Roles Authority    | `0x5979F753b417c17FCd8f8c87b86154A0EB0E2c17` |       |
| BoringOnChainQueue | `0xE2f6157656ed2BBBD87f1c01A29c1b92acb17476` |       |


# The Bera BTC Vault

Provided BTC yield plus Berachain rewards through Boyco pre-launch and post-launch programs. See the [Veda architecture overview](/etherfi/products/liquid/veda-vault) for how these contracts work together.

> **This vault is deprecated and is no longer accepting deposits.**

[View The Bera BTC Vault on ether.fi →](https://app.ether.fi/liquid/bera-btc)

**Vault Type:** Veda

**Base Asset:** BTC

**Chains:** Ethereum mainnet (assets bridged to Berachain)

### Contracts

Addresses are the same across all deployed chains unless otherwise noted in the table.

| Contract           | Address                                      | Notes |
| ------------------ | -------------------------------------------- | ----- |
| BoringVault        | `0xC673ef7791724f0dcca38adB47Fbb3AEF3DB6C80` |       |
| Accountant         | `0xF44BD12956a0a87c2C20113DdFe1537A442526B5` |       |
| Manager            | `0x603064caAf2e76C414C5f7b6667D118322d311E6` |       |
| Teller             | `0xe238e253b67f42ee3aF194BaF7Aba5E2eaddA1B8` |       |
| Roles Authority    | `0x829675330fdcEE01022983493e71F73fb53eaB45` |       |
| BoringOnChainQueue | `0x57d5fe2828ae519781A3ccA5da1BFFd527120D84` |       |


# Liquid Move ETH Vault

Provided wETH/weETH DEX liquidity on Movement to earn MOVE rewards through the Cornucopia launch program. See the [Veda architecture overview](/etherfi/products/liquid/veda-vault) for how these contracts work together.

> **This vault is deprecated and is no longer accepting deposits.**

[View Liquid Move ETH Vault on ether.fi →](https://app.ether.fi/liquid/move-eth)

**Vault Type:** Veda

**Base Asset:** ETH

**Chains:** Ethereum mainnet

### Contracts

Addresses are the same across all deployed chains unless otherwise noted in the table.

| Contract           | Address                                      | Notes |
| ------------------ | -------------------------------------------- | ----- |
| BoringVault        | `0xca8711dAF13D852ED2121E4bE3894Dae366039E4` |       |
| Accountant         | `0xb53244f7716dC83811C8fB1a91971dC188C1C5aA` |       |
| Manager            | `0xb12FfF6512712ea3b30EeAB6F9dEA2fe903cA6ab` |       |
| Teller             | `0x63ede83cbB1c8D90bA52E9497e6C1226a673e884` |       |
| Roles Authority    | `0x7Dcbd5c38C128f83aa8264120bcec8662f35AdAF` |       |
| BoringOnChainQueue | `0xa757595B744d3192114AB812A94A11bF0119f547` |       |

### Notes

* Built on Veda (Ethereum) and Canopy (Movement) infrastructure.


# Liquid Katana ETH Vault

Deposited weETH bridged to Katana and deployed into lending strategies on Morpho, earning ETHFI, KAT, and weETH staking rewards. See the [Veda architecture overview](/etherfi/products/liquid/veda-vault) for how these contracts work together.

> **This vault is deprecated and is no longer accepting deposits.**

[View Liquid Katana ETH Vault on ether.fi →](https://ether.fi/app/liquid/katana-eth)

**Vault Type:** Veda

**Base Asset:** ETH

**Chains:** Ethereum mainnet

### Contracts

Addresses are the same across all deployed chains unless otherwise noted in the table.

| Contract           | Address                                      | Notes |
| ------------------ | -------------------------------------------- | ----- |
| BoringVault        | `0x69d210d3b60E939BFA6E87cCcC4fAb7e8F44C16B` |       |
| Accountant         | `0xFCb9a6bF02C43f9E38Bb102fd960Cc1e738e787d` |       |
| Manager            | `0x51CdEcC111c21BED72Ab99f415Bab6d35984BfEB` |       |
| Teller             | `0x739A1efFaDDB0b07ef1284598819232df4FD8d16` |       |
| Roles Authority    | `0x1645E0cc24595faB37916a3d57bC51dFf0315Cf7` |       |
| BoringOnChainQueue | `0x52E523B849c584F86bF460A3cF2962b118Ce2506` |       |


# FAQs

<details>

<summary>What DeFi protocols does Liquid support?</summary>

For each vault the defi protocols deployed can be viewed at <https://www.ether.fi/app/cash/earn/liquid> by choosing the vault your interested in and then clicking breakdown and going to protocols

</details>

<details>

<summary>What is a strategy provider?</summary>

The strategy provider is an institutional investor who deploys capital at scale performs risk analysis on protocol and strategies to deploy to. They provide liquidity by fulfilling withdrawals. Nonce Capital is the primary strategy provider for all live vaults.

</details>

<details>

<summary>What fees are charged on Liquid?</summary>

A platform fee is charged for vault management. A performance fee may be charged by the Strategy Provider of the vault. This is taken periodically (typically once per day) when the vault rebalances its position. This fee is already reflected in your balance. A small discount ranging from 1 basis point is taken from your LP at time of withdrawal. This discount is charged to compensate for the Solver gas costs of fulfilling the withdrawal.

</details>

<details>

<summary>How long do withdrawals take?</summary>

Withdrawals may take up to 3 days in the Withdrawal queue for all vaults except for Liquid RWA which is up to 7D. The up to date withdraw delay can be seen when you open the withdraw modal within the vault page.

</details>

<details>

<summary>Where can I find additional details about a vault?</summary>

Go to the [earn tab](https://www.ether.fi/app/cash/earn/liquid) and choose the vault you're interested in. From there:

* **Breakdown** shows the protocols, network, and strategies the vault is deployed into, along with their APRs.
* **Your Balance** shows the change in your balance and the yield you've earned.
* **Overview** gives details about the vault, including TVL, APRs, fees, and a description.

</details>

<details>

<summary>What assets can I deposit or withdraw?</summary>

Open the deposit or withdraw modal on the vault page — the available deposit and withdraw assets for the chain you're connected to are listed in the dropdown.

</details>

<details>

<summary>How can I see the vault's transparency and which addresses hold funds?</summary>

Go to the [earn tab](https://www.ether.fi/app/cash/earn/liquid) and choose the vault you're interested in. At the bottom of the vault page there is a **View all contracts** link that opens a DeBank bundle listing all of the addresses owned by the vault that deploy funds on its behalf.

</details>

<details>

<summary>How is yield paid out?</summary>

All yield is realized in the vault token itself — as the underlying strategies earn, the value of your vault token increases rather than paying out a separate reward token. You can view your position and returns on ether.fi's [earn page](https://www.ether.fi/app/cash/earn/liquid).

</details>

<details>

<summary>When does yield get paid for the vaults?</summary>

Yield accrual cadence depends on the vault:

* **Veda vaults** — daily
* **Liquid Euro** — Mondays and Fridays
* **Liquid RWA** and **Liquid Reserve** — every weekday

</details>

<details>

<summary>How is Net APY calculated?</summary>

Net APY is a sum of:

1. Estimated APY from DeFi protocols and staking yield
2. Rewards APY from any additional token rewards

Estimated APY is constantly changing due to fluctuating protocol and staking yields. Because of this, the Net APY may fluctuate as well.

</details>


# Cash

Cash allows you to borrow against and spend powered by your ether.fi balance in the real world.

Cash is a truly crypto-native credit card. Buy a coffee at your local shop or book your next hotel stay. All with crypto, hassle-free. Earn Cash Back and additional rewards with every purchase on your ether.fi Cash credit card.

Cash includes **a mobile app** that connects to your ether.fi account and **Visa credit card** that you can load with your balance. Cash allows you to borrow against your ether.fi crypto assets and use it to spend in the real world!

👉 [Learn more](https://www.ether.fi/cash)

***


# Technical Documentation

Ether.fi has launched **ether.fi Cash**, an advanced DeFi payment solution designed for crypto users, developers, and institutional investors seeking a secure, non-custodial financial experience.

***

## 1. Secure and Non-Custodial *Vault*

Upon creating an account at ether.fi Cash, a dedicated smart contract, [***ether.fi Vault***](/etherfi/products/cash/vault)***,*** is automatically deployed for you. This Vault ensures **secure and non-custodial** control, meaning you remain the exclusive owner of your funds, maintaining complete autonomy.

**Diagram 1: Vault Ownership/Authentication Architecture**

<figure><img src="/files/RIJaKjxUamUrT5s5gj5t" alt=""><figcaption></figcaption></figure>

### Security as a First-Class Citizen

Your Vault is secured by sophisticated cryptographic management through a secure enclave architecture (i.e., [Trusted Execution Environment](https://en.wikipedia.org/wiki/Trusted_execution_environment)) provided by [Turnkey](https://www.turnkey.com/). This secure enclave generates and manages your keys, significantly enhancing security compared to traditional wallets reliant on seed phrases. The keys remain encrypted and inaccessible outside this secure environment, accessible only via explicit, user-authorized cryptographic authentication.

The enclave-based security design ensures robust protection against both external threats and internal risks, providing a tamper-proof environment where even ether.fi or Turnkey cannot access your private keys, thereby reinforcing the non-custodial nature of your wallet.

### Non-Custodial by Design

The ether.fi Vault is designed to be entirely user-owned and controlled. Your encrypted keys are strictly managed within the Secure Enclave, accessible exclusively through user-authorized cryptographic authentication. It guarantees that neither ether.fi nor any third-party can ever access or control your Vault or your keys.

### Seamless DeFi Banking Experience

Ether.fi seamlessly integrates its advanced DeFi primitives, such as [Staking](/etherfi/products/staking) and [Liquid](/etherfi/products/liquid) products, to deliver a premium, frictionless DeFi banking experience. This integration ensures you have effortless access to the top-class decentralized finance products directly within your Vault.

Moreover, ether.fi enables secure direct card spending linked to your Vault, allowing users flexibility between Direct Spend Mode (immediate fund deductions) and Borrow Mode (automatic short-term borrowing). The daily and monthly spending limits are user-configurable, providing an additional layer of security to protect against unauthorized or excessive transactions.

***

## 2. Effortless Cross-chain via Universal Address

Ether.fi provides a effortless cross-chain deposit service with universal addressing exploiting deterministic address deployment. Users can deposit the supported assets to their vault at any supported EVM chain from any address (e.g., personal wallet, or crypto exchange).

**Diagram 2: Cross-Chain Operation via Universal Address**

<figure><img src="/files/dkfVn2nKU1qEWxFIu4om" alt=""><figcaption></figcaption></figure>

### Universal Vault Address

Through advanced deterministic deployment (using Create3), each user is assigned a universally consistent address across all EVM-compatible blockchains. The address is used for the dedicated Vault contract on Optimism (the core chain) and for the deposit address on other (supported) chains. That is, users can deposit to their vault at any supported EVM chain from any address (e.g., personal wallet, or crypto exchange).

The unique address is assigned to each user can be extended for chain-agnostic smart wallet system in future!

### Near-Instant, Automated, and Transparent Bridging

Funds sent to your unique address on any supported blockchain are swiftly and transparently bridged to your dedicated Vault on the core chain. This process leverages automated & secured smart contract interactions ensuring a superior user experience without cumbersome manual steps.

### Handling Unsupported Assets

Currently, only assets explicitly supported within the ether.fi ecosystem can be deposited securely. Depositing unsupported assets may result in funds becoming inaccessible. Proper handling, including withdrawal support for these assets, will be introduced in a future upgrade.

### Supported blockchains

**Core chain**

* Optimism

**Top-up chains**

* Ethereum
* Base
* Arbitrum
* HyperEVM

***

## 3. Modular Design for Security

ether.fi’s Vault contract adopts modular design, delivering both security and flexibility for DeFi banking experiences. This modular architecture enables managed, secure operations through distinct, independently managed modules.

### Modular Contract Framework

At its core, the Vault contract serves strictly as a robust multisig authorization and module management hub. Direct interactions with the Vault are securely restricted, ensuring all functionalities are executed exclusively via thoroughly vetted modules.

### Module Governance

Modules are individually whitelisted and vetted by ether.fi, designed as non-upgradeable to ensure predictable and stable operations. Each module—such as token management, lending integrations (e.g., Aave), or borrowing—is optimized to perform clearly defined roles, ensuring clean separation of concerns and operational security. The Vault owner needs to approve individual modules to allow the interactions.

### Advanced Hook System for Security

Operational hooks reinforce system health, providing additional security layers. These hooks rigorously validate critical metrics, including debt positions, ensuring robust, continuous integrity monitoring and risk mitigation.

### Role-Based Access Control

Clear role separation between Owners and Admins provide precise control and secure management. Highly sensitive actions, including administrative changes or fund withdrawals, are tightly restricted to Owner-level authorization, adding a vital layer of governance and security.

For more details, visit [here](/etherfi/products/cash/vault)

***


# Account upgrade

As a planned extension of ether.fi Cash, the core chain for Cash is updating in Apr 2026

## Universal cross-chain addresses

Ether.fi has, since the launch of ether.fi Cash, provided a cross-chain deposit service utilising universal addresses. Within this architecture, each user is assigned a universally consistent address across multiple EVM-compatible blockchains ('top-up' chains). One of these addresses is designated the 'core' chain, and any supported assets deposited on any of the supported top-up chains are transparently bridged to the core chain. Refer to our [technical documentation](https://etherfi.gitbook.io/etherfi/cash/technical-documentation#id-2.-effortless-cross-chain-via-universal-address) for more information.

The core chain is the network that holds user assets after bridging, and is the network on which all card payments are settled, and on which swaps and other actions take place.

## Account upgrade process

The account upgrade process leverages the existing cross-chain address architecture. For each existing user safe on the current core chain, a safe is deployed on the new core chain (Optimism), and a migrate function is called. This results in the cross-chain deposit service treating the previous core chain as a top-up chain.

### Addition of a new core chain

The upgrade process is driven by the addition of a new core chain, and switching the existing core chain to be a supported top-up chain. Throughout the upgrade, all assets exist on the universal safe address, or in the bridges used.

<figure><img src="/files/x12gyeBMKSvP86MOKIk6" alt=""><figcaption></figcaption></figure>

The following existing bridges are used, and live on-chain tracking is available for all:

* Layer zero
* Stargate
* Canonical L2 bridges

The end result is that all assets arrive on the new core chain, and all current functionality and custody behave exactly the same.

## Full multi-chain vault support

This upgrade, which allows switching of core chains, sets the groundwork for enabling a fully non-custodial chain-agnostic vault system where users can arbitrarily bridge assets between multiple core networks to enable native DeFi integrations. An example of this would be a HyperLiquid trading integration where user assets can exist across 2 networks concurrently and be used for card spending or trading within the same non-custodial architecture.

Multi-chain vault support will be a future upgrade.


# Vault

## Non-Custodial

When you sign up as an [ether.fi](http://ether.fi) Member, a Turnkey signer is automatically created for your account. This Turnkey signer serves as the owner of your Vault and can only be accessed by you — never by [ether.fi](http://ether.fi) nor TurnKey.

We work with [Turnkey](https://www.turnkey.com/) to provide secure, non-custodial key management. It removes the need to rely on phishable seed phrases, employ familiar authentication methods, and are more deeply embedded into our application for a seamless user experience. Signing onchain transactions with your in-app wallets requires explicit, cryptographic authentication using your {passkey, email address, or social login}.

Turnkey uses AWS Nitro secure enclaves, a type of tamper-proof Trusted Execution Environment (TEE), for all sensitive operations. Private keys are never decrypted outside these enclaves, and only you can authorize key usage with your credentials. It has also implemented stringent protocols to prevent individual engineers from altering enclave code, ensuring a secure end-to-end deployment process.

For more details, see Turnkey’s security documentation [here](https://docs.turnkey.com/security/our-approach).

## Security Architecture

#### Multisig Protection

ether.fi's Vault implements a multisignature (multisig) security model:

* Your Vault could have multiple owners, each with their own unique signature
* You've established a signature threshold—the minimum number of required owner signatures to authorize any transaction
* For example, if your Vault has 3 owners with a threshold of 2, any transaction on the Vault requires approval from at least 2 of these 3 owners
* The owners could also authorize some users as admins to the Vault who could carry out certain operations on their own.
* Each owner is by default an admin

#### Managing Your Vault's Ownership Structure

As a Vault owner, you can:

* Add new owners to your Vault
* Remove existing owners from your Vault
* Adjust your signature threshold to increase or decrease security requirements
* View the current ownership structure and signature requirements

Any changes to your Vault's ownership or threshold settings require transaction approval according to your current threshold requirements.

## Modularity

Your Vault can connect with modules—specialized smart contracts that extend your Vault's functionality while maintaining its security.

#### Your Module Options

Your Vault comes with several pre-configured modules:

1. **Default Modules** (automatically available):
   * **EtherFi Cash Module**: Core neo-bank functionalities
   * **EtherFi Stake Module**: Participate in EtherFi Stake and let your funds work for you
   * **EtherFi Liquid Module**: Put your funds to autopilot using EtherFi Liquid vaults
   * **OpenOcean Swap Module**: Integration for token swapping
2. **Additional Whitelisted Modules**:
   * Additional modules reviewed and whitelisted by EtherFi
   * You must explicitly authorize these modules with owners threshold signature before they can interact with your Vault

#### Module Security Protocols

To protect your assets:

* EtherFi maintains a strict module whitelisting process
* Only modules that have passed security reviews can be added to the whitelist
* You maintain full control over which whitelisted modules can interact with your Vault
* Only EtherFi can designate default modules that are available to all users

#### Configuring Your Vault's Modules

To add a whitelisted module to your Vault:

1. Confirm the module appears on EtherFi's official whitelist
2. Initiate a module authorization transaction
3. Collect the required number of owner signatures according to your threshold
4. Once authorized, the module can interact with your Vault according to its defined permissions

## Recovery

Your Vault includes a sophisticated recovery system that balances security with practical recovery options.

#### Your Default Recovery Configuration

Your Vault is initially configured with:

* Two designated recovery signers:
  1. An EtherFi corporate signer
  2. A trusted third-party signer selected by EtherFi
* A recovery threshold requiring approval from both signers

#### Customizing Your Recovery Settings

As a Vault owner, you have complete control over your recovery system:

* **Replace Recovery Signers**: Designate your own trusted contacts as recovery signers
* **Adjust Recovery Threshold**: Set how many recovery signatures are required to initiate recovery
* **Expand Your Recovery Network**: Add additional recovery signers for enhanced security
* **Disable Recovery**: You can disable the recovery feature entirely if you prefer

All recovery setting changes require approval according to your Vault's current owner threshold.

#### The Recovery Process Timeline

If you need to recover your Vault:

1. Your designated recovery signers must approve the recovery action according to your recovery threshold
2. Upon approval, a mandatory 3-day timelock period begins
3. During this timelock period, any of your Vault's original owners can cancel the recovery process
4. If the recovery isn't cancelled, the new ownership configuration takes effect after the timelock expires

#### The Importance of Your Timelock Period

The 3-day timelock provides critical protection:

* Gives you time to respond if unauthorized recovery is attempted
* Allows cancellation of mistaken or malicious recovery attempts
* Provides necessary notice to all stakeholders before ownership changes

#### Managing or Disabling Recovery

While recovery provides important security benefits, you may modify or disable it:

1. Initiate a transaction to update recovery settings or disable the feature
2. Gather the required signatures from Vault owners according to your threshold
3. If you disable recovery, consider implementing alternative backup access methods


# Cash Modules

This contract is the main neobank financial operations module for EtherFi Vault users. User interactions with the EtherFi Cash system occur via the CashModule contract.

`CashModule` allows users to:

* Spend funds in Direct Pay mode or Credit mode
* Set spending limits
* Request and process withdrawals
* Earn cashback rewards
* Repay borrowed funds
* Switch between operational modes
* Configure cashback splits

CashModule is implemented as a set of contracts following the proxy pattern with distinct components:

* `CashModuleCore`: Core financial operations
* `CashModuleSetters`: Configuration management
* `CashModuleStorageContract`: Storage implementation
* `CashLens`: Read-only views

### Write Methods

#### setupModule

```solidity
function setupModule(bytes calldata data) external
```

Initializes the Cash Module for a new Vault.

Function is invoked when the Cash Module is added to an EtherFi Vault.

Sets up default spending limits and mode configuration.

**Input Parameters:**

| Name | Type  | Description                                                                                |
| ---- | ----- | ------------------------------------------------------------------------------------------ |
| data | bytes | The encoded initialization data containing daily limit, monthly limit, and timezone offset |

#### spend

```solidity
function spend(
    address vault,
    address spender,
    address referrer,
    bytes32 txId,
    BinSponsor binSponsor,
    address[] calldata tokens,
    uint256[] calldata amountsInUsd,
    bool shouldReceiveCashback
) external 

```

Processes a spending transaction, transferring funds from the Vault in either Direct Pay or Credit mode.

Requires the caller to have the `ETHER_FI_WALLET_ROLE`.

When spending in Direct Pay mode, tokens are transferred directly from the Vault to the settlement dispatcher. In Credit mode, tokens are borrowed against the Vault's collateral.

**Input Parameters:**

| Name                  | Type       | Description                                                             |
| --------------------- | ---------- | ----------------------------------------------------------------------- |
| vault                 | address    | The address of the EtherFi Vault                                        |
| spender               | address    | The address of the user initiating the spend                            |
| referrer              | address    | The address of the referrer (or address(0) if none)                     |
| txId                  | bytes32    | Unique transaction identifier                                           |
| binSponsor            | BinSponsor | Identifier of the bin sponsor (Rain or Reap)                            |
| tokens                | address\[] | Array of token addresses to spend                                       |
| amountsInUsd          | uint256\[] | Array of amounts in USD value to spend (must match tokens array length) |
| shouldReceiveCashback | bool       | Flag indicating if the transaction should earn cashback                 |

#### repay

```solidity
function repay(
    address vault,
    address token,
    uint256 amountInUsd
) public 

```

Repays borrowed tokens in Credit mode.

When repaying, the Vault must have sufficient balance of the token being used for repayment.

**Input Parameters:**

| Name        | Type    | Description                                 |
| ----------- | ------- | ------------------------------------------- |
| vault       | address | The address of the EtherFi Vault            |
| token       | address | The address of the token used for repayment |
| amountInUsd | uint256 | The amount to repay, expressed in USD value |

#### requestWithdrawal

```solidity
function requestWithdrawal(
    address vault,
    address[] calldata tokens,
    uint256[] calldata amounts,
    address recipient,
    address[] calldata signers,
    bytes[] calldata signatures
) external 

```

Requests a withdrawal of tokens from the Vault to a recipient address.

The function requires valid signatures from the Vault owners according to the Vault's threshold configuration.

Initiates a withdrawal request that will be available for processing after the withdrawal delay period.

**Input Parameters:**

| Name       | Type       | Description                                                       |
| ---------- | ---------- | ----------------------------------------------------------------- |
| vault      | address    | The address of the EtherFi Vault                                  |
| tokens     | address\[] | Array of token addresses to withdraw                              |
| amounts    | uint256\[] | Array of token amounts to withdraw                                |
| recipient  | address    | Address that will receive the tokens                              |
| signers    | address\[] | Array of Vault owner addresses that signed the withdrawal request |
| signatures | bytes\[]   | Array of signatures corresponding to the signers                  |

#### processWithdrawal

```solidity
function processWithdrawal(address vault) public 

```

Processes a pending withdrawal request after the delay period has passed.

The function executes the token transfers to the recipient specified in the withdrawal request.

Fails if the withdrawal delay period has not yet elapsed.

**Input Parameters:**

| Name  | Type    | Description                      |
| ----- | ------- | -------------------------------- |
| vault | address | The address of the EtherFi Vault |

#### setMode

```solidity
function setMode(
    address vault,
    Mode mode,
    address signer,
    bytes calldata signature
) external 

```

Sets the operational mode for a Vault (Direct Pay or Credit).

Switching to Credit mode may have a delay period depending on configuration. Switching to Direct Pay mode happens immediately after verification.

**Input Parameters:**

| Name      | Type    | Description                                            |
| --------- | ------- | ------------------------------------------------------ |
| vault     | address | The address of the EtherFi Vault                       |
| mode      | Mode    | The target mode (Direct Pay or Credit)                 |
| signer    | address | Address of the Vault admin signing the transaction     |
| signature | bytes   | Signature from the signer authorizing this mode change |

#### updateSpendingLimit

```solidity
function updateSpendingLimit(
    address vault,
    uint256 dailyLimitInUsd,
    uint256 monthlyLimitInUsd,
    address signer,
    bytes calldata signature
) external

```

Updates the spending limits for a Vault.

Changes to spending limits take effect after the configured delay period.

**Input Parameters:**

| Name              | Type    | Description                                        |
| ----------------- | ------- | -------------------------------------------------- |
| vault             | address | The address of the EtherFi Vault                   |
| dailyLimitInUsd   | uint256 | New daily spending limit in USD                    |
| monthlyLimitInUsd | uint256 | New monthly spending limit in USD                  |
| signer            | address | Address of the Vault admin signing the transaction |
| signature         | bytes   | Signature from the signer authorizing this update  |

#### setCashbackSplitToSafeBps

```solidity
function setCashbackSplitToSafeBps(
    address vault,
    uint256 splitInBps,
    address signer,
    bytes calldata signature
) external 

```

Sets the percentage of cashback that goes to the Vault (versus the spender).

The split is expressed in basis points, where 10000 represents 100%.

**Input Parameters:**

| Name       | Type    | Description                                         |
| ---------- | ------- | --------------------------------------------------- |
| vault      | address | The address of the EtherFi Vault                    |
| splitInBps | uint256 | Percentage in basis points to allocate to the Vault |
| signer     | address | Address of the Vault admin signing the transaction  |
| signature  | bytes   | Signature from the signer authorizing this change   |

#### clearPendingCashback

```solidity
function clearPendingCashback(address[] calldata users) external whenNotPaused

```

Clears pending cashback for a list of users.

Attempts to retrieve any pending cashback and distribute it to the specified users.

**Input Parameters:**

| Name  | Type       | Description                                           |
| ----- | ---------- | ----------------------------------------------------- |
| users | address\[] | Array of user addresses to clear pending cashback for |

### Read Methods

#### getMode

```solidity
function getMode(address vault) external view returns (Mode)

```

Gets the current operational mode of a Vault.

Considers pending mode changes that have passed their delay period.

**Input Parameters:**

| Name  | Type    | Description                      |
| ----- | ------- | -------------------------------- |
| vault | address | The address of the EtherFi Vault |

**Return Values:**

| Type | Description                                         |
| ---- | --------------------------------------------------- |
| Mode | The current operational mode (Direct Pay or Credit) |

#### canSpend

```solidity
function canSpend(
    address vault,
    bytes32 txId,
    address[] calldata tokens,
    uint256[] calldata amountsInUsd
) public view returns (bool, string memory)

```

Checks if a spending transaction can be executed.

Validates if the Vault has sufficient balance or borrowing power for the specified tokens and amounts.

**Input Parameters:**

| Name         | Type       | Description                       |
| ------------ | ---------- | --------------------------------- |
| vault        | address    | The address of the EtherFi Vault  |
| txId         | bytes32    | Transaction identifier            |
| tokens       | address\[] | Array of token addresses to spend |
| amountsInUsd | uint256\[] | Array of amounts in USD to spend  |

**Return Values:**

| Type   | Description                              |
| ------ | ---------------------------------------- |
| bool   | Whether the spending is allowed          |
| string | Error message if spending is not allowed |

#### maxCanSpend

```solidity
function maxCanSpend(
    address vault,
    address token
) public view returns (
    uint256 returnAmtInCreditModeUsd,
    uint256 returnAmtInDebitModeUsd,
    uint256 spendingLimitAllowance
)

```

Calculates the maximum amount that can be spent in both Credit and Direct Pay modes.

**Input Parameters:**

| Name  | Type    | Description                       |
| ----- | ------- | --------------------------------- |
| vault | address | The address of the EtherFi Vault  |
| token | address | The address of the token to spend |

**Return Values:**

| Type    | Description                                               |
| ------- | --------------------------------------------------------- |
| uint256 | Maximum amount that can be spent in Credit mode (USD)     |
| uint256 | Maximum amount that can be spent in Direct Pay mode (USD) |
| uint256 | Remaining spending limit allowance                        |

#### getSafeCashData

```solidity
function getSafeCashData(
    address vault
) external view returns (SafeCashData memory safeCashData)

```

Gets comprehensive cash data for a Vault.

Aggregates data from multiple sources including DebtManager and CashModule.

**Input Parameters:**

| Name  | Type    | Description                      |
| ----- | ------- | -------------------------------- |
| vault | address | The address of the EtherFi Vault |

**Return Values:**

| Type         | Description                                                                       |
| ------------ | --------------------------------------------------------------------------------- |
| SafeCashData | Comprehensive data structure containing mode, balances, borrowing power, and more |

#### getPendingCashback

```solidity
function getPendingCashback(address account) external view returns (uint256)

```

Gets the pending cashback amount for an account in USD.

**Input Parameters:**

| Name    | Type    | Description                               |
| ------- | ------- | ----------------------------------------- |
| account | address | Address of the account (Vault or spender) |

**Return Values:**

| Type    | Description                    |
| ------- | ------------------------------ |
| uint256 | Pending cashback amount in USD |

#### getData

```solidity
function getData(address vault) external view returns (SafeData memory)

```

Retrieves cash configuration data for a Vault.

**Input Parameters:**

| Name  | Type    | Description                  |
| ----- | ------- | ---------------------------- |
| vault | address | Address of the EtherFi Vault |

**Return Values:**

| Type     | Description                                        |
| -------- | -------------------------------------------------- |
| SafeData | Data structure containing Vault cash configuration |

### Events

The CashModule emits events for all major operations through the CashEventEmitter:

#### WithdrawalRequested

```solidity
event WithdrawalRequested(
    address indexed vault,
    address[] tokens,
    uint256[] amounts,
    address indexed recipient,
    uint256 finalizeTimestamp
)

```

Emitted when a withdrawal is requested.

#### WithdrawalProcessed

```solidity
event WithdrawalProcessed(
    address indexed vault,
    address[] tokens,
    uint256[] amounts,
    address indexed recipient
)

```

Emitted when a withdrawal is processed.

#### Spend

```solidity
event Spend(
    address indexed vault,
    bytes32 indexed txId,
    BinSponsor indexed binSponsor,
    address[] tokens,
    uint256[] amounts,
    uint256[] amountInUsd,
    uint256 totalUsdAmt,
    Mode mode
)

```

Emitted when tokens are spent from a Vault.

#### Cashback

```solidity
event Cashback(
    address indexed vault,
    address indexed spender,
    uint256 spendingInUsd,
    address cashbackToken,
    uint256 cashbackAmountToVault,
    uint256 cashbackInUsdToVault,
    uint256 cashbackAmountToSpender,
    uint256 cashbackInUsdToSpender,
    bool indexed paid
)

```

Emitted when cashback is calculated and potentially distributed.

#### ReferrerCashback

```solidity
event ReferrerCashback(
    address indexed vault,
    address indexed referrer,
    uint256 spendingInUsd,
    address cashbackToken,
    uint256 referrerCashbackAmt,
    uint256 referrerCashbackInUsd,
    bool indexed paid
)

```

Emitted when referral cashback is calculated and potentially distributed.

#### ModeSet

```solidity
event ModeSet(
    address indexed vault,
    Mode prevMode,
    Mode newMode,
    uint256 incomingModeStartTime
)

```

Emitted when the operational mode of a Vault is changed.

#### SpendingLimitChanged

```solidity
event SpendingLimitChanged(
    address indexed vault,
    SpendingLimit oldLimit,
    SpendingLimit newLimit
)

```

Emitted when a spending limit is changed.


# Borrow

Borrow is a feature that allows you to earn rewards on your assets, and optionally use your assets as collateral that you can borrow against.

{% hint style="info" %}
This feature is coming soon.
{% endhint %}

## Overview

Borrow consists of an ether.fi managed lending protocol that lets ether.fi users earn rewards on their assets, and take out a loan against their portfolio.

## In this section

* [Technical documentation](https://etherfi.gitbook.io/etherfi/~/revisions/VxcnSmUokFJURq3DADva/products/borrow/technical-documentation) - high level overview of how borrowing and lending works
* [Borrowing Power, Health Factor, and Liquidation](/etherfi/products/borrow/borrowing-power-and-liquidation) - how much you can borrow, how safe your position is, and what happens if it is liquidated
* [Your Risk Settings Are Pinned Until You Act](broken://pages/9yOnziCSVbZ1aRD8EGf7) - why the settings applied to your position may differ from the published ones
* [Parameters](https://etherfi.gitbook.io/etherfi/~/revisions/VxcnSmUokFJURq3DADva/products/borrow/lending-market-parameters) - overview of contracts and asset configuration
* [Price Feeds](/etherfi/products/borrow/price-feeds) - how collateral is priced and where those prices come from


# Technical Documentation

High-level overview of how borrowing and lending works

{% hint style="info" %}
This feature is coming soon.
{% endhint %}

## Overview

All ether.fi users have a non-custodial safe deployed on their behalf when they create an account. Assets on this safe address can optionally be used as collateral on an ether.fi managed on-chain lending protocol.

When assets are used as collateral, this results in a USD-valued borrowing power. Users are able to borrow select assets directly, or use their card in Borrow Mode which borrows USDC at the time of purchases.

The Lending Protocol is an ether.fi-managed Aave v4 instance.

<figure><img src="/files/ZLcgnD0DREHUKwywHGcz" alt=""><figcaption></figcaption></figure>

## Asset types

There are 3 types of assets with respect to the Lending protocol and non-custodial ether.fi accounts

1. Collateral assets
2. Borrowable assets
3. Non eligible assets

#### Collateral assets

These assets can be used to increase borrowing power. If the account is opted-in to the Borrow feature, assets will be automatically deposited into the lending protocol. Each collateral asset has an LTV associated with it.

#### Borrowable assets

A small subset of assets that can be borrowed. This is currently limited to USDC and ETH.

Suppliers of borrowable assets accrue an interest rate, and borrowers of the asset pay an interest rate. Borrowable assets are always collateral assets as well (i.e. users can both deposit USDC to be used as collateral, and borrow USDC).

#### Non eligible assets

Some assets are supported on ether.fi but are neither Collateral or Borrowable assets. Primarily these are assets that can be purchased through the Swap feature, but they are not listed as collateral on the lending protocol.

For the full list of supported assets see [Lending market parameters](https://etherfi.gitbook.io/etherfi/~/revisions/w7qDylUgT8nLuaijlD8C/products/borrow/lending-market-parameters).

## Lending protocol structure

The ether.fi managed Lending procotol currently consists of a single Liquidity Hub and a single Spoke that interfaces to the Liquiduty Hub. The Lending protocol is permissioned such that only ether.fi Safes can borrow assets, but anyone can supply to Liquidity Hub.

<figure><img src="/files/oVfWLKlZbu9FoOqQRrTe" alt=""><figcaption></figcaption></figure>

Assets used in the Lending Protocol are contains in the Liquidity hub which is the centralised source of all borrows.

Position and balance tracking is managed on-chain through internal accounting. Read more about how the lending market works in the Aave documtation: <https://aave.com/docs/aave-v4>

### User actions

* Supply → tokens flow from the Cash Safe into the Hub; the Spoke credits the user's supplied balance. Hub liquidity grows.
* Borrow → the Hub pays tokens out to the borrower. The debt is recorded as shares against a continuously growing index: amount owed = shares × index.
* Repay → tokens return to the Hub, debt shares are burned, liquidity is restored.
* Withdraw collateral → the Hub pays supplied tokens back out, reducing the user's supplied balance and Hub liquidity.
* Opt out → a user can disable Borrowing functionality in settings. This prevents their assets from being used as collateral (and if assets are supplied they will be withdrawn)


# Borrowing Power, Health Factor, and Liquidation

How your borrowing power is calculated, what your health factor means, and exactly what happens if you get liquidated

{% hint style="info" %}
This feature is coming soon.
{% endhint %}

Borrow lets you keep your assets and take a loan against them instead of selling. The loan has to stay covered by the assets backing it. Three numbers decide whether it is: your **borrowing power**, your **health factor**, and the **liquidation** that happens if the health factor falls too far.

## Two different limits: LTV and collateral factor

Each collateral asset carries two percentages, and confusing them is the most common way to misjudge how much room you have.

* **LTV (loan-to-value)** is the borrowing limit the app enforces. It decides the most you can borrow against that asset.
* **Collateral factor (CF)** is the liquidation threshold. It decides the point at which your position can be liquidated.

For any given asset, its LTV is set below its own collateral factor. So each asset you hold has a borrowing limit and, above it, a separate liquidation point. That gap is the safety margin: it means borrowing your maximum does not leave you one small price move away from liquidation.

{% hint style="success" %}
Because we cap your borrowing at LTV while liquidation is measured against the higher collateral factor, a position borrowed to its stated maximum still starts with a health factor comfortably above 1.00, not sitting on the edge of it.
{% endhint %}

### Where each number comes from

The collateral factor is set on the lending market itself, per asset, and is published in [Lending Market Parameters](/etherfi/products/borrow/lending-market-parameters). It is the number the protocol uses when it decides whether a position is liquidatable.

The LTV is set by ether.fi on top of that. It starts from the asset's collateral factor and discounts it, by more for assets whose price can move sharply and by less for assets pegged to a currency. A separate per-asset ceiling can lower it further. The result is never above the collateral factor, so the safety margin cannot be configured away.

Because the LTV is applied by ether.fi rather than by the lending market, the app is the place to read it. The app shows the LTV in force for each asset you hold, alongside your live borrowing power.

## Borrowing power

Your borrowing power is the most you can borrow. It is the sum, across every asset you have posted as collateral, of:

> that asset's dollar value, multiplied by its LTV

An asset with a low LTV contributes much less borrowing power than a dollar stable with a high one, even at the same dollar value.

The dollar value comes from the price feeds, which have their own protections against a bad or stale price. See [Price Feeds](/etherfi/products/borrow/price-feeds).

Two further limits can hold your available amount below this figure, so the app may show less headroom than LTV alone implies:

* A **borrowing cap** per account.
* A **minimum health factor** the app keeps you above after the borrow completes, which is stricter than the point at which liquidation becomes possible.

Whichever of these binds first is the amount the app offers you, and the same checks run again when the borrow executes.

## Health factor

Your health factor compares your collateral against what you currently owe, including accrued interest. It is measured with the **collateral factor**, not the LTV, because it answers a question about liquidation:

> health factor = (collateral value x collateral factor) / total debt

With no debt it is effectively infinite. As you borrow it falls. As interest accrues it keeps falling, slowly, even if you do nothing and prices do not move.

Above 1.00, your position is healthy. At or below 1.00, it can be liquidated. Borrowing your full borrowing power does not take you to 1.00: it takes you to the ratio between the collateral factor and the LTV, which is the margin described above.

You can read your own live figure from the Spoke contract with `getUserAccountData(yourSafeAddress)`, which returns your health factor alongside your total collateral value and total debt. The app shows the same number.

### If your debt goes above your LTV limit

Prices move, and an LTV can be revised downward. Either can leave you owing more than your current LTV limit allows.

This blocks new borrowing until you are back under the limit. It is not a liquidation and it does not force you to do anything, because liquidation is still measured against the collateral factor, which sits above your LTV. Treat it as a warning that your margin has thinned rather than as an emergency.

## What a liquidation actually does

Someone else, a liquidator, repays part of your debt and takes some of your collateral in exchange, at a discount. It is not a foreclosure, and it usually does not close your position.

### It is partial, and it aims at a target

A liquidator cannot simply take everything. The protocol calculates how much debt needs repaying to lift your health factor back to a **target health factor** set a little above 1.00, and that is the size of the liquidation.

The normal outcome is that you keep most of your position and come out the other side with a health factor slightly above the danger line. You still owe money, and you still have collateral.

### The discount scales with how unhealthy you are

The liquidator's incentive is a **liquidation bonus**: extra collateral on top of what their repayment is worth. Each asset has a published *maximum* liquidation bonus, but that maximum does not apply at every health factor. The bonus is interpolated:

* Just below 1.00, the liquidator receives the **minimum** bonus.
* At or below a lower health-factor point, they receive the **maximum**.
* Between those two, it scales smoothly.

Being slightly underwater therefore costs you considerably less than being badly underwater, which is the main reason to act early rather than wait.

The protocol also takes a cut of that bonus as a **liquidation fee**. That fee comes out of the liquidator's bonus, not out of an extra charge to you. The maximum bonus, the fee, and the health-factor points that govern the interpolation are all published in [Lending Market Parameters](/etherfi/products/borrow/lending-market-parameters).

### Very small leftovers are closed out

If a partial liquidation would leave only a trivial amount of collateral or debt in a position, the protocol closes out that asset's position instead of leaving the remainder. Otherwise balances too small to be worth liquidating would sit there permanently as bad debt. The cutoff is a fixed constant in the protocol (`DUST_LIQUIDATION_THRESHOLD`), not a per-asset setting.

## Situations and outcomes

| Situation                                                 | What happens                                                                                                                                       |
| --------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------- |
| You try to borrow more than your LTV allows               | The borrow is rejected before it reaches the chain.                                                                                                |
| Your debt rises above your LTV limit after prices move    | New borrowing is blocked until you are back under it. Nothing is liquidated, because liquidation is measured against the higher collateral factor. |
| You try to withdraw collateral your debt still needs      | The withdrawal is limited to what keeps you inside your LTV, so it may be capped or rejected.                                                      |
| Interest accrues and pushes your health factor below 1.00 | You become liquidatable. No warning transaction happens on-chain; the position simply becomes eligible.                                            |
| Your collateral falls in price                            | Borrowing power falls and health factor falls. A large enough fall makes you liquidatable.                                                         |
| You are liquidated                                        | Part of your debt is repaid by a liquidator, who takes collateral plus a bonus. You keep the rest, at a health factor above the target.            |
| A price feed cannot produce a trustworthy price           | Borrows and liquidations against that asset revert rather than acting on a bad number. See [Price Feeds](/etherfi/products/borrow/price-feeds).    |

## What you can do about it

Two actions raise your health factor, and both are available at any time:

1. **Repay some debt.** This lowers the denominator and is the most direct fix.
2. **Add collateral.** This raises both your borrowing power and your health factor.

Withdrawing collateral or borrowing more will lower it. A liquidation is open to anyone the moment your health factor is below 1.00, and the protocol does not grant a grace period before that happens.

## Further reading

* [Technical Documentation](/etherfi/products/borrow/technical-documentation), how borrowing and lending works
* [Lending Market Parameters](/etherfi/products/borrow/lending-market-parameters), collateral factors and liquidation settings per asset
* [Price Feeds](/etherfi/products/borrow/price-feeds), how your collateral gets valued


# Lending Market Parameters

Overview of contracts and asset configuration

## Supported assets and parameters

{% hint style="warning" %}
This feature is coming soon. Market parameters are liable to change.
{% endhint %}

For each asset there are a few parameters defined in the Lending Protocol spoke:

* Collateral factor (CF): The fraction of an asset's value that counts as borrowing power
* Max liquidation bonus: The cap on the discount a liquidator receives when claiming collateral
* Liquidation fee: The protocol's cut of the liquidation bonus
* Collateral risk: A per-asset score that prices how risky an asset is to lend against, increases the interest premium

<table><thead><tr><th width="140.8828125">Asset</th><th>CF</th><th>Max liq. bonus</th><th>Liq. fee</th><th>Collateral risk</th><th>borrowable</th></tr></thead><tbody><tr><td>USDC</td><td>85%</td><td>5%</td><td>10%</td><td>0 bps</td><td>yes</td></tr><tr><td>USDT</td><td>85%</td><td>5%</td><td>10%</td><td>0 bps</td><td>no</td></tr><tr><td>EURC</td><td>85%</td><td>7.5%</td><td>10%</td><td>0 bps</td><td>no</td></tr><tr><td>frxUSD</td><td>85%</td><td>7.5%</td><td>10%</td><td>0 bps</td><td>no</td></tr><tr><td>weETH</td><td>75%</td><td>10%</td><td>10%</td><td>0 bps</td><td>no</td></tr><tr><td>wETH</td><td>75%</td><td>10%</td><td>10%</td><td>0 bps</td><td>yes</td></tr><tr><td>eBTC</td><td>72%</td><td>12.5%</td><td>10%</td><td>0 bps</td><td>no</td></tr><tr><td>ETHFI</td><td>40%</td><td>15%</td><td>10%</td><td>0 bps</td><td>no</td></tr><tr><td>sETHFI</td><td>40%</td><td>20%</td><td>10%</td><td>0 bps</td><td>no</td></tr><tr><td>OP</td><td>40%</td><td>15%</td><td>10%</td><td>0 bps</td><td>no</td></tr><tr><td>wHYPE</td><td>65%</td><td>12.5%</td><td>10%</td><td>0 bps</td><td>no</td></tr><tr><td>beHYPE</td><td>60%</td><td>15%</td><td>10%</td><td>0 bps</td><td>no</td></tr><tr><td>LiquidETH</td><td>70%</td><td>15%</td><td>10%</td><td>0 bps</td><td>no</td></tr><tr><td>LiquidBTC</td><td>70%</td><td>15%</td><td>10%</td><td>0 bps</td><td>no</td></tr><tr><td>LiquidUSD</td><td>80%</td><td>10%</td><td>10%</td><td>0 bps</td><td>no</td></tr><tr><td>LiquidReserve</td><td>80%</td><td>10%</td><td>10%</td><td>0 bps</td><td>no</td></tr><tr><td>LiquidEUR</td><td>80%</td><td>12.5%</td><td>10%</td><td>0 bps</td><td>no</td></tr><tr><td>LiquidRWA</td><td>80%</td><td>12.5%</td><td>10%</td><td>0 bps</td><td>no</td></tr><tr><td>QQQ</td><td>78%</td><td>10%</td><td>10%</td><td>0 bps</td><td>no</td></tr><tr><td>SPY</td><td>78%</td><td>10%</td><td>10%</td><td>0 bps</td><td>no</td></tr><tr><td>PAXG</td><td>80%</td><td>10%</td><td>10%</td><td>0 bps</td><td>no</td></tr><tr><td>TBill</td><td>80%</td><td>10%</td><td>10%</td><td>0bps</td><td>no</td></tr></tbody></table>

eUSD is being wound down as a lending market asset. It no longer counts as collateral and no new supplies are accepted. Existing balances can still be withdrawn.

### Interest curves

The interest rate curve is two straight lines with fixed slopes, the interest rate transitions between slopes when the market utilisation reaches the kink threshold.

| Asset | Liquidity fee | Kink | Base  | slope 1 | slope 2 |
| ----- | ------------- | ---- | ----- | ------- | ------- |
| USDC  | 30%           | 85%  | 3.00% | 1.25%   | 10%     |
| WETH  | 30%           | 85%  | 1.00% | 1.50%   | 14%     |

### Global liquidation config

| Parameter                   | Value |
| --------------------------- | ----- |
| Target health factor        | 1.24  |
| Health factor for max bonus | 0.90  |
| Liquidation factor          | 0.9   |

## Contract details

<table><thead><tr><th width="181.84375">Contract</th><th width="479.859375">Address</th></tr></thead><tbody><tr><td>AaveV4Lens</td><td><code>0x35Ba1a778359421F2757154a35BD4881AcE98C91</code></td></tr><tr><td>Spoke</td><td><code>0xdffcC3536D932eb51Df51a7F5FA407c4270d5308</code></td></tr><tr><td>Hub</td><td><code>0x66753c4e3fC84f1eD0e3C267C927284E9d90C572</code></td></tr></tbody></table>


# Price Feeds

How the Lending Protocol prices your collateral, and where those prices come from

{% hint style="info" %}
This feature is coming soon.
{% endhint %}

## What a price feed is, and why Borrow needs one

Borrow lets you post assets as collateral and take out a loan against them. To do that, the Lending Protocol has to answer one question continuously: **what is your collateral worth in US dollars right now?**

That number decides three things:

* **How much you can borrow.** Your borrowing power is the USD value of your collateral multiplied by each asset's collateral factor.
* **Whether you are safe.** Your health factor is a comparison of what your collateral is worth against what you owe.
* **When you get liquidated.** If your collateral's value falls far enough relative to your debt, a liquidator can repay part of your loan and take some of your collateral.

A smart contract cannot look up a price by itself. It has no internet connection and no view of any exchange. So the price has to be delivered on-chain by an **oracle** — a service that publishes prices to a contract that anyone can read. The contract we read for a given asset is that asset's **price feed**.

Every price in the Lending Protocol is reported in **US dollars with 8 decimal places**, so a raw on-chain reading of `100000000` means $1.00.

{% hint style="warning" %}
The price feed is the single most safety-critical input to a lending market. If a feed reports a price that is too high, someone can borrow more than their collateral is worth and walk away with the difference. If it reports a price that is too low, healthy users get liquidated for no reason. Everything below exists to make both of those hard.
{% endhint %}

## Who publishes the prices

We do not invent prices. Every price starts life at an independent third-party publisher, and different assets need different kinds of publisher.

### Chainlink

[Chainlink](https://chain.link) is the most widely used oracle network in DeFi and the source for most of our major assets.

It works like this: a network of independent node operators each fetch the price of an asset from many exchanges and data providers. They report their answers on-chain, and the network aggregates them into a single published price. No single operator can move the result, and a price that only exists on one exchange cannot drag the aggregate with it.

Chainlink publishes a new price on either of two triggers:

* **Deviation** — the price has moved more than a set percentage since the last publish.
* **Heartbeat** — a maximum amount of time has passed with no publish, so the feed proves it is still alive even in a flat market.

Both thresholds are Chainlink's, published per feed on their own documentation, and differ from asset to asset: a heavily-traded major pair updates far more often than a thinly-traded one.

Chainlink also publishes **exchange-rate feeds** rather than dollar prices, which is what we use for weETH: a feed that reports how much ETH one weETH is worth. We turn that into a dollar price ourselves — see [composition](#composed-prices-rate-x-underlying) below.

### Veda accountants

Some collateral is a **receipt token** from an ether.fi Liquid vault, such as liquidETH or liquidUSD. These do not trade on the open market in any meaningful volume, so an exchange price would be the wrong thing to use even if one existed.

Instead, the price comes from the vault's own **Accountant** contract, which is the on-chain record of what one vault share is worth in the vault's base asset. Read more in [Veda Vault Architecture](/etherfi/products/liquid/veda-vault).

So a liquidETH price is built in two steps: the Accountant says one liquidETH is worth some amount of ETH, and Chainlink says what ETH is worth in dollars.

### Midas

The same idea applies to the Midas-issued receipt tokens. Midas publishes a rate for each token through its own on-chain price proxy, which we read the same way. See [Midas Vault Architecture](/etherfi/products/liquid/midas-vault). These publish less often than a market feed does, and we allow for that in the staleness bounds below.

### The OracleSink (tokenized equities)

For the tokenized equity assets, the authoritative price lives on Ethereum mainnet, not on Optimism where the Lending Protocol runs. A relay reads the mainnet price and delivers it across to an Optimism contract called the **OracleSink** using [LayerZero](https://layerzero.network). Our feed reads the sink and checks how old the underlying mainnet reading was when it was taken, so a slow delivery cannot pass off an old price as a fresh one.

## How a price actually gets read

There are three layers between a publisher and a borrowing decision. Each one does exactly one job.

```
  Chainlink aggregator / Veda accountant / Midas proxy / OracleSink
        │   the raw published number
        ▼
  ether.fi price feed
        │   rejects stale, zero, or negative readings
        │   composes rate x underlying, normalises decimals
        ▼
  price cap adapter
        │   caps how fast a yield-bearing asset's value may grow
        ▼
  Lending Protocol oracle  →  the Lending Protocol
```

### Layer 1 — the ether.fi price feed

We deploy one small feed contract per asset. Its job is to read the publisher and refuse to answer if anything looks wrong. It **fails closed**: rather than returning a bad number, it reverts, and the transaction that needed the price fails.

It rejects a reading when:

* **The price is zero or negative.** A publisher that has broken or is reporting nothing at all should never be treated as "this asset is worth nothing."
* **The price is stale.** Every feed has a hard maximum age. If the publisher's last update is older than that, the feed refuses to answer.
* **The source reverts.** Any failure propagates instead of being swallowed.

For assets pegged to the US dollar, the feed also snaps the price to exactly $1.00 when it is within a narrow band of it. This stops ordinary market noise around the peg from moving borrowing power around. The band is fixed in the feed contract.

These feed contracts were audited by [Paladin](https://paladinsec.co).

#### Staleness bounds

Every feed carries a maximum age, set from how often that particular publisher actually updates. A market feed that publishes many times a day gets a tight bound measured in hours; a vault accountant or a Midas proxy that publishes on a slower cycle gets a correspondingly looser one, because holding it to a market-feed bound would make the asset unusable for no safety gain.

The bound is fixed at deployment and cannot be changed afterwards. The live value for any feed can be read on-chain with `rateMaxStaleness()` (or `maxStaleness()`, depending on the feed type).

#### Composed prices (rate x underlying)

Many of these assets are not quoted in dollars at source. A feed can therefore run in two modes:

* **Direct** — the source is already a dollar price. Scale it to 8 decimals and return it.
* **Composed** — the source is a rate in some other asset. Multiply it by that asset's dollar price, which is itself another ether.fi feed with its own staleness check.

So `liquidETH / USD` is the Veda accountant's liquidETH-per-ETH rate multiplied by the `ETH / USD` feed. If either leg is stale, the whole thing fails. This is why the feed descriptions read like `Capped liquidETH / ETH / USD` — that is the full chain, right to left.

### Layer 2 — the price cap adapter

Most of our collateral is **yield-bearing**: one liquidETH buys slightly more ETH each day, one weETH buys slightly more ETH each day. That growth is real, but it is also a place an attacker would like to lie. If someone could make an Accountant report that a share is suddenly worth twice as much, they could borrow against that inflated value and never come back.

So on top of the feed we use a standard, battle-tested **price cap adapter**, unmodified and already in production use on major lending markets elsewhere in DeFi. It enforces a simple rule:

> This asset's exchange rate is allowed to grow by at most **X% per year**, measured from a fixed snapshot taken at a known past date. If the reported rate is above that ceiling, use the ceiling instead.

Normal yield sits comfortably under the ceiling and passes through untouched. A sudden jump — from a bug, a manipulated vault, or a compromised publisher — gets clipped. The attacker cannot borrow against a number the protocol will not accept.

Worth being precise about what this does and does not do:

* It only caps the price **upward**. A genuine fall in value passes through immediately and in full, because under-reporting a fall is what creates bad debt.
* It is a **ceiling, not a smoother**. Day-to-day price movement is not dampened at all.
* If real yield ever outran the ceiling for a sustained period, the asset would price slightly below its true value, making it conservative collateral. That is the intended trade.

The yearly growth ceiling is set per asset by risk review, sized above the yield the asset can plausibly earn but far below the jump an attack would need. A conservative, slow-growing asset gets a tight ceiling; a higher-yielding strategy gets a looser one. The live ceiling for any asset can be read from its adapter with `getMaxYearlyGrowthRatePercent()`.

For the dollar-pegged assets the cap is a flat price ceiling slightly above $1.00 rather than a growth rate, on the reasoning that a dollar stable trading meaningfully above its peg is a signal of something wrong rather than of genuine appreciation. Euro-pegged assets are capped the same way, as a small multiple of the EUR/USD price. These are readable with `getPriceCap()`.

{% hint style="success" %}
**These caps cannot be changed.** The adapter allows a risk admin to re-set the cap parameters, and it looks that permission up on an access-control contract. We pass it our instance's access manager, which does not implement the two functions the adapter asks for (`isRiskAdmin`, `isPoolAdmin`). Those calls revert, so the check can never pass and the setter is permanently unreachable — for us, for our multisig, for anyone. The caps are fixed at deployment.
{% endhint %}

### Layer 3 — the Lending Protocol oracle

The Lending Protocol's oracle contract is its single point of reference for prices. It maps each listed asset to its price feed and is what the protocol calls when it needs to value a position. It requires every feed to report 8 decimals, and it rejects a price of zero.

Only the Spoke contract can change which feed an asset points to, and that change is held on the configurator's domain-admin role — an **Owner Safe multisig transaction**, not something an automated risk process can do.

## How each asset class is priced

Which publisher an asset uses follows from what kind of asset it is, not from a case-by-case decision. All contracts are on **Optimism**.

| Asset class                            | Price chain                   | Publisher                                |
| -------------------------------------- | ----------------------------- | ---------------------------------------- |
| Major crypto assets and dollar stables | direct USD price              | Chainlink                                |
| Liquid staking receipt tokens          | rate × underlying USD         | Chainlink rate feed + Chainlink USD feed |
| Veda vault receipt tokens              | vault rate × underlying USD   | Veda accountant + Chainlink              |
| Midas receipt tokens                   | proxy rate × underlying USD   | Midas proxy + Chainlink                  |
| Tokenized equities                     | relayed rate × underlying USD | OracleSink relay + Chainlink             |

Dollar-pegged assets carry a flat price ceiling; yield-bearing receipt tokens carry a yearly growth ceiling; assets that are neither are uncapped, since there is no exchange rate for an attacker to inflate.

The authoritative, current list of what is listed and which feed each asset uses is on-chain, not in this document. Read it from the oracle: `getReserveSource(reserveId)` gives the feed address for a reserve, and `getReservePrice(reserveId)` gives the price it currently reports. Each feed's `description()` names its full composition chain — for example `Capped liquidETH / ETH / USD`.

### Contract addresses

<table><thead><tr><th width="200">Contract</th><th>Address</th></tr></thead><tbody><tr><td>Oracle</td><td><code>0xe8cbd37210bF1E29436dAe183d7b9fe45E886fA8</code></td></tr><tr><td>Spoke</td><td><code>0xdffcC3536D932eb51Df51a7F5FA407c4270d5308</code></td></tr><tr><td>Hub</td><td><code>0x66753c4e3fC84f1eD0e3C267C927284E9d90C572</code></td></tr></tbody></table>

For the current collateral factors and liquidation settings per asset, see [Lending Market Parameters](/etherfi/products/borrow/lending-market-parameters).

## A worked example: weETH

weETH is the clearest illustration, because it uses every layer.

1. **Chainlink publishes the weETH/ETH exchange rate.** This is a rate, not a dollar price — it says how much ETH one weETH is worth. It sits a little above 1 and rises slowly as staking rewards accrue.
2. **Chainlink separately publishes ETH/USD.**
3. **Our `ETH / USD` feed** reads the ETH/USD aggregator and refuses to answer if it is older than its staleness bound.
4. **Our `weETH / ETH rate` feed** reads the rate aggregator under its own bound.
5. **The cap adapter** takes the rate, compares it against a ceiling that grows at a fixed maximum rate from a snapshot taken at a known past date, uses whichever is lower, and multiplies by the ETH price.
6. **The oracle** returns the result to the Lending Protocol.

In normal conditions the exchange rate sits below the ceiling with room to spare, and the cap does nothing at all — it is there for the day something goes wrong, not for ordinary operation. You can check this yourself at any time: an adapter's `isCapped()` reports whether the ceiling is currently binding, and `getRatio()` against the ceiling implied by `getSnapshotRatio()`, `getSnapshotTimestamp()` and `getMaxRatioGrowthPerSecond()` shows how much headroom is left.

## What can go wrong, and what happens then

| Situation                                     | What happens                                                                                                                           |
| --------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------- |
| A publisher stops updating                    | The feed's staleness check fails. Borrowing and liquidations against that asset revert rather than using an old price.                 |
| A publisher reports zero or a negative number | Rejected outright; the feed reverts.                                                                                                   |
| A vault rate jumps implausibly high           | The cap adapter clips it to the ceiling. No inflated borrowing power.                                                                  |
| An asset genuinely falls in price             | Passed through in full and immediately. Health factors fall and liquidations become possible — this is the system working as intended. |
| One leg of a composed price is stale          | The whole composed price fails. There is no partial answer.                                                                            |

The consistent theme: when the protocol is not confident about a price, it stops rather than guessing. That can mean a borrow or a liquidation temporarily reverts, which is the deliberate trade — a paused market is recoverable, a market that acted on a wrong price is not.

## Further reading

* [Technical Documentation](/etherfi/products/borrow/technical-documentation) — how borrowing and lending works
* [Lending Market Parameters](/etherfi/products/borrow/lending-market-parameters) — collateral factors, liquidation settings, interest curves
* [Chainlink documentation](https://docs.chain.link/data-feeds)


# Contracts and Integrations

Deployed contract addresses, oracle feeds, and integration guides for building on ether.fi.

Everything you need to build on ether.fi. The protocol's smart contracts are fully open-source, and weETH is integrated across the DeFi ecosystem on Ethereum and major L2s.

ether.fi's smart contracts are available on GitHub: [github.com/etherfi-protocol/smart-contracts](https://github.com/etherfi-protocol/smart-contracts)

## Developer resources

<table data-view="cards"><thead><tr><th></th><th></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><strong>🔌 Integration Guide</strong></td><td>Start here — token model, pricing, minting, wrapping, and redemptions with code examples.</td><td><a href="/pages/lp8EPemDwcqXWsiPjtS3">/pages/lp8EPemDwcqXWsiPjtS3</a></td></tr><tr><td><strong>🔍 Deployed Contracts</strong></td><td>Official, canonical contract addresses across every supported network.</td><td><a href="/pages/ZxfuroD3E31e2YvnGmb3">/pages/ZxfuroD3E31e2YvnGmb3</a></td></tr><tr><td><strong>🤝 Integrations</strong></td><td>Where weETH can be used across DeFi, and how to add your protocol to the list.</td><td><a href="/pages/IyzqxHXO5qQgLgK2tPNS">/pages/IyzqxHXO5qQgLgK2tPNS</a></td></tr><tr><td><strong>How To</strong></td><td>Click-by-click Etherscan walkthrough for withdrawals.</td><td><a href="/pages/rHXckjXiMliFleE72h6C">/pages/rHXckjXiMliFleE72h6C</a></td></tr></tbody></table>

## Price feeds

You can integrate weETH into your DeFi platform using **RedStone Oracles** on Ethereum, Arbitrum, and other L2s. See the available feeds and addresses in the [RedStone documentation](https://docs.redstone.finance/docs/smart-contract-devs/price-feeds).

{% hint style="info" %}
Want an integration that isn't listed yet? Join our [Discord](https://discord.com/invite/zqGzcuQWvD) and help grow the list of use cases for weETH.
{% endhint %}


# Integration Guide

How to integrate eETH and weETH into your protocol — tokens, pricing, minting, wrapping, and withdrawals.

This guide is for **developers integrating ether.fi's liquid restaking tokens** (eETH and weETH) into a protocol, dApp, or smart contract. It covers the token model, how to price the tokens, and the on-chain flows for minting, wrapping, and redeeming.

For the canonical, cross-chain address list see [Deployed Contracts](/etherfi/developers/contracts-and-integrations/deployed-contracts). For a click-by-click Etherscan walkthrough of withdrawals, see [How To](/etherfi/developers/contracts-and-integrations/how-to).

## Choose the right token

<table data-view="cards"><thead><tr><th></th><th></th></tr></thead><tbody><tr><td><strong>eETH</strong> — rebasing</td><td>Balance grows over time as rewards accrue. ERC-20 with permit. Best when you want a 1:1-with-ETH unit of account and can handle a rebasing balance.</td></tr><tr><td><strong>weETH</strong> — non-rebasing (recommended for DeFi)</td><td>A wrapped, fixed-balance token whose <em>value</em> grows relative to eETH. This is the version most DeFi protocols integrate, because a non-rebasing balance is simpler for AMMs, lending markets, and accounting.</td></tr></tbody></table>

{% hint style="info" %}
If you're listing a single token in a lending market, AMM, or vault, integrate **weETH**.
{% endhint %}

## Key contracts (Ethereum mainnet)

| Contract                 | Address                                                                                                                 |
| ------------------------ | ----------------------------------------------------------------------------------------------------------------------- |
| LiquidityPool            | [`0x308861A430be4cce5502d0A12724771Fc6DaF216`](https://etherscan.io/address/0x308861A430be4cce5502d0A12724771Fc6DaF216) |
| eETH                     | [`0x35fA164735182de50811E8e2E824cFb9B6118ac2`](https://etherscan.io/address/0x35fA164735182de50811E8e2E824cFb9B6118ac2) |
| weETH                    | [`0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee`](https://etherscan.io/address/0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee) |
| EtherFiRedemptionManager | [`0xDadEf1fFBFeaAB4f68A9fD181395F68b4e4E7Ae0`](https://etherscan.io/address/0xDadEf1fFBFeaAB4f68A9fD181395F68b4e4E7Ae0) |
| WithdrawRequestNFT       | [`0x7d5706f6ef3F89B3951E23e557CDFBC3239D4E2c`](https://etherscan.io/address/0x7d5706f6ef3F89B3951E23e557CDFBC3239D4E2c) |

For weETH on other chains (Arbitrum, Base, Optimism, and more), see [Deployed Contracts](/etherfi/developers/contracts-and-integrations/deployed-contracts).

## Pricing weETH

weETH appreciates against eETH (and ETH) as rewards accrue. Read the exchange rate directly from the weETH contract:

```solidity
interface IWeETH {
    // eETH equivalent of 1 weETH, scaled to 1e18
    function getRate() external view returns (uint256);
    // explicit conversions
    function getEETHByWeETH(uint256 weETHAmount) external view returns (uint256);
    function getWeETHByeETH(uint256 eETHAmount) external view returns (uint256);
}
```

`getRate()` returns the amount of eETH represented by one weETH, scaled to `1e18`. Since eETH targets a 1:1 relationship with ETH via rebasing, this rate is also the weETH→ETH rate for most purposes.

{% hint style="warning" %}
For production price feeds on Ethereum and L2s, use a dedicated oracle such as [RedStone](https://docs.redstone.finance/docs/smart-contract-devs/price-feeds) or Chainlink rather than reading `getRate()` cross-chain. See [Integrations](/etherfi/developers/contracts-and-integrations/integrations) for available feeds.
{% endhint %}

## Mint eETH (stake ETH)

Send ETH to the LiquidityPool and receive eETH. An optional referral address can be supplied.

```solidity
interface ILiquidityPool {
    function deposit() external payable returns (uint256);
    function deposit(address _referral) external payable returns (uint256);
}
```

```javascript
// ethers v6
const lp = new ethers.Contract(LIQUIDITY_POOL, ILiquidityPoolAbi, signer);
const tx = await lp["deposit()"]({ value: ethers.parseEther("1") });
await tx.wait();
// the signer now holds eETH
```

## Wrap eETH into weETH

Approve the weETH contract to spend your eETH, then wrap. `unwrap` reverses it.

```solidity
interface IWeETH {
    function wrap(uint256 eETHAmount) external returns (uint256);   // returns weETH minted
    function unwrap(uint256 weETHAmount) external returns (uint256); // returns eETH returned
}
```

```javascript
const eeth = new ethers.Contract(EETH, IERC20Abi, signer);
await (await eeth.approve(WEETH, amount)).wait();

const weeth = new ethers.Contract(WEETH, IWeETHAbi, signer);
await (await weeth.wrap(amount)).wait();
```

## Redeem back to ETH

There are two paths. Both require unwrapping weETH to eETH first if you hold weETH (or use the weETH-specific redemption function).

{% stepper %}
{% step %}

#### Instant redemption (subject to liquidity)

`EtherFiRedemptionManager.redeemEEth(amount, receiver, outputToken)` / `redeemWeEth(amount, receiver, outputToken)` swap eETH/weETH for ETH (or stETH, selected via `outputToken`) immediately, minus a small exit fee, when buffer liquidity is above the low watermark. Check `canRedeem(amount, token)` and `getInstantLiquidityAmount(token)` first; the per-token fee, watermark, and rate-limit bucket are readable via `tokenToRedemptionInfo(token)`.
{% endstep %}

{% step %}

#### Queued withdrawal (no fee)

`LiquidityPool.requestWithdraw(recipient, amount)` mints a `WithdrawRequestNFT`. Once `isFinalized(requestId)` is true, call `WithdrawRequestNFT.claimWithdraw(tokenId)` to receive ETH. The payout is locked in at finalization — preview it with `getClaimableAmount(tokenId)`.
{% endstep %}
{% endstepper %}

See [How To](/etherfi/developers/contracts-and-integrations/how-to) for the full Etherscan walkthrough with the exact function selectors and approval steps.

{% hint style="warning" %}
**Protocol safeguards your integration should tolerate.** Deposits, withdrawals, redemptions, and token transfers check an onchain [Blacklister](https://etherscan.io/address/0x5585996E7cFE95f2D99e61168B8b35C66Ff99B18) and revert for blacklisted addresses. eETH minting and burning draw from global rate-limit buckets, and contracts can be paused for bounded periods during incidents — so deposit and redeem calls can revert temporarily under extreme conditions. See [MultiSigs & Controls](/etherfi/security/security-and-risks/multisigs-and-controls) for the full model.
{% endhint %}

## Source of truth & audits

* Smart contracts: [github.com/etherfi-protocol/smart-contracts](https://github.com/etherfi-protocol/smart-contracts)
* [Deployed Contracts](/etherfi/developers/contracts-and-integrations/deployed-contracts) — all live addresses, all chains
* [Audits](/etherfi/security/security-and-risks/audits) — 30+ public reports

{% hint style="info" %}
Building something with weETH? Join our [Discord](https://discord.com/invite/zqGzcuQWvD) to get support and have your integration listed.
{% endhint %}


# Deployed Contracts

The contracts below are deployed on **Ethereum mainnet** unless a chain is stated. All core contracts use the UUPS proxy pattern; upgrades are gated by timelocks. Each address links to Etherscan — use **Contract → Read as Proxy** to inspect live state. The canonical source of truth for mainnet protocol contracts is [`script/deploys/Deployed.s.sol`](https://github.com/etherfi-protocol/smart-contracts/blob/master/script/deploys/Deployed.s.sol). For token addresses on every other chain, the [Cross-chain Token Contracts](#cross-chain-token-contracts) table on this page is the canonical list.

### Tokens

<table><thead><tr><th width="258">Contract</th><th>Address</th></tr></thead><tbody><tr><td>eETH</td><td><a href="https://etherscan.io/address/0x35fA164735182de50811E8e2E824cFb9B6118ac2"><code>0x35fA164735182de50811E8e2E824cFb9B6118ac2</code></a></td></tr><tr><td>weETH</td><td><a href="https://etherscan.io/address/0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee"><code>0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee</code></a></td></tr><tr><td>ETHFI</td><td><a href="https://etherscan.io/address/0xFe0c30065B384F05761f15d0CC899D4F9F9Cc0eB"><code>0xFe0c30065B384F05761f15d0CC899D4F9F9Cc0eB</code></a></td></tr></tbody></table>

> **eETH exists only on Ethereum mainnet** — it has no cross-chain deployments. weETH and ETHFI addresses on other chains are listed under [Cross-chain Token Contracts](#cross-chain-token-contracts) below.

### Core Protocol

<table><thead><tr><th width="258">Contract</th><th>Address</th></tr></thead><tbody><tr><td>LiquidityPool</td><td><a href="https://etherscan.io/address/0x308861A430be4cce5502d0A12724771Fc6DaF216"><code>0x308861A430be4cce5502d0A12724771Fc6DaF216</code></a></td></tr><tr><td>Treasury</td><td><a href="https://etherscan.io/address/0x0c83EAe1FE72c390A02E426572854931EefF93BA"><code>0x0c83EAe1FE72c390A02E426572854931EefF93BA</code></a></td></tr><tr><td>AddressProvider</td><td><a href="https://etherscan.io/address/0x8487c5F8550E3C3e7734Fe7DCF77DB2B72E4A848"><code>0x8487c5F8550E3C3e7734Fe7DCF77DB2B72E4A848</code></a></td></tr></tbody></table>

### Staking & Validators

<table><thead><tr><th width="258">Contract</th><th>Address</th></tr></thead><tbody><tr><td>StakingManager</td><td><a href="https://etherscan.io/address/0x25e821b7197B146F7713C3b89B6A4D83516B912d"><code>0x25e821b7197B146F7713C3b89B6A4D83516B912d</code></a></td></tr><tr><td>EtherFiNodesManager</td><td><a href="https://etherscan.io/address/0x8B71140AD2e5d1E7018d2a7f8a288BD3CD38916F"><code>0x8B71140AD2e5d1E7018d2a7f8a288BD3CD38916F</code></a></td></tr><tr><td>EtherFiNode (beacon)</td><td><a href="https://etherscan.io/address/0x3c55986Cfee455E2533F4D29006634EcF9B7c03F"><code>0x3c55986Cfee455E2533F4D29006634EcF9B7c03F</code></a></td></tr><tr><td>NodeOperatorManager</td><td><a href="https://etherscan.io/address/0xd5edf7730ABAd812247F6F54D7bd31a52554e35E"><code>0xd5edf7730ABAd812247F6F54D7bd31a52554e35E</code></a></td></tr><tr><td>AuctionManager</td><td><a href="https://etherscan.io/address/0x00C452aFFee3a17d9Cecc1Bcd2B8d5C7635C4CB9"><code>0x00C452aFFee3a17d9Cecc1Bcd2B8d5C7635C4CB9</code></a></td></tr><tr><td>EtherFiAvsOperatorsManager</td><td><a href="https://etherscan.io/address/0x2093Bbb221f1d8C7c932c32ee28Be6dEe4a37A6a"><code>0x2093Bbb221f1d8C7c932c32ee28Be6dEe4a37A6a</code></a></td></tr></tbody></table>

### Restaking (EigenLayer)

<table><thead><tr><th width="258">Contract</th><th>Address</th></tr></thead><tbody><tr><td>EtherFiRestaker</td><td><a href="https://etherscan.io/address/0x1B7a4C3797236A1C37f8741c0Be35c2c72736fFf"><code>0x1B7a4C3797236A1C37f8741c0Be35c2c72736fFf</code></a></td></tr><tr><td>RestakingRewardsRouter</td><td><a href="https://etherscan.io/address/0x89E45081437c959A827d2027135bC201Ab33a2C8"><code>0x89E45081437c959A827d2027135bC201Ab33a2C8</code></a></td></tr></tbody></table>

### Deposits

<table><thead><tr><th width="258">Contract</th><th>Address</th></tr></thead><tbody><tr><td>DepositAdapter</td><td><a href="https://etherscan.io/address/0xcfC6d9Bd7411962Bfe7145451A7EF71A24b6A7A2"><code>0xcfC6d9Bd7411962Bfe7145451A7EF71A24b6A7A2</code></a></td></tr><tr><td>Liquifier</td><td><a href="https://etherscan.io/address/0x9FFDF407cDe9a93c47611799DA23924Af3EF764F"><code>0x9FFDF407cDe9a93c47611799DA23924Af3EF764F</code></a></td></tr></tbody></table>

### Withdrawals & Redemptions

<table><thead><tr><th width="258">Contract</th><th>Address</th></tr></thead><tbody><tr><td>WithdrawRequestNFT</td><td><a href="https://etherscan.io/address/0x7d5706f6ef3F89B3951E23e557CDFBC3239D4E2c"><code>0x7d5706f6ef3F89B3951E23e557CDFBC3239D4E2c</code></a></td></tr><tr><td>EtherFiRedemptionManager</td><td><a href="https://etherscan.io/address/0xDadEf1fFBFeaAB4f68A9fD181395F68b4e4E7Ae0"><code>0xDadEf1fFBFeaAB4f68A9fD181395F68b4e4E7Ae0</code></a></td></tr><tr><td>PriorityWithdrawalQueue</td><td><a href="https://etherscan.io/address/0x35e7D6feF6f72aDd3c3e39dEc6d9CCc29e3345FA"><code>0x35e7D6feF6f72aDd3c3e39dEc6d9CCc29e3345FA</code></a></td></tr><tr><td>EtherFiRateLimiter</td><td><a href="https://etherscan.io/address/0x6C7c54cfC2225fA985cD25F04d923B93c60a02F8"><code>0x6C7c54cfC2225fA985cD25F04d923B93c60a02F8</code></a></td></tr><tr><td>WeETHWithdrawAdapter</td><td><a href="https://etherscan.io/address/0xFbfe6b9cEe0E555Bad7e2E7309EFFC75200cBE38"><code>0xFbfe6b9cEe0E555Bad7e2E7309EFFC75200cBE38</code></a></td></tr></tbody></table>

### Rewards

<table><thead><tr><th width="258">Contract</th><th>Address</th></tr></thead><tbody><tr><td>EtherFiRewardsRouter</td><td><a href="https://etherscan.io/address/0x73f7b1184B5cD361cC0f7654998953E2a251dd58"><code>0x73f7b1184B5cD361cC0f7654998953E2a251dd58</code></a></td></tr><tr><td>CumulativeMerkleRewardsDistributor</td><td><a href="https://etherscan.io/address/0x9A8c5046a290664Bf42D065d33512fe403484534"><code>0x9A8c5046a290664Bf42D065d33512fe403484534</code></a></td></tr><tr><td>KING Distributor</td><td><a href="https://etherscan.io/address/0x6Db24Ee656843E3fE03eb8762a54D86186bA6B64"><code>0x6Db24Ee656843E3fE03eb8762a54D86186bA6B64</code></a></td></tr></tbody></table>

### Oracle

<table><thead><tr><th width="258">Contract</th><th>Address</th></tr></thead><tbody><tr><td>EtherFiOracle</td><td><a href="https://etherscan.io/address/0x57AaF0004C716388B21795431CD7D5f9D3Bb6a41"><code>0x57AaF0004C716388B21795431CD7D5f9D3Bb6a41</code></a></td></tr><tr><td>EtherFiAdmin</td><td><a href="https://etherscan.io/address/0x0EF8fa4760Db8f5Cd4d993f3e3416f30f942D705"><code>0x0EF8fa4760Db8f5Cd4d993f3e3416f30f942D705</code></a></td></tr></tbody></table>

### Governance & Access Control

<table><thead><tr><th width="258">Contract</th><th>Address</th></tr></thead><tbody><tr><td>RoleRegistry</td><td><a href="https://etherscan.io/address/0x62247D29B4B9BECf4BB73E0c722cf6445cfC7cE9"><code>0x62247D29B4B9BECf4BB73E0c722cf6445cfC7cE9</code></a></td></tr><tr><td>Upgrade Timelock</td><td><a href="https://etherscan.io/address/0x9f26d4C958fD811A1F59B01B86Be7dFFc9d20761"><code>0x9f26d4C958fD811A1F59B01B86Be7dFFc9d20761</code></a></td></tr><tr><td>Operating Timelock</td><td><a href="https://etherscan.io/address/0xcD425f44758a08BaAB3C4908f3e3dE5776e45d7a"><code>0xcD425f44758a08BaAB3C4908f3e3dE5776e45d7a</code></a></td></tr><tr><td>Blacklister</td><td><a href="https://etherscan.io/address/0x5585996E7cFE95f2D99e61168B8b35C66Ff99B18"><code>0x5585996E7cFE95f2D99e61168B8b35C66Ff99B18</code></a></td></tr><tr><td>RevokeAdmin</td><td><a href="https://etherscan.io/address/0x4A84BA0b5e716b37C78D0F5094757205626C7C1e"><code>0x4A84BA0b5e716b37C78D0F5094757205626C7C1e</code></a></td></tr><tr><td>EtherFiOperationParameters</td><td><a href="https://etherscan.io/address/0xD0Ff8996DB4bDB46870b7E833b7532f484fEad1A"><code>0xD0Ff8996DB4bDB46870b7E833b7532f484fEad1A</code></a></td></tr><tr><td>EtherFiViewer</td><td><a href="https://etherscan.io/address/0x2ecd155405cA52a5ca0e552981fF44A8252FAb81"><code>0x2ecd155405cA52a5ca0e552981fF44A8252FAb81</code></a></td></tr></tbody></table>

### Membership

<table><thead><tr><th width="258">Contract</th><th>Address</th></tr></thead><tbody><tr><td>MembershipManager</td><td><a href="https://etherscan.io/address/0x3d320286E014C3e1ce99Af6d6B00f0C1D63E3000"><code>0x3d320286E014C3e1ce99Af6d6B00f0C1D63E3000</code></a></td></tr><tr><td>MembershipNFT</td><td><a href="https://etherscan.io/address/0xb49e4420eA6e35F98060Cd133842DbeA9c27e479"><code>0xb49e4420eA6e35F98060Cd133842DbeA9c27e479</code></a></td></tr></tbody></table>

### Legacy (historical — no longer central)

<table><thead><tr><th width="258">Contract</th><th>Address</th></tr></thead><tbody><tr><td>BNFT</td><td><a href="https://etherscan.io/address/0x6599861e55abd28b91dd9d86A826eC0cC8D72c2c"><code>0x6599861e55abd28b91dd9d86A826eC0cC8D72c2c</code></a></td></tr><tr><td>TNFT</td><td><a href="https://etherscan.io/address/0x7B5ae07E2AF1C861BcC4736D23f5f66A61E0cA5e"><code>0x7B5ae07E2AF1C861BcC4736D23f5f66A61E0cA5e</code></a></td></tr><tr><td>Early Adopter Pool</td><td><a href="https://etherscan.io/address/0x7623e9DC0DA6FF821ddb9EbABA794054E078f8c4"><code>0x7623e9DC0DA6FF821ddb9EbABA794054E078f8c4</code></a></td></tr></tbody></table>

### Cross-chain Token Contracts

<table><thead><tr><th width="175">Chain</th><th width="135">Asset</th><th>Address</th></tr></thead><tbody><tr><td>Arbitrum</td><td>weETH</td><td><a href="https://arbiscan.io/address/0x35751007a407ca6FEFfE80b3cB397736D2cf4dbe"><code>0x35751007a407ca6FEFfE80b3cB397736D2cf4dbe</code></a></td></tr><tr><td>Avalanche</td><td>weETH</td><td><a href="https://snowtrace.io/address/0xA3D68b74bF0528fdD07263c60d6488749044914b"><code>0xA3D68b74bF0528fdD07263c60d6488749044914b</code></a></td></tr><tr><td>Blast</td><td>weETH</td><td><a href="https://blastscan.io/address/0x04C0599Ae5A44757c0af6F9eC3b93da8976c150A"><code>0x04C0599Ae5A44757c0af6F9eC3b93da8976c150A</code></a></td></tr><tr><td>Base</td><td>weETH</td><td><a href="https://basescan.org/address/0x04C0599Ae5A44757c0af6F9eC3b93da8976c150A"><code>0x04C0599Ae5A44757c0af6F9eC3b93da8976c150A</code></a></td></tr><tr><td>Berachain</td><td>weETH</td><td><a href="https://berascan.com/address/0x7DCC39B4d1C53CB31e1aBc0e358b43987FEF80f7"><code>0x7DCC39B4d1C53CB31e1aBc0e358b43987FEF80f7</code></a></td></tr><tr><td>BSC</td><td>weETH</td><td><a href="https://bscscan.com/address/0x04C0599Ae5A44757c0af6F9eC3b93da8976c150A"><code>0x04C0599Ae5A44757c0af6F9eC3b93da8976c150A</code></a></td></tr><tr><td>HyperEVM</td><td>weETH</td><td><a href="https://hyperevmscan.io/address/0xA3D68b74bF0528fdD07263c60d6488749044914b"><code>0xA3D68b74bF0528fdD07263c60d6488749044914b</code></a></td></tr><tr><td>Ink</td><td>weETH</td><td><a href="https://explorer.inkonchain.com/address/0xA3D68b74bF0528fdD07263c60d6488749044914b"><code>0xA3D68b74bF0528fdD07263c60d6488749044914b</code></a></td></tr><tr><td>Katana</td><td>weETH</td><td><a href="https://katanascan.com/address/0x9893989433e7a383cb313953e4c2365107dc19a7"><code>0x9893989433e7a383cb313953e4c2365107dc19a7</code></a></td></tr><tr><td>Linea</td><td>weETH</td><td><a href="https://lineascan.build/address/0x1Bf74C010E6320bab11e2e5A532b5AC15e0b8aA6"><code>0x1Bf74C010E6320bab11e2e5A532b5AC15e0b8aA6</code></a></td></tr><tr><td>Mode</td><td>weETH</td><td><a href="https://explorer.mode.network/address/0x04c0599ae5a44757c0af6f9ec3b93da8976c150a"><code>0x04c0599ae5a44757c0af6f9ec3b93da8976c150a</code></a></td></tr><tr><td>Monad</td><td>weETH</td><td><a href="https://monadscan.com/address/0xA3D68b74bF0528fdD07263c60d6488749044914b"><code>0xA3D68b74bF0528fdD07263c60d6488749044914b</code></a></td></tr><tr><td>Morph</td><td>weETH</td><td><a href="https://explorer.morphl2.io/address/0x7DCC39B4d1C53CB31e1aBc0e358b43987FEF80f7"><code>0x7DCC39B4d1C53CB31e1aBc0e358b43987FEF80f7</code></a></td></tr><tr><td>Optimism</td><td>weETH</td><td><a href="https://optimistic.etherscan.io/address/0x5A7fACB970D094B6C7FF1df0eA68D99E6e73CBFF"><code>0x5A7fACB970D094B6C7FF1df0eA68D99E6e73CBFF</code></a></td></tr><tr><td>Plasma</td><td>weETH</td><td><a href="https://plasmascan.to/address/0xA3D68b74bF0528fdD07263c60d6488749044914b"><code>0xA3D68b74bF0528fdD07263c60d6488749044914b</code></a></td></tr><tr><td>Robinhood</td><td>weETH</td><td><a href="https://robinhoodchain.blockscout.com/address/0xA3D68b74bF0528fdD07263c60d6488749044914b"><code>0xA3D68b74bF0528fdD07263c60d6488749044914b</code></a></td></tr><tr><td>Scroll</td><td>weETH</td><td><a href="https://scrollscan.com/address/0x01f0a31698c4d065659b9bdc21b3610292a1c506"><code>0x01f0a31698c4d065659b9bdc21b3610292a1c506</code></a></td></tr><tr><td>Sonic</td><td>weETH</td><td><a href="https://sonicscan.org/address/0xA3D68b74bF0528fdD07263c60d6488749044914b"><code>0xA3D68b74bF0528fdD07263c60d6488749044914b</code></a></td></tr><tr><td>Stable</td><td>weETH</td><td><a href="https://stablescan.xyz/address/0x60a08269e5f3406d8fd7892567d53188C7F75009"><code>0x60a08269e5f3406d8fd7892567d53188C7F75009</code></a></td></tr><tr><td>Swell</td><td>weETH</td><td><code>0xA6cB988942610f6731e664379D15fFcfBf282b44</code></td></tr><tr><td>Unichain</td><td>weETH</td><td><a href="https://uniscan.xyz/address/0x7DCC39B4d1C53CB31e1aBc0e358b43987FEF80f7"><code>0x7DCC39B4d1C53CB31e1aBc0e358b43987FEF80f7</code></a></td></tr><tr><td>ZKsync</td><td>weETH</td><td><a href="https://explorer.zksync.io/address/0xc1fa6e2e8667d9be0ca938a54c7e0285e9df924a"><code>0xc1fa6e2e8667d9be0ca938a54c7e0285e9df924a</code></a></td></tr><tr><td>Mainnet</td><td>ETHFI</td><td><a href="https://etherscan.io/address/0xFe0c30065B384F05761f15d0CC899D4F9F9Cc0eB"><code>0xFe0c30065B384F05761f15d0CC899D4F9F9Cc0eB</code></a></td></tr><tr><td>Arbitrum</td><td>ETHFI</td><td><a href="https://arbiscan.io/address/0x7189fb5B6504bbfF6a852B13B7B82a3c118fDc27"><code>0x7189fb5B6504bbfF6a852B13B7B82a3c118fDc27</code></a></td></tr><tr><td>Base</td><td>ETHFI</td><td><a href="https://basescan.org/address/0x6C240DDA6b5c336DF09A4D011139beAAa1eA2Aa2"><code>0x6C240DDA6b5c336DF09A4D011139beAAa1eA2Aa2</code></a></td></tr><tr><td>Optimism</td><td>ETHFI</td><td><a href="https://optimistic.etherscan.io/address/0xe0080d2F853ecDdbd81A643dC10DA075Df26fD3f"><code>0xe0080d2F853ecDdbd81A643dC10DA075Df26fD3f</code></a></td></tr><tr><td>Scroll</td><td>ETHFI</td><td><a href="https://scrollscan.com/address/0x056A5FA5da84ceb7f93d36e545C5905607D8bD81"><code>0x056A5FA5da84ceb7f93d36e545C5905607D8bD81</code></a></td></tr><tr><td>Mainnet</td><td>eBTC</td><td><a href="https://etherscan.io/address/0x657e8C867D8B37dCC18fA4Caead9C45EB088C642"><code>0x657e8C867D8B37dCC18fA4Caead9C45EB088C642</code></a></td></tr><tr><td>Base</td><td>eBTC</td><td><a href="https://basescan.org/address/0x657e8C867D8B37dCC18fA4Caead9C45EB088C642"><code>0x657e8C867D8B37dCC18fA4Caead9C45EB088C642</code></a></td></tr><tr><td>Arbitrum</td><td>eBTC</td><td><a href="https://arbiscan.io/address/0x657e8C867D8B37dCC18fA4Caead9C45EB088C642"><code>0x657e8C867D8B37dCC18fA4Caead9C45EB088C642</code></a></td></tr><tr><td>Corn</td><td>eBTC</td><td><a href="https://cornscan.io/address/0x657e8C867D8B37dCC18fA4Caead9C45EB088C642"><code>0x657e8C867D8B37dCC18fA4Caead9C45EB088C642</code></a></td></tr><tr><td>Berachain</td><td>eBTC</td><td><a href="https://berascan.com/address/0x657e8C867D8B37dCC18fA4Caead9C45EB088C642"><code>0x657e8C867D8B37dCC18fA4Caead9C45EB088C642</code></a></td></tr><tr><td>Optimism</td><td>eBTC</td><td><a href="https://optimistic.etherscan.io/address/0x657e8C867D8B37dCC18fA4Caead9C45EB088C642"><code>0x657e8C867D8B37dCC18fA4Caead9C45EB088C642</code></a></td></tr><tr><td>Scroll</td><td>eBTC</td><td><a href="https://scrollscan.com/address/0x657e8C867D8B37dCC18fA4Caead9C45EB088C642"><code>0x657e8C867D8B37dCC18fA4Caead9C45EB088C642</code></a></td></tr></tbody></table>

### Cash Contracts

Cash v3 contracts are deployed on **Optimism**. Canonical source of truth: [cash-v3/deployments/mainnet](https://github.com/etherfi-protocol/cash-v3/tree/master/deployments/mainnet) (chain ID `10`). Top-up source contracts on other chains live in the same deployments tree under their chain ID.

<table><thead><tr><th width="320">Contract</th><th>Address</th></tr></thead><tbody><tr><td>CashModule</td><td><a href="https://optimistic.etherscan.io/address/0x7Ca0b75E67E33c0014325B739A8d019C4FE445F0"><code>0x7Ca0b75E67E33c0014325B739A8d019C4FE445F0</code></a></td></tr><tr><td>CashLens</td><td><a href="https://optimistic.etherscan.io/address/0x7DA874f3BacA1A8F0af27E5ceE1b8C66A772F84E"><code>0x7DA874f3BacA1A8F0af27E5ceE1b8C66A772F84E</code></a></td></tr><tr><td>CashEventEmitter</td><td><a href="https://optimistic.etherscan.io/address/0x380B2e96799405be6e3D965f4044099891881acB"><code>0x380B2e96799405be6e3D965f4044099891881acB</code></a></td></tr><tr><td>EtherFiDataProvider</td><td><a href="https://optimistic.etherscan.io/address/0xDC515Cb479a64552c5A11a57109C314E40A1A778"><code>0xDC515Cb479a64552c5A11a57109C314E40A1A778</code></a></td></tr><tr><td>EtherFiHook</td><td><a href="https://optimistic.etherscan.io/address/0x5D3c4f5CF2208bB54e8fd129730d01D82d4611b3"><code>0x5D3c4f5CF2208bB54e8fd129730d01D82d4611b3</code></a></td></tr><tr><td>EtherFiSafeFactory</td><td><a href="https://optimistic.etherscan.io/address/0xF4e147Db314947fC1275a8CbB6Cde48c510cd8CF"><code>0xF4e147Db314947fC1275a8CbB6Cde48c510cd8CF</code></a></td></tr><tr><td>RoleRegistry</td><td><a href="https://optimistic.etherscan.io/address/0x5C1E3D653fcbC54Ae25c2AD9d59548D2082C687B"><code>0x5C1E3D653fcbC54Ae25c2AD9d59548D2082C687B</code></a></td></tr><tr><td>DebtManager</td><td><a href="https://optimistic.etherscan.io/address/0x0078C5a459132e279056B2371fE8A8eC973A9553"><code>0x0078C5a459132e279056B2371fE8A8eC973A9553</code></a></td></tr><tr><td>CashbackDispatcher</td><td><a href="https://optimistic.etherscan.io/address/0xef55eC694B0B8273967f28627C5BC26F5deea836"><code>0xef55eC694B0B8273967f28627C5BC26F5deea836</code></a></td></tr><tr><td>PriceProvider</td><td><a href="https://optimistic.etherscan.io/address/0x44dd2372FE7B97C4B4D6a7d4DeCf72466485BAcB"><code>0x44dd2372FE7B97C4B4D6a7d4DeCf72466485BAcB</code></a></td></tr><tr><td>OpenOceanSwapModule</td><td><a href="https://optimistic.etherscan.io/address/0x5765177E7A0226F6a9969770bd24CBd67950c375"><code>0x5765177E7A0226F6a9969770bd24CBd67950c375</code></a></td></tr><tr><td>TopUpDest</td><td><a href="https://optimistic.etherscan.io/address/0x3a6A724595184dda4be69dB1Ce726F2Ac3D66B87"><code>0x3a6A724595184dda4be69dB1Ce726F2Ac3D66B87</code></a></td></tr><tr><td>SettlementDispatcherRain</td><td><a href="https://optimistic.etherscan.io/address/0x50A233C4a0Bb1d7124b0224880037d35767a501C"><code>0x50A233C4a0Bb1d7124b0224880037d35767a501C</code></a></td></tr><tr><td>SettlementDispatcherReap</td><td><a href="https://optimistic.etherscan.io/address/0x9623e86Df854FF3b48F7B4079a516a4F64861Db2"><code>0x9623e86Df854FF3b48F7B4079a516a4F64861Db2</code></a></td></tr><tr><td>SettlementDispatcherPix</td><td><a href="https://optimistic.etherscan.io/address/0x95aaddD43b6edF838ec486E9f9814787212Bf42D"><code>0x95aaddD43b6edF838ec486E9f9814787212Bf42D</code></a></td></tr><tr><td>SettlementDispatcherCardOrder</td><td><a href="https://optimistic.etherscan.io/address/0xb14FDfd7D2cfFb6Cc6953C1b80F1B1d12c2F766a"><code>0xb14FDfd7D2cfFb6Cc6953C1b80F1B1d12c2F766a</code></a></td></tr></tbody></table>

#### Cash Modules

<table><thead><tr><th width="320">Contract</th><th>Address</th></tr></thead><tbody><tr><td>EtherFiStakeModule</td><td><a href="https://optimistic.etherscan.io/address/0xD908117461378323C68257d522DC2De5D7890A1B"><code>0xD908117461378323C68257d522DC2De5D7890A1B</code></a></td></tr><tr><td>BeHYPEStakeModule</td><td><a href="https://optimistic.etherscan.io/address/0xd12efd5067DE109F9D00e1A31a34991d58DbB9F3"><code>0xd12efd5067DE109F9D00e1A31a34991d58DbB9F3</code></a></td></tr><tr><td>EtherFiLiquidModule</td><td><a href="https://optimistic.etherscan.io/address/0x9008d1987A6aE5d3fFD9109967F85E631191E7A5"><code>0x9008d1987A6aE5d3fFD9109967F85E631191E7A5</code></a></td></tr><tr><td>EtherFiLiquidModuleWithReferrer</td><td><a href="https://optimistic.etherscan.io/address/0x80D4B367659bb925A3790C76bC4da0B4f02d8613"><code>0x80D4B367659bb925A3790C76bC4da0B4f02d8613</code></a></td></tr><tr><td>LiquidUSDLiquifierModule</td><td><a href="https://optimistic.etherscan.io/address/0x39161A44588ec2327a18D4707EA5216C721ba539"><code>0x39161A44588ec2327a18D4707EA5216C721ba539</code></a></td></tr><tr><td>StargateModule</td><td><a href="https://optimistic.etherscan.io/address/0xee77DEB6991f5d5CcAE5a327debA32d292E85c1c"><code>0xee77DEB6991f5d5CcAE5a327debA32d292E85c1c</code></a></td></tr><tr><td>FraxModule</td><td><a href="https://optimistic.etherscan.io/address/0x6742AF68E4f45715480E06B81775Cdb5Ba167088"><code>0x6742AF68E4f45715480E06B81775Cdb5Ba167088</code></a></td></tr><tr><td>MidasModule</td><td><a href="https://optimistic.etherscan.io/address/0x2D43400058cE6810916Fd312FB38a7DcdF9708aa"><code>0x2D43400058cE6810916Fd312FB38a7DcdF9708aa</code></a></td></tr><tr><td>AssetRecoveryModule</td><td><a href="https://optimistic.etherscan.io/address/0x431d271D544aC67fAfFa8a9FfabAabCB14563102"><code>0x431d271D544aC67fAfFa8a9FfabAabCB14563102</code></a></td></tr><tr><td>CashLiquidationHelper</td><td><a href="https://optimistic.etherscan.io/address/0x97aC360D9F08f755D59899E4E8A4076D18AE033a"><code>0x97aC360D9F08f755D59899E4E8A4076D18AE033a</code></a></td></tr></tbody></table>

### beHYPE Contracts

Contracts are deployed on the HyperEVM

<table><thead><tr><th width="193.328125">Contract</th><th>Contract Address</th></tr></thead><tbody><tr><td>BeHYPE</td><td><code>0xd8FC8F0b03eBA61F64D08B0bef69d80916E5DdA9</code></td></tr><tr><td>StakingCore</td><td><code>0xCeaD893b162D38e714D82d06a7fe0b0dc3c38E0b</code></td></tr><tr><td>WithdrawManager</td><td><code>0x9d0B0877b9f2204CF414Ca7862E4f03506822538</code></td></tr><tr><td>RoleRegistry</td><td><code>0x90102473a816A01A9fB0809F2289438B2e294F76</code></td></tr><tr><td>BeHYPETimelock</td><td><code>0xA24aF73EaDD17997EeEdbEd36672e996544D2DE4</code></td></tr></tbody></table>

### ETHFI Staking

<table><thead><tr><th width="141">Chain</th><th>Contract Address</th></tr></thead><tbody><tr><td>Mainnet</td><td><a href="https://etherscan.io/address/0x86B5780b606940Eb59A062aA85a07959518c0161"><code>0x86B5780b606940Eb59A062aA85a07959518c0161</code></a></td></tr><tr><td>Arbitrum</td><td><a href="https://arbiscan.io/address/0x86B5780b606940Eb59A062aA85a07959518c0161"><code>0x86B5780b606940Eb59A062aA85a07959518c0161</code></a></td></tr><tr><td>Base</td><td><a href="https://basescan.org/address/0x86B5780b606940Eb59A062aA85a07959518c0161"><code>0x86B5780b606940Eb59A062aA85a07959518c0161</code></a></td></tr><tr><td>Optimism</td><td><a href="https://optimistic.etherscan.io/address/0x86B5780b606940Eb59A062aA85a07959518c0161"><code>0x86B5780b606940Eb59A062aA85a07959518c0161</code></a></td></tr><tr><td>Scroll</td><td><a href="https://scrollscan.com/address/0x86B5780b606940Eb59A062aA85a07959518c0161"><code>0x86B5780b606940Eb59A062aA85a07959518c0161</code></a></td></tr></tbody></table>

### Liquid Vault contracts

[See vaults for contract information](/etherfi/products/liquid)

### Claim contracts

<table><thead><tr><th width="282">Claim</th><th width="99">Chain</th><th>Address</th></tr></thead><tbody><tr><td>ETHFI Season 1 - Tranche 1</td><td>Mainnet</td><td><a href="https://etherscan.io/address/0x93fff4028927f53f708534397ed349b9cd4e2f9f"><code>0x93fff4028927f53f708534397ed349b9cd4e2f9f</code></a></td></tr><tr><td>ETHFI Season 1 - Tranche 2</td><td>Mainnet</td><td><a href="https://etherscan.io/address/0x1baa2146E5b258a2CC516166a095DbC22CAacfe6"><code>0x1baa2146E5b258a2CC516166a095DbC22CAacfe6</code></a></td></tr><tr><td>ETHFI Season 1 - Tranche 3</td><td>Mainnet</td><td><a href="https://etherscan.io/address/0x227dd729c7ca1eb91c22dac0c4b1abad75b8365a"><code>0x227dd729c7ca1eb91c22dac0c4b1abad75b8365a</code></a></td></tr><tr><td>ETHFI Season 2 - Tranche 1</td><td>Mainnet</td><td><a href="https://etherscan.io/address/0x64776B0907b839e759f91a5a328EA143067dDCd7"><code>0x64776B0907b839e759f91a5a328EA143067dDCd7</code></a></td></tr><tr><td>ETHFI Season 2 - Tranche 1</td><td>Arbitrum</td><td><a href="https://arbiscan.io/address/0xc5fde679f52e9bd896ab1dee5265f9a80c672512"><code>0xc5fde679f52e9bd896ab1dee5265f9a80c672512</code></a></td></tr><tr><td>ETHFI Season 2 - Tranche 2</td><td>Mainnet</td><td><a href="https://etherscan.io/address/0x87eb1c0f3827cb91bef234f61e4a5594280754e9"><code>0x87eb1c0f3827cb91bef234f61e4a5594280754e9</code></a></td></tr><tr><td>ETHFI Season 2 - Tranche 2</td><td>Arbitrum</td><td><a href="https://arbiscan.io/address/0x2c999fd1543dd5a228acd0173092af10e3a8eeda"><code>0x2c999fd1543dd5a228acd0173092af10e3a8eeda</code></a></td></tr><tr><td>ETHFI Season 2 - Tranche 3</td><td>Mainnet</td><td><a href="https://etherscan.io/address/0x7aec93210fd857bfb1e7919cb9ef30731494c003"><code>0x7aec93210fd857bfb1e7919cb9ef30731494c003</code></a></td></tr><tr><td>ETHFI Season 2 - Tranche 3</td><td>Arbitrum</td><td><a href="https://arbiscan.io/address/0x390624d61F03075d7e14D909D6c3f46Ecac8b984"><code>0x390624d61F03075d7e14D909D6c3f46Ecac8b984</code></a></td></tr><tr><td>ETHFI Season 2 - Tranche 4</td><td>Mainnet</td><td><a href="https://etherscan.io/address/0x0c1e1a20566321de81841e61a75b2b949610cb39"><code>0x0c1e1a20566321de81841e61a75b2b949610cb39</code></a></td></tr><tr><td>ETHFI Season 3 - Tranche 1</td><td>Mainnet</td><td><a href="https://etherscan.io/address/0xbd456973DFd5B00b07Ce5307110C77E3F228Ca3c"><code>0xbd456973DFd5B00b07Ce5307110C77E3F228Ca3c</code></a></td></tr><tr><td>ETHFI Season 3 - Tranche 1</td><td>Arbitrum</td><td><a href="https://arbiscan.io/address/0x4dea1271dfae80f4f3324b3a50c33abdbea89a57"><code>0x4dea1271dfae80f4f3324b3a50c33abdbea89a57</code></a></td></tr><tr><td>ETHFI Season 3 - Tranche 1</td><td>Base</td><td><a href="https://basescan.org/address/0x7b6a67f1031c1d8c7bab1cf001bdaf83271241fb"><code>0x7b6a67f1031c1d8c7bab1cf001bdaf83271241fb</code></a></td></tr><tr><td>ETHFI Season 3 - Tranche 2</td><td>Mainnet</td><td><a href="https://etherscan.io/address/0xCE6460b8E97D7be72a9F525Fa5B49C62D06d2B46"><code>0xCE6460b8E97D7be72a9F525Fa5B49C62D06d2B46</code></a></td></tr><tr><td>ETHFI Season 3 - Tranche 2</td><td>Arbitrum</td><td><a href="https://arbiscan.io/address/0x637Ee65658Cb8f6524C051F76677E791dDC10bd4"><code>0x637Ee65658Cb8f6524C051F76677E791dDC10bd4</code></a></td></tr><tr><td>ETHFI Season 3 - Tranche 3</td><td>Mainnet</td><td><a href="https://etherscan.io/address/0xf5A6d0642C7E02b250a5adA440F901d211B40506"><code>0xf5A6d0642C7E02b250a5adA440F901d211B40506</code></a></td></tr><tr><td>Liquid ETH Rewards</td><td>Mainnet</td><td><a href="https://etherscan.io/address/0xF0164d48b308c42AE028e3379b2FB620E70F8780"><code>0xF0164d48b308c42AE028e3379b2FB620E70F8780</code></a></td></tr><tr><td>Liquid ETH Rewards 2</td><td>Mainnet</td><td><a href="https://etherscan.io/address/0xa8037a13f5b0d6dc91a1c4c75b31a79a2986e24b"><code>0xa8037a13f5b0d6dc91a1c4c75b31a79a2986e24b</code></a></td></tr><tr><td>Liquid ETH Rewards 3</td><td>Mainnet</td><td><a href="https://etherscan.io/address/0x2882f978460d1229f1d0414ce91d0061b81adc2c"><code>0x2882f978460d1229f1d0414ce91d0061b81adc2c</code></a></td></tr><tr><td>EigenLayer Stakedrop Season 2</td><td>Mainnet</td><td><a href="https://etherscan.io/address/0x2ec90ef34e312a855becf74762d198d8369eece1"><code>0x2Ec90ef34e312A855becf74762D198D8369eEcE1</code></a></td></tr></tbody></table>


# Integrations

weETH is integrated across the DeFi ecosystem. For the full, live list of DeFi integrations, see the [DeFi page](https://app.ether.fi/defi) in the ether.fi app.

If you're integrating weETH into your protocol, start with the [Integration Guide](/etherfi/developers/contracts-and-integrations/integration-guide) and pull addresses from [Deployed Contracts](/etherfi/developers/contracts-and-integrations/deployed-contracts).

<table><thead><tr><th width="210">Category</th><th width="177">Provider</th><th>Link</th></tr></thead><tbody><tr><td>Oracles / Price feeds</td><td>RedStone</td><td><a href="https://docs.redstone.finance/docs/smart-contract-devs/price-feeds">weETH price feeds</a></td></tr><tr><td></td><td>Chainlink</td><td><a href="https://data.chain.link/">data.chain.link</a></td></tr><tr><td></td><td>Chaos Labs</td><td><a href="https://chaoslabs.xyz/">chaoslabs.xyz</a></td></tr><tr><td>Trackers</td><td>DefiLlama</td><td><a href="https://defillama.com/protocol/ether.fi">ether.fi TVL</a></td></tr><tr><td></td><td>Dune Dashboard</td><td><a href="https://dune.com/ether_fi/etherfi">ether.fi Dune dashboard</a></td></tr></tbody></table>

{% hint style="info" %}
Want your protocol added? Join our [Discord](https://discord.com/invite/zqGzcuQWvD) and help grow the list of use cases for weETH.
{% endhint %}


# How To

You can interact directly with smart contract via Etherscan even when ether.fi's web page or dapp is down.

## Withdrawals

#### Standard Withdrawal with Delays

this is the standard queued withdrawal without fee and without rate limit:

1. **Unwrap weETH to eETH**: If you hold weETH, you need to unwrap to eETH. Use [weETH.unwrap](https://etherscan.io/address/0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee#writeProxyContract#F16). Note that you need [eETH.approve](https://etherscan.io/address/0x35fA164735182de50811E8e2E824cFb9B6118ac2#writeProxyContract#F1) with spender = [weETH](https://etherscan.io/address/0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee) contract.
2. **Initiate withdrawal**: You can use [LiquidityPool.requestWithdraw](https://etherscan.io/address/0x308861A430be4cce5502d0A12724771Fc6DaF216#writeProxyContract#F18), then you will receive the [WithdrawRequestNFT](https://etherscan.io/address/0x7d5706f6ef3F89B3951E23e557CDFBC3239D4E2c) which is ERC721 NFT representing your queued withdrawal.
3. **Check the status of the withdrawal**: use [WithdrawRequestNFT.isFinalized(nftTokenId)](https://etherscan.io/address/0x7d5706f6ef3F89B3951E23e557CDFBC3239D4E2c#readProxyContract#F17). You can preview the exact ETH you will receive with [WithdrawRequestNFT.getClaimableAmount(nftTokenId)](https://etherscan.io/address/0x7d5706f6ef3F89B3951E23e557CDFBC3239D4E2c#readProxyContract#F13). Once a request is finalized, its payout is locked in: later rebases no longer change the amount.
4. **Claim**: use [WithdrawRequestNFT.claimWithdraw(nftTokenId)](https://etherscan.io/address/0x7d5706f6ef3F89B3951E23e557CDFBC3239D4E2c#writeProxyContract#F3)

#### Instant Withdrawal without Delay

this is the instant redemption with a small exit fee and a rate limit. The fee and the rate limit are set per token (eETH / weETH), and the instant withdrawal is only allowed when the buffer liquidity is above the low watermark (a percentage of eETH TVL). Both the fee and the watermark are hard-capped at 5% in code; read the live values onchain as below.

1. **(optional) Check the fee and low watermark:** use [EtherFiRedemptionManager.tokenToRedemptionInfo(token)](https://etherscan.io/address/0xDadEf1fFBFeaAB4f68A9fD181395F68b4e4E7Ae0#readProxyContract#F28) with *token* = the [eETH](https://etherscan.io/address/0x35fA164735182de50811E8e2E824cFb9B6118ac2) or [weETH](https://etherscan.io/address/0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee) address. It returns the rate-limit bucket plus `exitFeeInBps` and `lowWatermarkInBpsOfTvl` for that token.
2. **Check if redeemable**: use [EtherFiRedemptionManager.canRedeem(amount, token)](https://etherscan.io/address/0xDadEf1fFBFeaAB4f68A9fD181395F68b4e4E7Ae0#readProxyContract#F6) where *amount* is the ETH amount of the eETH/weETH being redeemed. You can also check the available buffer with [getInstantLiquidityAmount(token)](https://etherscan.io/address/0xDadEf1fFBFeaAB4f68A9fD181395F68b4e4E7Ae0#readProxyContract#F10).
3. **Redeem**: Use either [redeemEEth(amount, receiver, outputToken)](https://etherscan.io/address/0xDadEf1fFBFeaAB4f68A9fD181395F68b4e4E7Ae0#writeProxyContract#F5) or [redeemWeEth(amount, receiver, outputToken)](https://etherscan.io/address/0xDadEf1fFBFeaAB4f68A9fD181395F68b4e4E7Ae0#writeProxyContract#F7). *outputToken* selects what you receive: `0xEeeeeEeeeEeEeeEeEeEeeEEEeeeeEeeeeeeeEEeE` for ETH, or the stETH address for stETH. Note that you need [eETH.approve](https://etherscan.io/address/0x35fA164735182de50811E8e2E824cFb9B6118ac2#writeProxyContract#F1) or [weETH.approve](https://etherscan.io/address/0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee#writeProxyContract#F1) with spender = [EtherFiRedemptionManager](https://etherscan.io/address/0xDadEf1fFBFeaAB4f68A9fD181395F68b4e4E7Ae0) contract.


# Node Operators

Professional operators who bid on, win, and run ether.fi validator nodes.

Node operators are partners who run ether.fi validator nodes at scale. This section helps you connect to the web application, bid on the right to run ether.fi nodes, receive keys when you win auctions, and decrypt and import those keys into your own infrastructure.

## Operator guides

<table data-view="cards"><thead><tr><th></th><th></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><strong>Dapp walkthrough</strong></td><td>Connect to the web application and navigate the operator flow.</td><td><a href="/pages/qoZNRbIRbaZ2WqCkcodX">/pages/qoZNRbIRbaZ2WqCkcodX</a></td></tr><tr><td><strong>Node operators guide</strong></td><td>Bid on auctions, receive keys, and run nodes end to end.</td><td><a href="/pages/21v36Z5zTyx8lHk60nMM">/pages/21v36Z5zTyx8lHk60nMM</a></td></tr><tr><td><strong>Relayer</strong></td><td>How the relayer fits into the operator workflow.</td><td><a href="/pages/dYCp15pmPVeWSmxuebPb">/pages/dYCp15pmPVeWSmxuebPb</a></td></tr></tbody></table>

{% hint style="info" %}
Running a single validator from home? See the [Solo Stakers](/etherfi/archive/solo-stakers) section instead.
{% endhint %}


# Dapp walkthrough

## Node operators

With ether.fi, Node Operators may participate in an **Auction** for the right to run additional validators on ethereum. This auction mechanism serves two purposes: uses market forces to differentiate between operators (performance) and compensates all stakeholders for participating in the protocol (Stakers, eETH holders, Node Operators, and the Protocol).

Here's a set of videos demonstrating the Node Operator's actions in ether.fi's validator auctions:

**Make a bid**:

{% embed url="<https://www.youtube.com/watch?v=Sikj-du9KjE>" %}

**Cancel a bid**:

{% embed url="<https://www.youtube.com/watch?v=wRyMJA4wT70>" %}

Node operators are currently **whitelisted.** To request to be added to the whitelist please email <support@ether.fi>. When applying to be a node operator, ether.fi will take into consideration a set of important qualifications:

* good node performance history
* demonstration that validator node infrastructure is both robust and resilient
* alignment with general ether.fi's goals and beliefs


# Node operators guide

## **Web App**

**Acquire enough ETH** to interact materially with etherfi. **Connect to** [**ether.fi**](http://ether.fi) **web application. Once connected, each Node Operator partner will perform a one time registration process.**

### Web App One-time Registration Process:

* With a web browser, **navigate** to:[ ](https://app.ether.fi/)<https://app.ether.fi/>
* **Connect** your wallet top right button:

<figure><img src="/files/n3B843n6ZvyY7OfCpmcj" alt=""><figcaption></figcaption></figure>

* You should be directed to the Stake tab. As a Node Operator, we’re interested in the Auction actions. Click on **Auction tab** and **Download** etherfi desktop app (to generate public private key pairs for secure keystore passing from stakers):

<figure><img src="/files/FmrhOXHLvKEMlzQ3RTG0" alt=""><figcaption></figcaption></figure>

* This will take you to the following url: <https://github.com/GadzeFinance/etherfi-desktop/releases>
* **Click Assets** and locate the version that best matches your system (linux, mac, windows):

<figure><img src="/files/wCwg2nE2mGPytWMxThUq" alt=""><figcaption></figcaption></figure>

* **Save** the file to your machine, **Unzip** it, **double click** on the application to run it. You should see an interface like the following on mac \[\*if you are prevented from opening the application, on a mac go to apple > system preferences > security and privacy and see if “Allow apps downloaded from:” has BOTH **app store and identified developers** selected; if not, click on the lock, select, lock again]. Click **open**:

<figure><img src="/files/KGJIon7kYrLvqSCZaHtF" alt="" width="265"><figcaption></figcaption></figure>

* You should now be using the desktop application. On the top right, **select Node Operator**:

<figure><img src="/files/ivYVO11aYFzNWByTyNH0" alt=""><figcaption></figcaption></figure>

* You should see the **Generate Encryption Keys** interface. Here we’ll generate and store the keys used to receive and decrypt encrypted validator keys from stakers:

<figure><img src="/files/5C2sVSPG9htZFCtgfgT8" alt=""><figcaption></figcaption></figure>

* **Leave** keys at 7000 \[\*in the future, we will have an xpub], **select** a secure password, **select** a save path, and click **Generate Keys**:

<figure><img src="/files/fAG9w9CfblDpCDlji84t" alt=""><figcaption></figcaption></figure>

* You should see that you’ve generated a set of publicEtherfiKeystore-.json and a privateEtherfiKeystore-.json files. Click **Finish**, and you should be able to navigate to your specified directory and see your files.
  * The **public keys** will be published on ipfs for stakers to use encrypting keystore files.
  * The **private keys** should be kept safe (backed up, not lost, …); they’ll be used to decrypt keystore files from stakers.
  * **PLEASE BACKUP SAFELY ALL THESE KEYS AND PASSWORD. THEY’RE REQUIRED FOR ACCEPTING STAKING REQUESTS AND DECRYPTING THE VALIDATOR KEYS.**
* We are now **done** with the desktop application.
* **Return** to the web application, **select Auction** tab, and **click** the upload space to select your publicEtherfiKeystore file, then click **Register Public Keys**:

<figure><img src="/files/L2SxOFoxI87gqhfKwwpl" alt=""><figcaption></figcaption></figure>

* If your IPFS upload transaction succeeds, you should now be able to bid in the Node Operator **Auction.** Enter the number of bids you want to post, and the price per bid in ETH below it. **Click** Bid now:

<figure><img src="/files/Csc1w4fMA9yT95PBdpFv" alt=""><figcaption></figcaption></figure>

* You should now see your bids posted in the top right panel labeled: “Your Bids” as well as the larger auction panel “Competing Bids”. These can be easily cancelled with funds returned as well:

<figure><img src="/files/rUhHW6YFe2JaLw21WfX0" alt=""><figcaption></figcaption></figure>

**Because this is an auction, if a node operator is not working any bids in the auction contract, they will not receive any stake requests from stakers. Each node operator partner will want to develop, independently or with us, a means for monitoring their bids and keeping bids in the market.**

### Web App Dashboard

After connecting, you’ll have access to the web app’s dashboard. This dashboard has a view for both stakers and node operators. Select “Operator”:

<figure><img src="/files/Y9l0NFsD9zCAMNuK2QBX" alt=""><figcaption></figcaption></figure>

**Node Operator Keys**

If you click on “view keys”, you can see an array of your public keys published to ipfs. These are the keys stakers use via our protocol to share a secret with a given node operator (you). The numerator is the number of keys *used;* the denominator is the number of keys you *published*.

**Validators**

The panel below shows all your validators with various related metadata:

<figure><img src="/files/v4GUr5Ltgn4lRlvjdHjg" alt=""><figcaption></figcaption></figure>

From this panel you can perform a set of actions. All can be done using checkboxes and the “Select Batch Action” drop down or using the three dot menu next to each validator.

**Download and Decrypt Validator Keys:**

* Click on the three dots next to the validator you’d like to download the encrypted keys for. Select “Download Keys”:

<figure><img src="/files/PS3LyWwKDcbaNuvZfjgV" alt=""><figcaption></figcaption></figure>

* Open the desktop app, select Node Operator, select Decrypt from the menu:

<figure><img src="/files/L18wd6YXyEM0hn2ZUB38" alt=""><figcaption></figcaption></figure>

1. **Click** to select the encrypted validator key file you just downloaded.
2. **Click** to select the private encryption keys you generated here: The goal of this guide is to help our node operator partners connect to our web application, bid on the right to run etherfi nodes, receive keys when they win auctions, decrypt and import keys into their own infrastructure.
3. **Enter** the password you used in that same step
4. **Click** and “Select save path”
5. **Click** and “Decrypt Validator Keys”

You should now have a directory:

<figure><img src="/files/7wOK9CMqmnCpxU7Jtdgt" alt=""><figcaption></figcaption></figure>

And inside this directory you should have two files:

<figure><img src="/files/dGBQ0TeGnlSAjtqVV4Ij" alt=""><figcaption></figcaption></figure>

* The first password file contains the Staker’s password used to encrypt their validator key with the ethereum staking cli
* The second is the actual validator key you’ll need to run the validator.

You can inject these details into your backend infrastructure as you see fit.

**Skim Rewards**

**Exit**

### How to's

#### Setup MEV Boost with ether.fi.

Running MEV Boost with ether.fi is identical to running it as an operator generally: run mev boost client with some specified relays. Here's a good doc to introduce the technical work and ideas:

{% embed url="<https://github.com/eth-educators/ethstaker-guides/blob/main/prepare-for-the-merge.md#choosing-and-configuring-an-mev-solution>" %}

The only difference here is that for every validator spun up via ether.fi there is a unique withdrawal contract / address that must be set as the mev recipient. When you download and decrypt your validator keys using either the node-operator-sync-client or the web app dash in combination with the desktop-application, one file included is named **node\_address.txt:** this is the withdrawal safe address that should receive MEV Boost and execution layer tipping rewards.

#### How to retrieve all validators for a specific bidder address

You can query the subgraph that's been deployed based on the contracts in the protocol, this subgraph tracks events from our contracts and indexes them as entities that's easily queryable.

The subgraph is available at this url to query:

<https://api.studio.thegraph.com/query/58515/etherfi-v2-main/version/latest>

```
{
  validators(
    where: {blockNumber_gt: "18620000", bid_: {bidderAddress: "0xB8db44e12eacc48F7C2224a248c8990289556fAe"}}
    first: 1000
  ) {
    id
    validatorPubKey
    etherfiNode
    phase
    bid {
      id
      pubKeyIndex
      status
      bidderAddress
      amount
    }
  }
}
```

#### Example result returned

```
{
  "data": {
    "validators": [
      {
        "id": "0x2fa",
        "validatorPubKey": "0xab040eb244923700e7fdb6392d7821fcf21cefe7b0c1db8ec2a4d13aca087ba2be032b3984c58a49760a934f9e5e7d4b",
        "etherfiNode": "0xe071b35b00a7688622890a250570ce8ac7306bd9",
        "phase": "LIVE",
        "bid": {
          "id": "0x2fa",
          "pubKeyIndex": "41",
          "status": "WON",
          "bidderAddress": "0xb8db44e12eacc48f7c2224a248c8990289556fae",
          "amount": "1100000000000000"
        }
      },
```

The above query does the following:

* queries the available bids for where bidderAddress = 0x and status = "WON"
* retrieves the fields, id, amount, status, bidderAddress, transactionHash and validator on the bid entity
* retrieves the fields, id, validatorPubKey, etherfiNode, phase on the validator entity

Using the information from this query, you will now be able to navigate to the contract that is deployed as the withdrawal safe and linked to this validator. Take the etherfiNode address from the results, and contract an etherscan address for example "[https://etherscan.io/address/0xYZ#beaconchain](https://etherscan.io/address/0x8cf11129966aad63334a3d8f69f98447c089d2db#beaconchain)" where 0xYZ will be the etherfiNode address, here is an example: <https://etherscan.io/address/0x8cf11129966aad63334a3d8f69f98447c089d2db#beaconchain>

You can now also view the validator on the <https://beaconcha.in/> explorer by taking the validatorPubKey value from the result returned by the query above and navigating to it by constructing a url like so, where the 0x is removed from the validatorPubKey value: [https://beaconcha.in/validator](https://beaconcha.in/validator/80000001677f23a227dfed6f61b132d114be83b8ad0aa5f3c5d1d77e6ee0bf5f73b0af750cc34e8f2dae73c21dc36f4a)/XXX so you'll get to <https://beaconcha.in/validator/80000001677f23a227dfed6f61b132d114be83b8ad0aa5f3c5d1d77e6ee0bf5f73b0af750cc34e8f2dae73c21dc36f4a>

##


# Relayer

Node operators assigned to manage ether.fi’s validators are required to adhere to the following [MEV-Boost](https://github.com/flashbots/mev-boost) relayers.

## Relayers

* Ultra Sound\
  <https://0xa1559ace749633b997cb3fdacffb890aeebdb0f5a3b6aaa7eeeaf1a38af0a8fe88b9e4b1f61f236d2e64d95733327a62@relay.ultrasound.money>
* bloXroute (Max-Profit)\
  <https://0x8b5d2e73e2a3a55c6c87b8b6eb92e0149a125c852751db1422fa951e42a09b82c142c3ea98d0d9930b056a3bc9896b8f@bloxroute.max-profit.blxrbdn.com>
* bloXroute (Regulated)\
  <https://0xb0b07cd0abef743db4260b0ed50619cf6ad4d82064cb4fbec9d3ec530f7c5e6793d9f286c4e082c0244ffb9f2658fe88@bloxroute.regulated.blxrbdn.com>
* Flashbots\
  <https://0xac6e77dfe25ecd6110b8e780608cce0dab71fdd5ebea22a16c0205200f2f8e2e3ad3b71d3499c54ad14d6c21b41a37ae@boost-relay.flashbots.net>
* Agnostic\
  <https://0xa7ab7a996c8584251c8f925da3170bdfd6ebc75d50f5ddc4050a6fdc77f2a3b5fce2cc750d0865e05d7228af97d69561@agnostic-relay.net>
* Aestus\
  <https://0xa15b52576bcbf1072f4a011c0f99f9fb6c66f3e1ff321f11f461d15e31b1cb359caa092c71bbded0bae5b5ea401aab7e@aestus.live>
* Titan\
  <https://0x8c4ed5e24fe5c6ae21018437bde147693f68cda427cd1122cf20819c30eda7ed74f72dece09bb313f2a1855595ab677d@titanrelay.xyz>


# Security & Risks

How ether.fi protects user funds — audits, multisig controls, and risk transparency.

Security is foundational to ether.fi. The protocol is non-custodial, fully audited by leading firms, and governed by multisigs with published signer configurations and a documented trust model. This section explains how funds are protected and lays out the risks honestly so you can make informed decisions.

## Start here

<table data-view="cards"><thead><tr><th></th><th></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><strong>Audits</strong></td><td>Reports from the security firms that have reviewed ether.fi's smart contracts.</td><td><a href="/pages/tpLLLz0cp60VCtKEyasp">/pages/tpLLLz0cp60VCtKEyasp</a></td></tr><tr><td><strong>MultiSigs &#x26; Controls</strong></td><td>Who holds the keys, the trust matrix, and the signing configuration changelog.</td><td><a href="/pages/uHokVGItWmiX3TLpgeWS">/pages/uHokVGItWmiX3TLpgeWS</a></td></tr><tr><td><strong>Slashing Risk</strong></td><td>How validator slashing works and how the protocol mitigates it.</td><td><a href="/pages/3Ved9CQgdmFUa1SopzdR">/pages/3Ved9CQgdmFUa1SopzdR</a></td></tr><tr><td><strong>Active Defense</strong></td><td>The protocol's ongoing monitoring and defensive measures.</td><td><a href="/pages/NlRnRk6rAMFYlexgJtxW">/pages/NlRnRk6rAMFYlexgJtxW</a></td></tr><tr><td><strong>Incident Management</strong></td><td>The incident response playbook and a transparent log of past incidents.</td><td><a href="/pages/hIxDllgRei0kJfDkP9Vy">/pages/hIxDllgRei0kJfDkP9Vy</a></td></tr></tbody></table>

{% hint style="warning" %}
Found a vulnerability? Please report it responsibly — do not disclose publicly. Reach the team through the channels listed in the [Help Center](https://help.ether.fi).
{% endhint %}


# MultiSigs & Controls

This page is the single source of truth for who controls [ether.fi](http://ether.fi/), with what threshold, and after what delay. Every privileged power is listed with what it can do, what it explicitly cannot do, and a link to verify it onchain. The goal: minimize what any one party, including [ether.fi](http://ether.fi/), can do unilaterally, and make the rest checkable rather than asserted.

The most important boundary, true of every entity below: no key or multisig can move, redirect, or seize user funds. Privileged powers are limited to upgrading code (slowly, behind a public delay), changing parameters, and pausing. They can stop the protocol; they cannot take from it.

### Controls at a glance

<table><thead><tr><th width="142.28125">Control</th><th width="153.5399169921875">Threshold</th><th>Speed</th><th>CAN</th><th>CANNOT</th></tr></thead><tbody><tr><td><strong>Upgrade Admin</strong><br>(<a href="https://etherscan.io/address/0xcdd57D11476c22d265722F68390b036f3DA48c21">Safe</a>,<br><a href="https://etherscan.io/address/0x9f26d4C958fD811A1F59B01B86Be7dFFc9d20761">Timelock</a>)</td><td>6-of-10<br>(3 internal,<br>7 external)</td><td>10-day timelock on everything</td><td>Upgrade any contract; grant/revoke roles; change oracle committee and quorum; change its own delay</td><td>Act instantly (every action waits 10 days, visible onchain); move or seize user funds; get a faster path than depositors</td></tr><tr><td><strong>Operating Admin</strong><br>(<a href="https://etherscan.io/address/0x2aCA71020De61bb532008049e1Bd41E451aE8AdC">Safe</a>,<br><a href="https://etherscan.io/address/0xcD425f44758a08BaAB3C4908f3e3dE5776e45d7a">Timelock</a>)</td><td>4-of-7<br>(6 internal,<br>1 external)</td><td>Instant pause; 2-day timelock for parameters</td><td>Pause/unpause; adjust rate-limit and redemption parameters; pause crosschain bridges and set bridge peers; confirm, extend, or lift blacklists; instantly revoke a compromised operations or guardian key via the <a href="https://etherscan.io/address/0x4A84BA0b5e716b37C78D0F5094757205626C7C1e">RevokeAdmin</a></td><td>Upgrade contracts; change oracle membership or quorum; move or seize user funds</td></tr><tr><td><strong>Oracle committee</strong><br>(<a href="https://etherscan.io/address/0x57AaF0004C716388B21795431CD7D5f9D3Bb6a41">EtherFiOracle</a>)</td><td>3-of-3<br>(full consensus)</td><td>Per report, onchain</td><td>Submit the rebase report that updates weETH's exchange rate, by quorum</td><td>Move share value beyond the onchain 5% APR cap; add or remove its own members</td></tr><tr><td><strong>Monitoring / pauser</strong><br>(<a href="https://etherscan.io/address/0x9af1298993dc1f397973c62a5d47a284cf76844d">key</a>)</td><td>1 automated key</td><td>Instant</td><td>Pause core contracts the moment an attack is detected (pauses are time-bounded and auto-expire); blacklist an actively-exploiting address with an automatic 3-day expiry</td><td>Unpause; upgrade; move funds; change any parameter; make a blacklist permanent. Pause-only by design</td></tr><tr><td><strong>Operations keys</strong><br>(automation)</td><td>bounded roles, no multisig</td><td>Instant</td><td>Execute oracle reports that already reached consensus; trigger rate-limited validator exits; queue/complete EigenLayer withdrawals (ETH returns to the protocol)</td><td>Move or seize user funds; mint unbacked weETH; upgrade; bypass oracle consensus or the APR cap. All holders queryable on the <a href="https://etherscan.io/address/0x62247D29B4B9BECf4BB73E0c722cf6445cfC7cE9">RoleRegistry</a></td></tr></tbody></table>

You can find the detailed Trust Matrix [here](/etherfi/security/security-and-risks/multisigs-and-controls/trust-matrix).

### How the separation works

Two multisig wallets divide authority so no single signer set can both rewrite the contracts and run them.

The **Upgrade Admin** (6-of-10) controls the most powerful actions, all routed through a **10-day timelock**. That window is a public review period: proposed code is visible onchain for 10 days before it can take effect, and any depositor who disagrees can exit first. The Upgrade Admin gets no faster path than anyone else.

The **Operating Admin** (4-of-7) runs the protocol day to day. Its emergency pause is immediate and bypasses the timelock, because stopping an attack cannot wait. Its reach is narrow: pause and adjust parameters, but it cannot upgrade code, change the oracle, or touch user balances. Non-emergency parameter changes sit behind a 2-day timelock.

The two timelocks own the contracts: the Upgrade Timelock ([10 days](https://etherscan.io/address/0x9f26d4C958fD811A1F59B01B86Be7dFFc9d20761)) owns the upgradeable proxies and the RoleRegistry; the Operating Timelock ([2 days](https://etherscan.io/address/0xcD425f44758a08BaAB3C4908f3e3dE5776e45d7a)) holds the slower operating roles.

### The exchange rate is bounded twice

weETH's value updates through oracle rebases. Two onchain bounds constrain every rebase: a report requires 3-of-3 oracle consensus (full agreement of all committee members), and it then passes an onchain 5% APR cap, with any over-cap report auto-rejected by the [EtherFiAdmin contract](https://etherscan.io/address/0x0EF8fa4760Db8f5Cd4d993f3e3416f30f942D705). Even a fully fraudulent quorum cannot move share value by more than a small bounded amount per report (e.g., 1.37 bps per day)

### Crosschain controls

weETH bridges follow the same separation: per-chain pause and rate-limit levers with the Operating Admin and per-chain controller Safes; verification-path changes through the Upgrade Admin and its timelock. Every active lane requires a full 4-of-4 quorum of four independent DVNs (Canary, Horizen, Nethermind, LayerZero Labs) with no single-verifier fallback, and mint authority on every chain is held by Safe-governed contracts, never an EOA.

### Verify it yourself

Nothing here needs to be taken on trust. For any address above: open it on Etherscan and use **Read as Proxy** for the live owner/implementation/admin; for a multisig, **`getOwners()`** and **`getThreshold()`** return the signer set and M-of-N; for a timelock, **`getMinDelay()`** returns the delay in seconds (864000 = 10 days, 172800 = 2 days); every role holder is queryable on the RoleRegistry via **`hasRole(role, address)`**.

### What the July 2026 security upgrade changed

The controls hardening previously listed here as roadmap is now live: the 10-day Upgrade Timelock batch executed onchain on **2026-07-14**. The upgrade was audited by Certora, including formal verification of the new role system and the pool's exchange-rate and solvency invariants (see [Audits](/etherfi/security/security-and-risks/audits)).

<table><thead><tr><th width="268.396728515625">Live since July 2026</th><th>What it adds</th></tr></thead><tbody><tr><td><strong>Consolidated</strong> <a href="https://etherscan.io/address/0x62247D29B4B9BECf4BB73E0c722cf6445cfC7cE9"><strong>RoleRegistry</strong></a></td><td>A single tiered role system (upgrade-timelock-gated admin, scoped operations roles) so every privileged role is granted, revoked, and audited in one place. Roughly 30 per-contract roles were replaced by 9 tiered roles; the registry itself is owned by the 10-day Upgrade Timelock</td></tr><tr><td><a href="https://etherscan.io/address/0x5585996E7cFE95f2D99e61168B8b35C66Ff99B18"><strong>Blacklister</strong></a></td><td>Targeted isolation of an actively-exploiting address without halting the protocol for others. Monitoring can blacklist with an automatic 3-day expiry; the Operating Admin confirms/extends/makes permanent; the contract is upgrade-timelock-gated. For active-attack interception, not screening</td></tr><tr><td><a href="https://etherscan.io/address/0x4A84BA0b5e716b37C78D0F5094757205626C7C1e"><strong>RevokeAdmin</strong></a></td><td>A fast path for the Operating Admin to revoke a compromised operations or guardian key, closing the gap between detecting a compromised key and removing it. It structurally cannot revoke the timelock or multisig roles themselves</td></tr><tr><td><strong>Time-bounded pauses</strong></td><td>Emergency pauses by the monitoring key now auto-expire (bounded between 8 hours and 30 days), and the key must cool down before pausing the same contract again. Only the Operating Admin can pause indefinitely or lift a pause early</td></tr><tr><td><strong>Bounded withdrawal finalization</strong></td><td>Withdrawal finalization is capped per day by an onchain limit, and once a request is finalized its payout rate is locked in: later rebases cannot change what it pays out</td></tr></tbody></table>


# Signers

## Upgrade Multisig (6-of-10)

Controls protocol contract upgrades and role assignments, behind the 10-day upgrade timelock.

* Safe address: 0xcdd57D11476c22d265722F68390b036f3DA48c21
* Threshold: 6 of 10

Signers:

* internals
  * 0x0fCe5cd3FB6F3b3FB7f0f707070A0A7e2442f444
  * 0x5c8c76F2e990F194462dC5f8a8c76Ba16966Ed42
  * 0x4507cfB4B077d5DBdDd520c701E30173d5b59Fad
* externals
  * 0xcb3bD5d7C40844fb599c14413F281A0241C45DFB
  * 0xDE3bf1FA3B3829342bC4356592Bb7CF3BAAD8264
  * 0xA195D4A57C4802651F67fB56349e10a7adDADD82
  * 0x9506429A421757711806c5cAF25ba1830E349B09
  * 0x648aA14e4424e0825A5cE739C8C68610e143FB79
  * 0x2f2806e8b288428f23707A69faA60f52BC565c17
  * 0x173286FaFABEA063eeB3726Ee5eFD4ff414057B9

## Operating Multisig (4-of-7)

Handles day-to-day operations (pausing, rate-limit changes, bridge controls), with a 2-day operating timelock for parameter changes.

* Safe address: 0x2aCA71020De61bb532008049e1Bd41E451aE8AdC
* Threshold: 4 of 7

Signers:

* internals
  * 0xE63794CF405678382764A4dEc1e56C43B45605C9
  * 0x566E58ac0F2c4BCaF6De63760C56cC3f825C48f5
  * 0x71b67AC997056c9935f8AA98F3344432Ea2ec15c
  * 0x5dfb8BC4830ccF60d469D546aEC36531c97B96b5
  * 0xFa238cB37E58556b23ea45643FFe4Da382162a53
  * 0x46Cba1e9B1e5Db32dA28428f2fb85587BCb785E7
* externals
  * 0xDE3bf1FA3B3829342bC4356592Bb7CF3BAAD8264


# Trust Matrix

This page answers one question per protocol surface: **who can act on it, how fast, and what bounds them.** It is the parent page's controls, viewed from the user's side. Every value is verifiable onchain: addresses link to Etherscan, and the parent page explains how to check each one.

Three reading rules:

* **Scope.** This matrix covers eETH and weETH on Ethereum mainnet, plus one summary row for crosschain bridging. Per-chain bridge controls are detailed in the crosschain section of the parent page.
* **"Timelocked?"** tells you whether the action waits behind a public onchain delay before taking effect. Emergency powers are intentionally instant; code changes are intentionally slow.

### The matrix

<table><thead><tr><th width="134.49652099609375">Surface</th><th width="145.9947509765625">Centralized / decentralized</th><th width="246.2100830078125">Who controls it?</th><th>Timelocked?</th><th>Bounds</th></tr></thead><tbody><tr><td><strong>Withdrawals (normal operation)</strong></td><td>Decentralized</td><td>You. Any eETH/weETH holder can request a withdrawal or redeem instantly through the <a href="https://etherscan.io/address/0xDadEf1fFBFeaAB4f68A9fD181395F68b4e4E7Ae0">redemption manager</a>. Finalization of queued requests advances with each oracle report</td><td>No</td><td>Instant redemptions draw from rate-limited buckets<br><br>queued withdrawals wait for the next oracle report cycle; finalization is bounded by an onchain daily cap, and once a request is finalized its payout rate is locked in</td></tr><tr><td><strong>Oracle / exchange rate</strong></td><td>Committee + code cap</td><td>3-of-3 oracle committee (full consensus of all members) submits each rebase onchain</td><td>Per report, onchain</td><td>Onchain 5% APR cap enforced by the <a href="https://etherscan.io/address/0x0EF8fa4760Db8f5Cd4d993f3e3416f30f942D705">EtherFiAdmi</a>: an over-cap report is rejected, so even a fraudulent quorum can move share value by at most roughly 1 bps of TVL per report.<br><br>Committee membership changes go through the Upgrade Admin behind the 10-day timelock</td></tr><tr><td><strong>Validator exits</strong></td><td>Bounded automation</td><td>Operations keys (no multisig) trigger rate-limited validator exits and queue/complete EigenLayer withdrawals</td><td>No, but rate-limited</td><td>Exited ETH can only land on protocol contracts (the protocol's staking-node contracts or the <a href="https://etherscan.io/address/0x308861A430be4cce5502d0A12724771Fc6DaF216">LiquidityPool</a>), never an arbitrary address.<br><br>Granting or revoking these roles requires the 10-day timelock</td></tr><tr><td><strong>Rate limits</strong></td><td>Multisig</td><td>Operating Admin (<a href="https://etherscan.io/address/0x2aCA71020De61bb532008049e1Bd41E451aE8AdC">4-of-7 Safe</a>)</td><td>Instant for emergency bucket changes;<br>2-day timelock for redemption parameters</td><td>Zeroing a bucket stops flow but moves nothing; raising limits only widens what the code already allows</td></tr><tr><td><strong>Crosschain bridging (weETH)</strong></td><td>Multisig + independent verifier quorum</td><td>Every message must pass a full 4-of-4 quorum of independent verifier networks (Canary, Horizen, Nethermind, LayerZero Labs).<br><br>Per-chain rate limits sit with multiSigs</td><td>Making any change is behind multisigs</td><td>No externally owned account holds mint authority on any chain; minting is held by Safe-governed contracts only.<br><br>A paused or failed lane stops transfers, it cannot mint unbacked weETH. Per-chain rate limits bound any single chain's blast radius</td></tr><tr><td><strong>Emergency pause</strong></td><td>Automated key + multisig</td><td>Monitoring key (<a href="https://etherscan.io/address/0x9af1298993dc1f397973c62a5d47a284cf76844d">pause-only</a>), Operating Admin (4-of-7)</td><td>No</td><td>The monitoring key cannot unpause, upgrade, or change any parameter; its pauses are time-bounded and auto-expire, with a cooldown before it can pause the same contract again</td></tr><tr><td><strong>Withdrawal flow (during an incident)</strong></td><td>Multisig</td><td>Operating Admin (4-of-7) can pause withdrawals instantly. Individual withdrawal claims can be invalidated (and later re-validated) two ways: through an oracle-committee report, or by the Operating Admin behind its 2-day timelock</td><td>Pause is instant; oracle-path invalidation takes effect when the report executes; the direct path waits 2 days</td><td>Invalidation blocks a claim from paying out; it never redirects the funds elsewhere</td></tr><tr><td><strong>Per-address freeze / blacklist</strong></td><td>Automated key + multisig</td><td>Monitoring can blacklist with an automatic 3-day expiry; the Operating Admin confirms, extends, or makes it permanent. Enforced by the <a href="https://etherscan.io/address/0x5585996E7cFE95f2D99e61168B8b35C66Ff99B18">Blacklister</a> on transfers, deposits, withdrawals, and redemptions</td><td>Freeze is instant; the Blacklister contract itself is upgrade-timelock-gated</td><td>Blocks transfers only: never burns, mints, or reassigns a balance. Reversible by the same authority.<br><br>Reserved for active-attack interception, not screening</td></tr><tr><td><strong>Unpause / unfreeze</strong></td><td>Multisig</td><td>Operating Admin (4-of-7)</td><td>No</td><td>The monitoring key deliberately cannot unpause; recovery always requires the multisig</td></tr><tr><td><strong>Signer keys</strong></td><td>Multisig self-administered</td><td>Each Safe manages its own signer set at its threshold: Upgrade Admin 6-of-10<br>(3 internal, 7 external), Operating Admin 4-of-7<br>(6 internal, 1 external)</td><td>Safe owner rotation is instant once the threshold signs</td><td>Signer-set and threshold are public onchain (<code>getOwners()</code> / <code>getThreshold()</code>); protocol role grants and revocations sit separately behind the 10-day timelock</td></tr><tr><td><strong>Code upgrades</strong></td><td>Multisig + public delay</td><td>Upgrade Admin<br>(<a href="https://etherscan.io/address/0xcdd57D11476c22d265722F68390b036f3DA48c21">6-of-10 Safe</a>)</td><td>Yes: 10 days, visible onchain</td><td>The delay is an exit window: depositors can review the proposed code and leave before it takes effect. There is no emergency upgrade path</td></tr></tbody></table>

### How to read this against "non-custodial"

Under the code deployed today, nothing in this table lets any party move, redirect, or seize a user balance. The instant powers (pause, rate-limit zeroing, freeze) all *stop* flows. The one power that could ever change that fact is a code upgrade, and it must sit in public view for 10 days before taking effect: that delay is the exit window, and depositors who disagree can leave before the new code goes live. That split is the design: emergencies are fast and bounded, changes are slow and reviewable.

To verify any cell, see **Verify it yourself** on the [Multisigs & Controls page](https://etherfi.gitbook.io/etherfi/security/multisigs-and-controls).


# Signing Configuration Changelog

#### Upgrade path: Upgrade Admin Safe

<table><thead><tr><th width="146.52685546875">Effective (UTC)</th><th>What changed</th><th width="206.9619140625">From → To</th></tr></thead><tbody><tr><td>2026-07-14</td><td><strong>26Q2 security upgrade executed</strong> (10-day timelock batch). Privileged roles consolidated into a single tiered RoleRegistry; Blacklister and RevokeAdmin went live; monitoring-key pauses became time-bounded. Safe signer sets, thresholds, and timelock delays unchanged.</td><td>Roles: ~30 per-contract → <strong>9 tiered (RoleRegistry)</strong></td></tr><tr><td>2026-04-29</td><td>Upgrade hardening<strong>.</strong> Added 3 owners to the Safe and raised threshold; raised Timelock delay.</td><td>Safe<br><strong>4-of-7 → 6-of-10</strong><br><br>Timelock<br><strong>3 days → 10 days</strong></td></tr><tr><td>2024-03-26</td><td>Owner set rebalanced to 7 and threshold raised. This established the steady-state config that held for ~2 years.</td><td>Safe 3-of-6 → <strong>4-of-7</strong></td></tr><tr><td>2024-03-07</td><td>Upgrade Timelock raised to its production delay.</td><td>Timelock 1 day → <strong>3 days</strong></td></tr><tr><td>2024-02-24</td><td><strong>Timelock bootstrap.</strong> Upgrade Timelock deployed with a 1-hour delay, then tuned during setup (1h → 5 min → 1 day) before settling.</td><td>Timelock 0 → 1h → … → 1 day</td></tr><tr><td>2024-02-16</td><td><strong>Safe bootstrap.</strong> Upgrade Admin Safe deployed; initial owner set assembled and rotated during setup.</td><td>Safe deployed <strong>3-of-6</strong>; owner churn, threshold held at 3</td></tr></tbody></table>

#### Operating path: Operating Admin Safe

<table><thead><tr><th width="145.82373046875">Effective (UTC)</th><th width="392.3802490234375">What changed</th><th>From → To</th></tr></thead><tbody><tr><td>2026-04-22</td><td>Added 2 owners and raised threshold</td><td>Safe 3-of-5 → <strong>4-of-7</strong></td></tr><tr><td>2026-04-16</td><td>Operating Timelock raised to its production delay.</td><td>Timelock 8h → <strong>2 days</strong></td></tr><tr><td>2025-03-20</td><td><strong>Operating Timelock deployed.</strong> Day-to-day operations move behind a timelock for the first time (8-hour delay).</td><td>Timelock 0 → <strong>8 hours</strong></td></tr><tr><td>2024-10-08</td><td>Threshold raised.</td><td>Safe 2-of-5 → <strong>3-of-5</strong></td></tr><tr><td>2024-04-19</td><td>Threshold raised above 1 and an owner removed</td><td>Safe 1-of-6 → <strong>2-of-5</strong></td></tr><tr><td>2023-07-14</td><td><strong>Safe bootstrap and early operation.</strong> Operating Admin Safe deployed as 1-of-3; owners added/removed over the following months, threshold held at 1 throughout.</td><td>Safe deployed <strong>1-of-3</strong> → 1-of-6</td></tr></tbody></table>


# Audits

[ether.fi](http://ether.fi) contracts are reviewed continuously, not once. Since February 2023, the protocol has published +45 reports from +10 independent security firms and audit programs, with new reviews commissioned for each major release. Every report is public, named by date and firm, in one of two registries: the [staking audit registry](https://github.com/etherfi-protocol/smart-contracts/tree/master/audits) for the staking and restaking protocol, and the [Cash audit registry](https://github.com/etherfi-protocol/cash-v3/tree/master/audit) for the Cash account, card, and Borrow contracts.

Audits reduce risk. They do not remove it. The bounds that hold even if a review misses something are described in [Multisigs and controls](https://etherfi.gitbook.io/etherfi/security/multisigs-and-controls), and live exploits are addressed by active monitoring and response.

### Security audits

Independent firms that have reviewed [ether.fi](http://ether.fi) smart contracts:

* [Certora](https://www.certora.com/)
* [CertiK](https://www.certik.com/)
* [Decurity](https://www.decurity.io/)
* [Halborn](https://www.halborn.com/)
* [Nethermind](https://www.nethermind.io/smart-contract-audits)
* [Omniscia](https://omniscia.io/)
* [Paladin](https://paladinsec.co/)
* [Solidified](https://solidified.io/)
* [Zellic](https://www.zellic.io/)

### Staking protocol

The staking and restaking contracts (eETH, weETH, the liquidity pool, withdrawals, validator management) have been reviewed since February 2023, with a new review for each major release. All reports are in the [staking audit registry](https://github.com/etherfi-protocol/smart-contracts/tree/master/audits).

#### Latest major release review (July 2026)

The 26Q2 security upgrade, covering the consolidated RoleRegistry role system, the Blacklister and RevokeAdmin contracts, and the rewritten withdrawal finalization, was reviewed by Certora before going live (report dated 2026-06-28, in the registry). Alongside the manual review, core protocol invariants were formally verified: role membership can only change through the registry's guarded paths, the eETH exchange rate cannot decrease on user entry points, and the pool stays solvent for its withdrawal buffer.

### Cash

The contracts behind a Cash account, the card, and Borrow are audited on the same cadence as the staking protocol: every module ships with a review before it goes live, and the reports are public in the [Cash audit registry](https://github.com/etherfi-protocol/cash-v3/tree/master/audit). Reviews to date have been carried out by Certora and Paladin.

What has been reviewed, by area:

| Area                    | What it covers                                                                                                               | Reports                                                                                                                                                               |
| ----------------------- | ---------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Account and recovery    | The Safe that holds your funds, its owner and signer rules, module management, and the recovery path if you lose access      | Cash Module + Safe (Mar 2025), Recovery Manager (Mar 2025), Safe Asset Recovery Module (Jun 2026), Trade and Hold (Jul 2026), Trading Safe Withdraw Module (Aug 2026) |
| Spending and settlement | Card spend authorization in debit and credit mode, cashback, and the dispatchers that settle with the card issuer            | Cash Module Combined (Apr to Jun 2025), Cash Module Combined (Nov 2025), Settlement Dispatcher V2 (Feb 2026)                                                          |
| Borrowing               | The lending gateway, the debt manager, health factor and liquidation accounting, and the price feeds the market reads        | EtherFi Lend (Jul to Aug 2026), price feed contracts (Jul 2026, Paladin)                                                                                              |
| Funding and bridging    | Top up flows, the canonical bridge path, the cross chain transfer adapter, and staking modules reachable from a Cash account | Top Up (Feb 2025), Canonical Bridge Support (Aug 2025), CCTP Adapter (Oct 2025), Bridging Contracts Combined (Nov 2025)                                               |
| Swaps                   | The swap modules a Cash account can route through                                                                            | SCR Swap (Jun 2026), Enso Swap Module (Aug 2026)                                                                                                                      |

#### Latest Cash release review (August 2026)

The move of Borrow onto the new lending market was reviewed by Certora between July 20 and August 4, 2026, covering the lending gateway, borrowing capacity accounting, the debt manager, and the migration path for existing positions (report in the registry). The price feed contracts that market reads were separately reviewed by Paladin, dated July 28, 2026, covering the feed adapters for each price publisher and the shared price bounding library.

### Bug bounty

[ether.fi](http://ether.fi) runs a public bug bounty on [Immunefi](https://immunefi.com/bug-bounty/etherfi), with rewards for critical findings in the protocol's smart contracts. The protocol also ran a competitive audit with [Hats Finance](https://github.com/hats-finance/ether-fi-0x36c3b77853dec9c4a237a692623293223d4b9bc4/blob/master/report.md) in December 2023, with the findings published in the registry.

### Verify independently

* [Staking audit registry](https://github.com/etherfi-protocol/smart-contracts/tree/master/audits): all staking protocol reports, by date and firm.
* [Cash audit registry](https://github.com/etherfi-protocol/cash-v3/tree/master/audit): all Cash, card, and Borrow reports.
* [Deployed contracts](https://etherfi.gitbook.io/etherfi/contracts-and-integrations/deployed-contracts): the live addresses each audit covers.
* [Multisigs and controls](https://etherfi.gitbook.io/etherfi/security/multisigs-and-controls): who can change the contracts, and under what delay.


# Incident Management

Policy owner: Rupert Klopper Effective Date: Nov 24, 2024

### Contact information[​](https://handbook.tuist.dev/security/incident-response-management#contact-information) <a href="#contact-information" id="contact-information"></a>

In case of an incident, please report it right away to [security@ether.fi](<mailto:security@ether.fi >). The incident response team will take it from there.


# Incident Response Playbook

## Purpose and scope

This playbook defines how [ether.fi](http://ether.fi) detects, contains, and recovers from security incidents affecting: protocol smart contracts, admin keys and multisig signers, oracles, cross-chain bridge infrastructure, and user-facing infrastructure (domains, frontends). It is the published version of the internal incident response policy in effect since November 24, 2024 and most recently revised in July 2026, reorganized to follow the SEAL Incident Response Framework for Web3 protocols.

## Severity classification

<table><thead><tr><th width="107.7117919921875">Severity</th><th width="178.3646240234375">Definition</th><th width="399.6744384765625">Examples</th><th>Response SLA</th></tr></thead><tbody><tr><td>SEV-1</td><td>Active or imminent loss of user funds</td><td>Contract exploit in progress; admin key confirmed compromised; malicious transaction queued in a timelock; oracle feeding manipulated data</td><td>War room open within 15 min; containment action (pause, rate-limit zeroing) within 1 h</td></tr><tr><td>SEV-2</td><td>Compromise or critical vulnerability, no active loss</td><td>Critical Immunefi report; signer device compromise without on-chain misuse; bridge anomaly contained by rate limits</td><td>War room within 1 h; mitigation plan within 24 h</td></tr><tr><td>SEV-3</td><td>Degraded security posture</td><td>Signer availability below comfort margin; attempted frontend/DNS attack; critical dependency vulnerability</td><td>Triage within 24 h; remediation through normal operations</td></tr></tbody></table>

## Roles

<table><thead><tr><th width="245.4757080078125">Role</th><th>Responsibility</th></tr></thead><tbody><tr><td>Incident Lead (IL)</td><td>Single decision owner for the incident. Continuous 24/7 coverage from responders distributed across timezones. Declares severity, opens the war room, owns the timeline. Also owns the technical response — diagnosis, exploit analysis, containment actions, fix verification — and assembles the multisig quorum to execute pause, cancel, and signer-rotation transactions across all chains.</td></tr><tr><td>Communications Lead</td><td>Internal updates, public statements, disclosure log entries.</td></tr><tr><td>External partners</td><td>Hypernative (24/7 monitoring, war-room support), SEAL 911 (ecosystem emergency response), Doppel (domain/brand protection), auditors on retainer.</td></tr></tbody></table>

## Detection and escalation

* Hypernative monitors 24/7 with automated alerting. Pre-wired pause actions fire on critical invariant violations without waiting for a human.
* Immunefi bug bounty: critical-severity reports page the on-call IL on receipt.
* Community reports via \[security contact / Discord].
* Internal monitoring and signer reports (lost device, phishing attempt, anomalous signature request).

Whoever sees the signal escalates to the on-call IL. The IL makes the severity call within 15 minutes and opens a war room per the SLA table above.

The response loop is the same however an incident surfaces — an automated alert, an external or partner report, a SEAL 911 notification, or a team member noticing something wrong — including when automated monitoring did not fire. Alerts stay open until a human closes them; nothing auto-resolves.

## Runbooks

### Smart contract exploit (active)

1. Pause affected contracts. Hypernative auto-pause may already have fired; if it did not, or the signal came from outside automated monitoring, several independent human authorization paths can each order the pause on their own — pausing is deliberately low-bar, with no timelock in the path and no single point of failure.
2. Blacklist the addresses involved when a targeted freeze contains the threat without halting the protocol for everyone. On-chain pauses and blacklists are time-boxed; during a confirmed incident they are re-applied before each auto-lift so containment holds until resolution.
3. If cross-chain exposure exists, halt the OFT mesh.
4. Engage SEAL 911 and retained auditors; identify root cause.
5. Quantify exposure; notify affected integrators (lending markets, vaults) before public disclosure if front-running risk exists.
6. Unpause only per the unpause bar below: root cause documented as resolved, a 4-of-7 quorum, and security-lead sign-off.

### Admin key / signer compromise

Trigger threshold: any credible doubt about a key is treated as compromise.

1. Confirm the signal (unexpected signature request, device loss/theft, successful phishing).
2. Treat the key as hostile: immediately review every queued timelock operation and every pending Safe transaction across all chains for that signer's involvement.
3. Cancel any malicious queued operation inside its timelock window. The 10-day upgrade and 2-day operations windows leave time for this.
4. Remove and replace the signer. SLA: replacement transaction queued within \[24 h] of confirmed compromise, executed as soon as quorum allows.
5. Rotate any credentials the compromised party had access to; run a post-incident review of the compromise vector.

### Signer loss or unavailability

* Availability health check: maintain at least \[threshold + 2] reachable signers per multisig at all times, verified \[quarterly].
* Replacement SLA: \[7 days] from confirmed permanent loss (death, incapacity, departure, irrecoverable key).
* Every configuration change is recorded in the public changelog; [MultiSigs documentation](https://etherfi.gitbook.io/etherfi/security/multisigs)

### Oracle anomaly or compromise

1. Validate the suspect report against independent data sources.
2. Pause the rebase / rate-update path if incorrect data could propagate to eETH/weETH pricing.
3. Rotate the compromised oracle member; document the rotation publicly.

### Bridge / cross-chain anomaly

1. Hypernative detectors cover unexpected mint/release events on the weETH bridge mesh, with automatic pause wired.
2. Zero OFT rate limits on affected paths.
3. Verify L1/L2 supply invariants before resuming bridging.

## Pausing and unpausing: asymmetric by design

Pausing is easy and fast; unpausing is deliberately hard. Resuming into an unresolved attack is the dangerous failure mode, so the two actions have different bars:

* **Pause**: automated triggers or any one of several independent human authorization paths, instantly, with no timelock.
* **Unpause**: requires the root cause documented as resolved or confirmed false, a 4-of-7 multisig quorum, and security-lead sign-off.

A contract-level pause is a rare, catastrophic event — core contracts and tokens have never been paused. If a pause turns out to be a **false positive**, these are the restore commitments:

<table><thead><tr><th width="220">Paused surface</th><th>Unpause SLA (false positive)</th><th>Auto-lift (backstop)</th></tr></thead><tbody><tr><td>Tokens (eETH, weETH)</td><td>2 hours</td><td>8 hours</td></tr><tr><td>Core contracts</td><td>4 hours</td><td>24 hours</td></tr><tr><td>Non-core contracts</td><td>24 hours</td><td>48 hours</td></tr><tr><td>Blacklist (per address)</td><td>36 hours (review)</td><td>72 hours</td></tr></tbody></table>

The **unpause SLA applies only to false positives**: it is the hard commitment to actively restore service once a pause is confirmed to have fired on benign activity — deliberately tighter than the auto-lift so the backstop is never the plan. The detector that fired is tuned so it does not re-fire on the same benign pattern, and the false fire is post-mortemed like any incident.

For a **valid bug or active incident, no unpause clock applies**: the pause and any attacker blacklist are re-applied before each auto-lift and held for as long as resolution takes. Unpausing then happens only through the bar above — root cause documented as resolved, 4-of-7 quorum, security-lead sign-off — never on a timer. The **auto-lift** is the onchain expiry that lifts a pause on its own if no action is taken; it protects users from a stuck or forgotten pause, not attackers from a short one.

## Communications

* Internal: dedicated war-room channel; updates every \[30 min] during SEV-1.
* External: initial public acknowledgment within \[4 h] of a confirmed SEV-1; status updates at a stated cadence until resolution.
* Disclosure log: all incidents and material near-misses are recorded.

## Post-incident

Post-mortem published for every SEV-1 and SEV-2, covering: timeline, root cause, user impact, funds status and compensation path (with amounts), what worked and what failed in the response, and remediation items with owners and deadlines.


# Sep 24: Incident - attempted domain account takeover

On September 24, ether.fi experienced a security incident involving their domain registrar, Gandi.net.<br>

**Summary of the incident:**

* The team received a recovery notification from Gandi via email at 16:38 UTC
* Upon verifying SPF, DKIM and DMARC authentication records for the email, it was established an attacker attempted to use the legitimate Gandi recovery flow to gain access to etherfi’s Gandi account
* Gandi was contacted on multiple platforms. At approximately 19:30 UTC it was confirmed that ether.fi’s account had been successfully locked to prevent further tampering and the nameserver config restored. There is a comprehensive analysis of external and internal systems in progress, and as of now there are no traces of an internal breach observed.

**Prevention steps taken:**

* In weeks prior, there was an increase in exploitation of similar attack vectors observed with other protocols. We preemptively upgraded our key platforms to require hardware authentication as an authentication method
* Gandi’s monitoring systems and process, while aggressive, locked down the domain account and prevented any access to our systems, and kept our websites, apps and emails safe from the attempted attack

More details of the incident will be shared as they become available in collaboration with Gandi's team over the next two days. Thank you to the [Seal911 team](https://github.com/security-alliance/seal-911), [Doppel](https://doppel.com/), [Ethena](https://ethena.fi/) and [Distrust](https://distrust.co/) our security partner - teams that instantly responded and provided assistance as we navigated the dangerous waters today.

We’re glad to report that all funds are safe, and no opportunity was given to the attackers to present a compromised dapp on any ether.fi related domain.

<br>


# Apr 18: Incident - Kelp rsETH bridge exploit (third-party)

On April 18, 2026, KelpDAO's rsETH bridge was exploited for approximately $292M in unbacked rsETH. Attackers forged a LayerZero cross-chain message that Kelp's bridge accepted because its configuration relied on a single verifier (a 1-of-1 DVN setup). **No ether.fi systems were compromised, weETH was unaffected and fully backed throughout, and Liquid vaults held no rsETH** — it had failed the pre-deposit risk checklist. This page documents how ether.fi responded to the ecosystem-wide fallout, and links the permanent hardening that followed.

**Why ether.fi was not exposed:**

* Kelp's fatal configuration was a bridge route where compromising one verifier was enough to mint unbacked tokens. The same evening, ether.fi ran an exposure sweep of every weETH bridge route across all 20 chains: **zero routes matched that configuration**. Every weETH route required at least 2 independent verifiers (3 on the highest-traffic routes), so the attack pattern had no direct analogue against weETH.
* The remaining risk was second-order: market-wide stress in borrow markets and any shared bridge infrastructure. That is what the response below contained.

**Timeline of the response:**

* **Apr 18, 2:03 PM ET** — Team flagged the Kelp exploit and assembled a war room to assess second-order effects: exposure to lending markets, the shared LayerZero messaging layer, and leveraged positions reacting to the news.
* **Afternoon** — Two parallel workstreams: deleveraging the highest-risk positions (withdrawal requests placed to repay borrow-market debt), and a full audit of vault state across all products and chains.
* **5:02 PM ET** — All Liquid vaults paused across every chain as a precaution (liquidETH, liquidUSD, liquidBTC, eBTC, sETHFI, eUSD). The paused contract also carries bridge operations, so deposits, withdrawals, and bridging halted together. This was precautionary — not a loss of funds.
* **Evening** — Root cause isolated to Kelp's LayerZero verifier configuration; the weETH exposure sweep across all 20 chains confirmed no equivalent weakness.
* **10:11 PM ET** — LayerZero messaging disabled across vaults, so that when vaults reopened, bridging would stay off until hardening was in place.
* **Apr 19 (morning)** — Deposits and withdrawals reopened: a **\~1 day pause**. Bridging remained off. A temporary extended withdrawal window was added while deleveraging worked through stressed market conditions; fewer than 8 withdrawals failed during this period, and all were expedited.
* **Apr 19–23** — Cleanup under elevated borrow rates: debt in lending markets repaid, validators proactively exited to bring rates down, additional DEX liquidity deployed to help levered users exit, and the elevated borrow costs absorbed by ether.fi to sustain user yields.
* **Apr 23** — Bridging restored behind hardened settings: unanimous 4-of-4 verifier requirement, message libraries pinned, and source-chain confirmation requirements raised.

**Permanent hardening:**

The incident revealed a latent ecosystem-wide risk: a bridge provider's own multisig could modify protocol-wide defaults that applications relied on. ether.fi closed this permanently across all 20 weETH chains — message libraries pinned into weETH's own configuration, the 4-DVN verifier set pinned with a unanimous 4-of-4 threshold, and pair-wise rate limits tightened on ether.fi-owned contracts. Every security-relevant bridge parameter is now controlled exclusively by ether.fi multisigs. The full technical write-up is in the [weETH bridge security hardening blog post](https://www.ether.fi/blog/weeth-bridge-security-hardening), and the resulting controls are documented in [MultiSigs & Controls](/etherfi/security/security-and-risks/multisigs-and-controls).

As part of the follow-up L2 risk assessment, weETH bridging was deprecated on Scroll, Swell, Bera, zkSync, Mode, Blast, Morph, and Sonic, effective end of June 2026.

ether.fi also joined [DeFi United](https://x.com/aave/status/2048189931856535887), an ecosystem coalition formed after the incident to standardize bridge security and coordinate incident response, and [contributed to its dedicated relief vehicle](https://x.com/ether_fi/status/2047393577920299364).

We're glad to report that no ether.fi user funds were lost, weETH remained fully backed on every chain throughout, and the precautionary vault pause was lifted within a day.


# Slashing Risk

Slashing is a penalty that Ethereum, and separately EigenLayer, can take out of staked ETH when a validator or operator breaks the rules. [ether.fi](http://ether.fi) helps secure Ethereum, and through EigenLayer it helps secure other services that run on restaked ETH, so it is worth being clear about where that penalty can come from and how much is at risk.

There are two places slashing can happen:

1. Ethereum validators.
2. EigenLayer services that restaked ETH helps secure.

### Ethereum validator slashing

Ethereum penalizes a validator when it provably breaks the rules, mainly by signing two conflicting blocks or votes. The validator pays an upfront penalty, is removed from staking, and pays a further penalty that grows if many validators are slashed in the same short window.

The upfront penalty is small. After the Pectra upgrade in May 2025 it dropped to one part in 4,096 of the validator's balance, which is about 0.008 ETH for a 32 ETH validator. Before Pectra it was about 1 ETH. The added penalty for correlated slashing only becomes significant if a large share of the whole network is slashed at the same time, which has never happened.

ether.fi stakes through a curated set of professional operators that run different software and infrastructure, which keeps the chance of a shared fault low. — **No ether.fi validator has been slashed since the protocol launched.**

ether.fi has [partnered with Nexus Mutual](https://nexusmutual.io/blog/a-new-layer-of-protection-for-ether.fi) to provide the **largest ETH slashing cover in crypto history: up to 15,000 ETH** in validator slashing penalties, protecting one of the largest validator sets on Ethereum.

### EigenLayer restaking slashing

When ETH is restaked through EigenLayer, the services it helps secure can also slash it. This only applies when every party opts in: the service has to turn on slashing, the operator has to sign up to secure it, and the protocol has to choose that operator. Which operators are signed up to slashable services is recorded on-chain and shown in the EigenLayer app, so anyone can check it.

ether.fi's restaked ETH is not signed up to any slashable service, and as a matter of policy ether.fi does not sign up to slashable services. — **There is no restaking slashing risk today.**

Separately, ether.fi is removing its exposure to restaking altogether, and that wind-down is nearly complete. Most assets have already been unrestaked: as of August 2026, **less than 1% of ether.fi's assets remain restaked with EigenLayer**, down from about half in early 2026. The remainder is planned to be removed by **Q3 2026**, bringing the restaked share to 0%. Going further, ether.fi plans to **completely remove EigenPod withdrawal credentials from its validators by Q4 2026**, eliminating the protocol's last structural link to EigenLayer. This shrinks the restaking exposure overall, not only the slashable part.

### How much is at risk

<table><thead><tr><th width="121.955810546875">Where</th><th>What triggers it</th><th>Most that can be lost</th><th>Today</th><th>Backstop</th></tr></thead><tbody><tr><td>Ethereum validator</td><td>Signing conflicting blocks or votes</td><td>About 0.008 ETH per 32 ETH validator; more only in a network-wide event</td><td>Spread across diverse operators; never slashed</td><td>Nexus Mutual's ETH Slashing Umbrella Cover, up to 15,000 ETH</td></tr><tr><td>EigenLayer restaking</td><td>A service's slashing rule is broken</td><td>Limited to what is signed up to slashable services</td><td>Nothing signed up with slashable AVS; less than 1% of assets still restaked</td><td>Policy of not joining slashable services, plus the near-complete wind-down of restaking (0% planned by Q3 2026)</td></tr></tbody></table>

Because none of ether.fi's restaked ETH is signed up to slashable services, the restaking slashing risk is effectively zero today. The overall restaked share is already below 1% and is planned to reach 0% by Q3 2026, with EigenPod withdrawal credentials removed from all validators by Q4 2026.


# Stress Testing

eETH is a 1:1 claim on staked ETH with no protocol-level leverage, no borrowing, and no liquidation engine. That shape means the failure modes that hurt leveraged protocols (forced liquidations, liquidation cascades, funding-rate blowups) cannot happen inside eETH. The risks that do matter are operational: can the protocol meet a wave of redemptions, and does the weETH price hold its peg under stress. This page sets out how eETH behaves under severe conditions, and points to the real event where that behavior was tested.

### How eETH holds up under stress

<table><thead><tr><th width="223.001708984375">Scenario</th><th width="551.1102294921875">What happens to eETH</th><th width="153.471435546875">Status</th></tr></thead><tbody><tr><td><strong>Mass redemptions</strong></td><td>Withdrawals are sourced through Ethereum's consolidation queue, which is separately from the exit queue, so redemptions can clear in both paths efficiently.</td><td>✅ Tested</td></tr><tr><td><strong>Sharp ETH price drop</strong></td><td>eETH's claim is denominated in ETH, so a fall in ETH's dollar price changes the dollar value of the holding but not the ETH you can redeem. With no leverage and no liquidation engine, there is nothing to force-sell, so the cascade failure mode is absent by design.</td><td>✅ Zero exposure</td></tr><tr><td><strong>Secondary-market peg deviation</strong></td><td>Anyone can redeem at the internal rate, which gives arbitrageurs a reliable path to close the gap. The peg held through the Apr–May 2026 redemption wave.</td><td>✅ Tested</td></tr><tr><td><strong>Restaking slashing</strong></td><td>None of ether.fi's restaked ETH is opted in to any slashable EigenLayer service, and as policy it does not join them, so there is no restaking slashing exposure. See <a href="/pages/3Ved9CQgdmFUa1SopzdR">Slashing Risk</a>.</td><td>✅ Zero exposure</td></tr></tbody></table>

### The April–May 2026 redemption wave

In April 2026, a security incident at another liquid restaking token set off a market-wide redemption wave. Ethereum's validator exit queue is the single, rate-limited line that every staker's withdrawal has to pass through, and it backed up to about **9 days**.

Over the following 33 days, ether.fi redeemed **542,792 ETH, or 19.6% of its TVL**. This was its largest redemption event ever, and it was handled **without adding measurable delay to that shared exit queue**. It did this by sourcing the ETH through Ethereum's *consolidation* queue instead of the exit queue. The two queues are rate-limited separately, so a congested exit queue does not slow consolidations. (Full mechanism in the [ether.fi blog](https://ether.fi/blog/how-ether-fi-redeemed-20-percent-of-tvl-without-adding-to-exit-queue).)

|                                   |                                  |
| --------------------------------- | -------------------------------- |
| Window                            | Apr 18 to May 21, 2026 (33 days) |
| Withdrawal requests               | 1,977                            |
| Total redeemed                    | **542,792 ETH (19.6% of TVL)**   |
| Median time to claimable          | **4.9 days**                     |
| Longest time to claimable         | 16.7 days                        |
| Requests claimable within 17 days | **100%**                         |

How the full set of requests was served (reconstructed from on-chain data):

| Claimable within… | Share of requests |
| ----------------- | ----------------- |
| 5 days            | 50%               |
| 7 days            | 55%               |
| 17 days           | **100%**          |

For comparison, funding that much ETH through ordinary validator exits would have consumed roughly 9 days of the *entire network's* exit capacity, on top of the existing \~9-day queue. That would have nearly doubled the wait for every staker on Ethereum. Spillover avoided it entirely.

### The peg held through the same event

The same redemption wave was the hardest test the weETH peg has faced. The largest outflow in the protocol's history is exactly when a receipt token would break its peg if it were going to. It didn't.

Measured on the direct weETH/ETH price over the trailing year:

|                                    | weETH                     | wstETH |
| ---------------------------------- | ------------------------- | ------ |
| Annualized peg volatility          | **2.49%**                 | 3.73%  |
| Days more than 1% below fair value | **0%**                    | 0.27%  |
| Worst single deviation             | **−0.58%** (Apr 20, 2026) | −1.88% |

weETH's worst day of the entire year was a deviation of just **−0.58%**, and it fell *inside* the redemption window. On-chain, the market price tracked the internal redemption rate to within **0.12%**.


# Active Defense

[ether.fi](http://ether.fi) does not rely on people watching dashboards to keep the protocol safe. The built-in controls are paired with continuous, automated monitoring and response from Hypernative, an independent security firm, so protective action can happen the moment something looks wrong rather than after a person notices.

### Always-on monitoring and automated response

[Hypernative](https://www.hypernative.io/) monitors ether.fi's core contracts and bridge routes around the clock. When it detects an abnormal pattern, for example an unexpected mint or release on a bridge or an unusually large outflow, it can automatically trigger an on-chain pause. This response is set up in advance across weETH's bridge routes and core contracts, so it does not wait for a team member to be awake and at a keyboard.

### How pausing works

Pausing is controlled by a dedicated role. That role is connected to the automated triggers above, and is also available to the team for manual use. A pause can fire on its own the moment a threat is detected, and the team can also pause directly. The existence of a pause role is not the same as relying on a person to push the button.

### Automated pauses are time-bounded

An automated pause is deliberately not open-ended. Every pause triggered by the monitoring role expires on its own after a set duration, and the role must cool down before it can pause the same contract again. Only the Operating Admin multisig can pause indefinitely, extend a pause, or lift one early. This bounds what a compromised or misfiring monitoring key could ever do: the worst case is a temporary halt, never a permanent one.

The durations are set per contract, and are shorter the more user-critical the surface:

| Auto-expiry  | Applies to                                                                                                            |
| ------------ | --------------------------------------------------------------------------------------------------------------------- |
| **8 hours**  | eETH and weETH token transfers                                                                                        |
| **24 hours** | LiquidityPool, WithdrawRequestNFT, EtherFiRedemptionManager, PriorityWithdrawalQueue, WeETHWithdrawAdapter, Liquifier |
| **48 hours** | EtherFiNodesManager, AuctionManager, CumulativeMerkleRewardsDistributor, EtherFiRestaker                              |

The same principle applies to per-address blacklisting: the monitoring role can blacklist an actively-exploiting address, and that blacklist expires automatically after **3 days** unless the Operating Admin confirms or extends it.

During a confirmed, ongoing incident the pause (and any attacker blacklist) is re-applied before each auto-lift, so containment holds until the incident is fully resolved. The expiry exists to protect users from a stuck or forgotten pause — not to give an attacker a fixed window to wait out. Each value is verifiable onchain by calling `pauseUntilDuration()` on the contract (or `BLACKLIST_DURATION()` on the [Blacklister](https://etherscan.io/address/0x5585996E7cFE95f2D99e61168B8b35C66Ff99B18)). See [MultiSigs & Controls](/etherfi/security/security-and-risks/multisigs-and-controls) for who holds each role.

### Abnormal redemptions

Outflows and redemptions are watched continuously. A sudden, abnormal spike in outflows is one of the patterns that can trigger an automatic pause, which slows activity down while the team reviews what is happening.

### Bridge limits

Every route that moves weETH between chains has an automated cap on how much can move within a set time window. These limits are enforced on-chain and take effect without any human action.


# Node Operator Compliance

### About this document

This page summarizes the publicly stated security and compliance posture of the node operators in ether.fi's operator landscape.

* **ISO/IEC 27001:** information-security management system certification.
* **SOC 2:** AICPA Trust Services report. *Type I* attests controls are

  designed correctly at a point in time; *Type II* attests they operated

  effectively over a period (the stronger of the two).
* **Data-center certifications:** whether the underlying hosting providers /

  data centers hold ISO 27001 and SOC 2 attestations.

#### Methodology & disclaimer

Entries are compiled from operators' public disclosures and self-reported information as of the data cutoff above.

## Summary

<table><thead><tr><th>Operator</th><th width="164.990478515625">HQ</th><th width="154.4166259765625">ISO 27001</th><th>SOC 2</th></tr></thead><tbody><tr><td>Galaxy Digital</td><td>USA</td><td>No</td><td>Yes</td></tr><tr><td>Luganodes</td><td>Switzerland</td><td>Yes</td><td>Yes (Type II)</td></tr><tr><td>Stakefish</td><td>BVI</td><td>No</td><td>Yes (Type II)</td></tr><tr><td>Validation Cloud</td><td>Switzerland</td><td>No</td><td>Yes (Type I + II)</td></tr><tr><td>InfStones</td><td>USA</td><td>No</td><td>Yes (Type I + II)</td></tr><tr><td>Node Monster</td><td>Israel</td><td>In progress</td><td>In progress</td></tr><tr><td>Allnodes</td><td>USA</td><td>No</td><td>No</td></tr><tr><td>HashKey Cloud</td><td>Hong Kong</td><td>Yes</td><td>Expected Aug 2026</td></tr><tr><td>P2P.org</td><td>Cayman Islands</td><td>In progress</td><td>Yes (Type I + II)</td></tr><tr><td>Chainnodes</td><td>UK</td><td>No</td><td>No</td></tr><tr><td>eBunker</td><td>Hong Kong</td><td>No</td><td>In progress (Type I)</td></tr><tr><td>DSRV</td><td>South Korea</td><td>Yes</td><td>SOC 1 Type I (SOC 2 in progress)</td></tr><tr><td>Nethermind / Twinstake</td><td>UK</td><td>No</td><td>Yes</td></tr><tr><td>Finoa</td><td>Germany</td><td>No</td><td>No</td></tr><tr><td>Cosmostation</td><td>South Korea</td><td>(renewal pending)</td><td>No</td></tr><tr><td>MAVAN (Pier Two)</td><td>Australia → USA</td><td>Yes</td><td>Yes (Type I + II)</td></tr><tr><td>Stakin</td><td>Estonia</td><td>Yes</td><td>In Progress</td></tr><tr><td>Blockdaemon</td><td>USA</td><td>Yes</td><td>Yes (Type II)</td></tr></tbody></table>


# ether.fi Whitepaper


# Introduction

Decentralization doesn't matter ... Until it does.

{% embed url="<https://www.youtube.com/watch?v=Mdc8UfKwIIM&ab_channel=ether_fi>" %}

## Acknowledgments

Many delegated staking solutions have been built before ether.fi. We owe a debt of gratitude to everyone who has been building in the space. They've inspired and motivated us.

We believe decentralized, non-custodial staking is an essential and foundational good for Ethereum. There is a need for various solutions that serve many users and purposes.

We want to give particular shoutouts to the teams that built RocketPool, StakeWise, Diva and Lido. We are fans and have learned a lot from your work.

## Principles

We take our ethics seriously and want the community to hold us accountable for living up to the following:

1. **Decentralization is a primary objective**. We will never compromise on the non-custodial and decentralized nature of the protocol. Stakers must maintain control of their ETH.
2. **The ether.fi protocol is a real business with a sustainable revenue model**. We’re in this for the long haul. We think and plan on the scale of decades. No ponzinomics f\*ckery.
3. **We will do the right thing for the Ethereum community, always**. If and when we mess up, we will own it and course correct quickly.

## Executive Summary

Ether.fi Protocol is a decentralized, non-custodial staking and restaking protocol designed to maximize user control and Ethereum network decentralization. The protocol issues liquid staking tokens: `eETH` (rebasing) and `weETH` (wrapped, non-rebasing), which allow users to earn rewards from both Ethereum consensus staking and native restaking on EigenLayer, **without losing liquidity or DeFi composability**.

## High-Level Operational Summary

This section contains a high-level summary of ether.fi mechanisms. For a detailed description, please see the [ether.fi](/etherfi/resources/ether.fi-whitepaper/technical-documentation)[ ](/etherfi/resources/ether.fi-whitepaper/technical-documentation)section.

The ether.fi protocol allows ETH holders to delegate staking while retaining control of their assets. There are several users and stakeholders on ether.fi:

* **Depositors/Stakers**: users who stake their `ETH` through the protocol. Depositors receive `eETH` shares representing their claim on the protocol’s pooled stake and rewards. They can also opt into Membership NFTs, which track their deposit shares and accrue loyalty and tier points for reward boosts.
* **Node operators:** entities approved by ether.fi to run validator nodes. They are legacy validators or form DVT clusters (via SSV network) that operate validators on behalf of depositors.
* **Restaking services:** Actively Validated Services (AVSs) on EigenLayer that consume *staked ETH* security. The protocol restakes *pooled ETH* on EigenLayer, and rewards (and potential slashing) from restaking are socialized among depositors.

At a high level, depositors provide `ETH` to the LiquidityPool, which creates new validators as needed. Node operators run those validators under a DVT setup. An on‑chain oracle periodically reports consensus and execution rewards; these rewards are rebased into the supply of `eETH` and distributed to depositors according to their shares and membership tier.

### Validator Management

* Validator Creation
  * When a user mints eETH/weETH, the deposited `ETH` are sent into ether.fi, the LiquidityPool.
  * In order to avoid front-running, we use partial deposit approach where we deposit 1 ETH per validator to Ethereum’s deposit contract.
  * Once the oracle confirms that the withdrawal credentials are correctly set, the pool tops up the remaining ETH needed to reach 32 ETH.
* Validator Exit
  * When the amount of ETH in the liquidity pool crosses below a threshold, then ether.fi initiates exits of validators via [EIP-7002](https://eips.ethereum.org/EIPS/eip-7002).

### Liquidity Pool and eETH

The *LiquidityPool* aggregates `ETH` from depositors and stakes it through the validator creation process described above. In return, it mints `eETH`, a rebasing token whose total supply grows when staking rewards accrue. Depositors can wrap `eETH` into `weETH`, a non‑rebasing ERC‑20 token better suited for DeFi integrations.

Deposits and redemptions are processed on demand:

* **Minting eETH**: users send ETH to the LiquidityPool and receive `eETH` shares at the current exchange rate (total eETH supply divided by total pooled ETH).
* **Redeeming eETH**: users burn their `eETH` or `weETH` to receive the underlying `ETH`. If the liquidity pool’s unbonded `ETH` is insufficient to satisfy a redemption, the protocol initiates validator withdrawals in accordance with the queue of redemption requests.

### Restaking

Ether.fi currently restakes staked `ETH` on EigenLayer. The earned restaking rewards are distributed as KING via a separate claim process [KING Rewards (Historical Reference)](/etherfi/archive/king-protocol-historical-reference/king-rewards-historical-reference). Once ether.fi opts in with slashable EigenLayer AVSs, it may subject restaked `ETH` to slashing if operators misbehave; ether.fi socializes both the rewards and the risks across all depositors.

#### Billing

Billing for node services is executed via a billing contract. Services tracking and attribution done via a centralized service run by ether.fi. This will change over time.


# ether.fi Staking

**How Ethereum Staking Works**

In the Proof of Stake Ethereum, **validators** are at the core of maintaining the network’s integrity and functionality. Their role is consists of the following:

1. **Stake holding:** A validator is a single Beacon Chain address holding 32ETH (the Stake). This ETH is deposited on the Execution Layer and serves as collateral and is meant to incentivize honest behavior.
2. **Block Proposal:** Validators are responsible for proposing new blocks to be added to the chain. The opportunity to propose new blocks is determined by a randomized process.
3. **Block Verification:** In addition to proposing blocks, validators verify the blocks proposed by others, this is referred to as “attesting”. They check the validity of the transactions and the block’s adherence to the networks rules.
4. **Voting:** Validators also participate in a voting process to reach consensus on the validity of proposed blocks. They attest to the correctness of a block and if a significant majority of validators agree on a block, it’s added to the chain.
5. **Reward:** For the services highlighted above, validators receive rewards in the form of transaction fees and block rewards. These rewards are intended to compensate for the risk and services they provide. A further breakdown is provided below.
6. **MEV Rewards:** The rewards of producing a block can be substantially higher by reordering, including, or excluding transactions in a block, which is known as MEV (maximal extractable value). To maintain the integrity of the network and increase rewards, validators can use relays, such as Flashbots, to obtain a full block from a network of block builders that optimize for MEV extraction. The block that pays the highest fee for using their block is chosen, thus increasing the validators' rewards compared to simply adding transactions based on gas fees.
7. **Penalties (slashing)**: If a validator acts maliciously by trying to manipulate the network, they can be penalized, which involves losing a portion or all of their staked ETH.

**Rewards:**

Validators earn rewards from both the Execution and Consensus Layers. These rewards are outlined below:

<table><thead><tr><th>Reward</th><th width="137">Layer</th><th>Occurrence</th><th>Amount (ETH)</th></tr></thead><tbody><tr><td>Attestation</td><td>Consensus</td><td>Every epoch (6.4 min)</td><td>Variable*</td></tr><tr><td>Block Proposal</td><td>Consensus</td><td>Randomised</td><td>0.02 ETH*</td></tr><tr><td>Slashing Reward</td><td>Consensus</td><td>Very rarely</td><td>Up to 0.0625 ETH</td></tr><tr><td>MEV Rewards</td><td>Execution</td><td>Included in Block Proposals</td><td>Typically 0.01 to 0.1 ETH</td></tr><tr><td>Priority Fees</td><td>Execution</td><td>Included in Block Proposals</td><td>Typically 0.01 to 0.1 ETH</td></tr></tbody></table>

* \*The rewards for **Attestation**, **Block Proposal**, and **Sync Committee** could vary depending on the network conditions and the number of active validators. Validators are responsible for attesting to the validity of blocks and proposing new blocks.
* **MEV (Miner Extractable Value)** rewards and **Priority Fees** are part of the Execution layer rewards, which are included in block proposals. These rewards and fees are related to transaction processing and can vary widely.
* The **Slashing Reward** is a rare occurrence, awarded to honest validators when a malicious validator is caught and penalised.

**Ether.fi Node Operators**

*Solo Stakers*

[Ether.fi](http://ether.fi/) employs a unique approach to staking by integrating Distributed Validator Technology (DVT) to enhance the security and operations of validators on the Ethereum network. This technology aids in the onboarding of solo stakers who wish to run nodes in their home/office, anywhere in the world. The goal of this initiative is to ensure the decentralization of the Ethereum network by further increasing the number of node operators internationally and remove the reliance on a handful of centralised data centres.

Given the large capital requirement to run a solo node (32 ETH), the Ethereum network has experienced increased centralisation with this barrier to entry. However, through the use of DVT, [ether.fi](http://ether.fi) has been able to significantly reduce this capital requirement to simply the cost of the hardware, and monthly electricity/internet costs. Participants of this program either sign up to purchase a machine through [ether.fi](http://ether.fi) or have purchased their hardware elsewhere and are looking for a protocol that allows them to provide security to the network.

Those interested in becoming a solo node operator must meet certain criteria, including having staking experience, a robust internet connection, be comfortable with disclosure requirements for [ether.fi](http://ether.fi), and agree to the program terms of service. Once they have the hardware and meet the technical requirements demonstrated through the testnet phase, these individuals are able to run staking infrastructure for [ether.fi](http://ether.fi) from their own home or office without posting any collateral. This is the benefit of DVT. These participants commit to running a node, and in return, they are put into a solo staking cluster, receiving initially 96ETH to stake, of which, they receive 5% of staking rewards.

*Permissioned Node Operators*

[Ether.fi](http://ether.fi) has a set of permissioned node operator partners that run validators for and on behalf of the protocol. As permissioned validators, these operators are required to submit bids through the protocol auction mechanism, however they are not required to post a bond as collateral. These companies have been onboarded and vetted, and have a reputation within the industry built off their track record of high performance.

5% of all the rewards are paid to these node operators for the validators that they run.

**Payouts**

Node operators will be paid out quarterly, with the first effective payout date of Feb 31st, 2024. If a NO would like to be paid out earlier, they can pay the associated gas fees. To do so and sweep rewards, NO’s can call `partialWithdraw` on the etherfiNodesManager contract. Anyone at any time can call "partialWithdraw" for any validator and pay the gas to distrubute the rewards to the 4 parties (NO, TNFT, BNFT, Treasury)

Note that rewards for solo stakers will be socialized. This means that rewards for all DV clusters will be pooled and paid out equally to all participants, based on their time in the pool.

**Reward distribution**

The sum of all staking rewards is split out between stakers, node operators and the protocol, 90%, 5%, 5%, respectively. The ether.fi protocol recognises both the protocol portion and the node operator portion of staking rewards as revenue (10%), as both sides flow from the protocol's staking infrastructure - This applies for both staking and restaking rewards. As of September 13th, 2025, combined staking and restaking APR is 3.1%, resulting in total revenue to the ether.fi protocol of 31 basis points.

**ether.fi staking APR**

ether.fi’s staking APR may sometimes be lower than Ethereum’s due to the activation queue for ETH validators and the ether.fi protocol staking rewards fee. Additionally, ETH is held in the ether.fi [liquidity pool](https://etherscan.io/address/0x308861a430be4cce5502d0a12724771fc6daf216) to facilitate quicker withdrawals, which also contributes to a marginal reduction in returns. Since staking rewards are distributed across all stakers, a significant increase in new stakers can temporarily lower the rate until more validators are onboarded.

With ether.fi, you start receiving staking rewards within 24 hours of your deposit, without needing to wait for validator activation, which helps mitigate the initially lower rate.

Further information on ether.fi node operator performance can be found [here](https://explorer.rated.network/o/Ether.Fi?network=mainnet\&timeWindow=30d\&viewBy=operator\&page=1\&pageSize=15\&idType=pool).


# ether.fi Re-staking

ether.fi's `eETH` and `weETH` are **Natively ReStaked** tokens.

In a conventional [Liquid ReStaking](https://docs.eigencloud.xyz/products/eigenlayer/restakers/restaking-guides/restaking-developer-guide#liquid-restaking-guide) strategy, the users lock their Liquid Staking Tokens such as `stETH` into the EigenLayer's Liquid ReStaking Strategy contracts. The cons are that the restaked assets are non-transferrable, non-usable in DeFi, and require 14 days withdrawal period for redemption back into the LSTs. Note that you will need additional delays to redeem ETH from your LSTs, again.

In ether.fi's `eETH` and `weETH` where the Native ReStaking happens in the protocol level:

* By holding `eETH/weETH`, you earn the staking rewards based on the staked ETH amount and protocol's staking yields.
* By holding `eETH/weETH`, you earn the restaking rewards based on the natively restaked ETH in the protocol level and protocol's restaking yields (+ EigenLayer points). Users do not need to make separate actions or lock up their assets.
* You can bring your `eETH/weETH` to another DeFi and do degens!
* you can redeem your ETH out of `eETH/weETH` without the 14 days withdrawal period as long as ether.fi has the available liquid ETH in the contract.

Doc's by EigenLayer regarding the process of restaking are provided for guidance on how it works:

* [Native Restaking with EigenLayer](https://docs.eigencloud.xyz/products/eigenlayer/restakers/restaking-guides/restaking-user-guide/native-restaking/)


# Technical Documentation

*ether.fi* is a - truly - non-custodial and decentralized staking protocol where stakeholders retain complete control of their assets while leveraging the power of permissionless decentralization. Our protocol provides a secure and seamless delegated staking service while offering higher returns and fewer costs through innovative revenue streams and aggressive operational efficiency optimizations.

## Project Roadmap

Ether.fi began as a delegated‑staking service and is maturing towards a fully permissionless restaking protocol on Ethereum. Today, users deposit `ETH` into a **LiquidityPool**, which creates and funds validators while allowing users to retain control over their withdrawal credentials. Depositors receive `eETH` shares that automatically rebase to include staking and restaking rewards; they may wrap these shares into `weETH` for a fixed‑supply token. Validators are operated by node‑operator clusters using Distributed Validator Technology (DVT), and the protocol restakes its *pooled ETH* on EigenLayer.

### :white\_check\_mark: Phase 1. \[<mark style="color:red;">Deleg8</mark>] Delegate Staking

* Release of ether.fi Desktop App
* Delegated staking via an auction mechanism
* Withdrawals of the staking rewards and the unstaked ETH
* ether.fi Transferrable NFT (*T-NFT*) and Bond NFT (*B-NFT*)
* ether.fi protocol treasury contract

### :white\_check\_mark: Phase 2: \[<mark style="color:red;">Pool Fiesta</mark>] Pooled Liquid Staking

* Integration of Oracle for validator nodes information
* Integration with EigenLayer's ReStaking
* ether.fi Liquid ReStaking Token (LRT) token, *eETH* and *weETH*
* ether.fi protocol treasury management contract
* DeFi integrations

### :rocket: Phase 3: \[<mark style="color:red;">Permission-less</mark>] Node Staking

* Integration of Distributed Validator Technology
* ether.fi institutional-grade permission-less node staking
* Add the permissioned DVT validators

## User Roles

* **Depositors/ Stakers:**
  * Users who deposit `ETH` (or other supported assets) into the **LiquidityPool**.
  * Depositors receive `eETH` shares and may mint Membership NFTs to track their stake, loyalty points and tier level.
* **Node operators:**
  * Independent or permissioned entities who operate validators using DVT clusters.
  * They earn a share of protocol rewards in exchange for maintaining validator uptime and security.
* **Restaking services:**
  * Actively Validated Services (AVSs) on EigenLayer that use ether.fi’s pooled stake for additional applications.
  * Rewards and slashing penalties from restaking are socialized across depositors.

## Validator Keys

### Ownership

*"Stake your ETH and retain complete control over your funds with* ether.f&#x69;*."*

ether.fi has a delegated staking service that distinguishes itself from others, such as Rocket Pool and Lido, by giving stakers complete control over their validator keys. These keys are necessary and sufficient to trigger the exit of validator nodes.

### Secure Transfer to Node Operators

For a node operator to run the validator node on behalf of the staker, they must have access to the staker's validator keys. That is, the validator keys generated by the stakers should be shared with the corresponding node operator. However, if the validator keys are compromised, the validator nodes are exposed to [slashing](https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/rewards-and-penalties/#slashing) attacks and potential losses.

<figure><img src="/files/nB8iIQTPYJD4h245pEea" alt=""><figcaption><p>Figure 1. Secure exchange of validator key from Staker to Node Operator.</p></figcaption></figure>

ether.fi uses a secure and unique implementation of [ECIES](https://en.wikipedia.org/wiki/Integrated_Encryption_Scheme) for the stakers to share the validator keys while retaining control of them. Figure 1 depicts the overall process. Before a node operator can participate in the [auction](/etherfi/resources/ether.fi-whitepaper/introduction#delegated-staking), they must generate [ECC](https://en.wikipedia.org/wiki/Elliptic-curve_cryptography) keypairs and register their public keys. The stakers generate their validator keys and encrypt them via a shared secret generated using the node operator public key associated with the winning bid. To ensure forward secrecy, the node operator can make one bid for each public key they register. The encrypted message can be decrypted only by the private key of the corresponding public key. The encrypted message is submitted as an on-chain transaction for the node operator to locate, obtain, and decrypt the keys for running the validator nodes.

For cost efficiency, we use off-chain [IPFS](https://www.infura.io/product/ipfs) storage for key exchange. Node operators store their public keys on IPFS. Similarly, stakers store their encrypted validator keys on IPFS. Their hashes of the IPFS storage are uploaded on-chain.

A shared validator key, while an improvement for most stakers, remains unsatisfactory. In the future, ether.fi plans to further enhance security and improve the user experience by leveraging the [EIP-5630](https://eips.ethereum.org/EIPS/eip-5630) or sharded keys with Distributed Validator Technology ([DVT](/etherfi/resources/partnerships/dvt)).

## ether.fi Desktop Application

ether.fi provides a user-friendly GUI desktop application for secure key management. Upon deployment to mainnet, it will be a fully open-sourced here: [etherfi-desktop](https://github.com/GadzeFinance/etherfi-desktop). The ether.fi desktop application is a React app running in Electron. It uses the official version of the [eth2.0-deposit-cli](https://github.com/ethereum/staking-deposit-cli) tool to generate validator keys. For secure encryption/decryption, it uses the [ECIES encryption scheme](https://en.wikipedia.org/wiki/Integrated_Encryption_Scheme).

With the ether.fi Desktop Application:

* Node operators generate their public/private keys
* Stakers generate their validator keys
* Stakers encrypt the validator keys with the public key of their matched node operators
* Node operators decrypt the encrypted validator keys with their private keys

You can find the detailed guide [here](/etherfi/get-started/decentralized-application).

## ether.fi Node Client

The ether.fi Node Client offers a seamless setup process for running validator nodes. Furthermore, it provides exceptional opportunities for node operators to enhance their earnings. By combining the ether.fi Node Client with staking clients, node operators can significantly increase their revenue streams within the ether.fi ecosystem.

Through ether.fi Node Client, Node operators can:

* Run validator nodes
* Monitor validator nodes
* Powering ether.fi and Ethereum's distributed infrastructure with RPC endpoints, Custom On-Chain Data APIs, and Dedicated nodes

You can find the detailed guide [here](/etherfi/run-a-validator/node-operators/node-operators-guide).

## ether.fi Protocol Design

ether.fi Smart Contracts, upon deployment to mainnet, will be fully [open-sourced](https://github.com/etherfi-protocol/smart-contracts) and [audited](/etherfi/security/security-and-risks/audits). This smart‑contract system enables non‑custodial staking and restaking in a permissionless way.

### Overview

The core components are:

* **Node‑operator registration:**
  * Node operators register their DVT cluster identities and network endpoints with the protocol’s role registry.
  * Operators must meet performance requirements and, once approved, are added to the pool of available DVT cluster participants.
* **Depositor/Stake flows:**
  * When a user deposits ETH into the protocol, the LiquidityPool contract handles the validator lifecycle.
  * It sends a 1 ETH seed deposit to Ethereum’s deposit contract for each new validator.
  * After the protocol’s oracle verifies that the withdrawal credentials are correctly set, the pool automatically tops up the remaining ETH needed to reach 32 ETH and activates the validator.
* **Tokenization:**
  * Depositors receive eETH shares representing their claim on the total pooled ETH.
  * Users can opt to wrap their eETH into weETH (a non‑rebasing ERC‑20 token) or mint a Membership NFT that records the deposit amount, share balance and loyalty/tier points.
* **Validator operation:**
  * Validators created by the LiquidityPool are assigned to node‑operator clusters running Distributed Validator Technology (DVT) via SSV Network.
  * Operators run the validators and earn a share of staking and restaking rewards as compensation.
* **Reward distribution and upgrades:**
  * The EtherFiOracle reports accrued consensus and restaking rewards.
  * When a new report is published, the LiquidityPool rebases the supply of eETH and the MembershipManager updates reward indices for each tier.
  * Upgrades to any contract are governed by a 10-day upgrade timelock, and every privileged action requires one of a small set of tiered roles held in the consolidated RoleRegistry. See [MultiSigs & Controls](/etherfi/security/security-and-risks/multisigs-and-controls) for the full authority model.

## Detailed Mechanisms

* [Validator Creation](#validator-creation)
* [Memberships NFTs](#membership-nfts)
* [Permissionless Withdrawals](#permissionless-withdrawals)
* [eETH and weETH](#eeth-and-weeth)
* [Liquidity Pool](#liquidity-pool)
* [Oracle](#oracle)
* [Sharing Protocol Revenue](#sharing-protocol-revenue)

### Validator Creation

When `ETH` is deposited into the **LiquidityPool**, the pool sends 1 `ETH` per validator to [Ethereum’s deposit contract](https://ethereum.org/en/staking/deposit-contract/) to reserve a validator index.

After the protocol’s oracle confirms that the withdrawal credentials are correctly set, the pool tops up the remaining `ETH` (to reach 32 `ETH`) and activates the validator.

Node operators—either permissioned or solo—join DVT clusters via SSV Network and operate the validators. The protocol does not require bids or bonds from node operators; validator assignments are handled automatically based on available cluster capacity.

### Membership NFTs

Users can choose to wrap their `eETH` deposits into Membership NFTs that record the amount of `ETH` staked, the number of `eETH` shares and the user’s loyalty and tier points.

These NFTs are transferable and confer reward boosts based on tier. Legacy T‑NFT and B‑NFT mechanics were retired with the protocol’s migration to the **LiquidityPool** model.

### Permissionless Withdrawals

After the Shanghai upgrade for the Ethereum Execution Layer and the Capella upgrade for Consensus Layer, [EIP-4895](https://eips.ethereum.org/EIPS/eip-4895) will enable withdrawals of staked ETH and validator rewards.

* **Partial withdrawals** **(reward skimming):** When a validator’s balance exceeds 32 ETH, the excess represents accrued rewards. Anyone can call the withdrawal manager to skim these rewards and transfer them to the LiquidityPool, where they are redistributed to depositors by increasing the eETH share price. This process is permissionless and does not rely on NFT holders.
* **Full withdrawals (unstaking):** If a validator is exited—either because the LiquidityPool needs liquidity for redemptions or because of operator performance issues—the entire stake (principal plus rewards) is withdrawn to the protocol. Once the withdrawal is finalized on the beacon chain, anyone can call a function to distribute the ETH to the correct parties (depositors and node operators) according to their eETH shares and reward entitlements.
* **Slashing penalties** from misbehaving validators or restaking services are shared across all depositors; there is no dedicated bond. Exits and withdrawals do not require action from any individual NFT holder and are executed in a fully permissionless manner.

#### eETH and weETH

eETH is ether.fi's liquid staking token. eETH is a rebasing ERC-20 token. The eETH token represents a claim on the same amount of ETH which is held by the ether.fi liquidity pool or being staked earning rewards within the Ethereum *Proof-of-Stake* system.\
\
The staking rewards are distributed to the eETH holders by the rebasing mechanism where its balance is updated automatically on all the addresses. The rebase mechanism is implemented via shares where the `share` represents the eETH holder's share in the total amount of ether controlled by the ether.fi protocol.

The eETH balance of an `account` is computed as follows:

$$
BalanceOf(account) = TotalPooledEth \* \frac {Shares\[account]}{TotalShares}
$$

\- *`TotalPooledEth` =* the total amount of ETH controlled by the protocol\
\- *`Shares[account]` =* the account's share of eETH\
\- *`TotalShares`* = the total shares of eETH

Here, *`TotalPooledEth`*` `` ``= ( `*`D + P + R`*`)` as reported by the [Oracle](#oracle):\
-***`D`*** = the total ETH held in the liquidity pool\
-***`P`*** = the total ETH principal staked on the protocol's validators\
-***`R`*** = the total accrued ETH rewards (consensus, execution, and restaking) not yet swept back to the pool

Users may wrap their `eETH` into `weETH` to obtain a non‑rebasing ERC‑20 token. Converting between `eETH` and `weETH` is done through the LiquidityPool at the current share rate.

#### Liquidity Pool

The **LiquidityPool** contract aggregates ETH deposits and manages validator creation, rewards accounting and redemptions. Its key functions are:

* **Minting eETH:** When users deposit ETH, the pool calculates the number of eETH shares to mint based on the current total pooled ETH and total eETH shares. The formula ensures that each share always represents an equal claim on the pool’s assets.
* **Wrapping and Unwrapping:** Depositors can wrap eETH into weETH via the WeETH contract to obtain a non‑rebasing ERC‑20 token. Unwrapping weETH returns the corresponding amount of eETH.
* **Membership NFTs:** Users may choose to wrap their deposit into a Membership NFT instead of holding eETH directly. The NFT records the user’s share balance and accrues loyalty and tier points that may boost future rewards.
* **Redeeming eETH/weETH:** To withdraw ETH, a user burns their eETH or weETH. The pool attempts to fulfill the redemption from its unbonded ETH. If insufficient ETH is available, it will queue full validator exits and process redemptions once the ETH is released from the beacon chain.
* **Reward accrual:** When the EtherFiOracle publishes a new reward report, the pool increases the total pooled ETH without increasing the number of eETH shares. This raises the value of each share and automatically distributes rewards to all holders.

### Oracle

The EtherFiOracle is a decentralized reporting mechanism that aggregates data about the protocol’s validators and restaking positions. A committee of oracle members monitors the beacon chain and EigenLayer, then periodically submits reports containing:

* The total amount of ETH staked through ether.fi and the rewards accumulated since the last report.
* Any slashing events or penalties applied to validators or restaking AVSs.

Once a report achieves the required quorum, it is published on‑chain. The LiquidityPool uses this data to update the total pooled ETH, and the MembershipManager uses it to adjust reward indices for each tier. This process triggers the rebase of eETH and corresponding changes to weETH and membership NFTs.

In the future, the dependency on the Oracle can be removed once the required infrastructure is added to Ethereum (*e.g.,* [EIP-4788](https://eips.ethereum.org/EIPS/eip-4788), [EIP-7002](https://eips.ethereum.org/EIPS/eip-7002)).

### Sharing Protocol Revenue

Ether.fi’s revenue comes from consensus and execution rewards, EigenLayer restaking rewards and a protocol fee (taken as a percentage of accrued rewards). When the oracle report is published:

* **Depositor rewards:** The rebase function increases the value of each eETH share, delivering the majority of rewards to depositors. Users holding Membership NFTs may receive additional rewards according to their tier weight.
* **Node operator rewards:** A portion of rewards is allocated to node operators who run the validators. This share compensates them for maintaining infrastructure and participating in DVT clusters.
* **Protocol fee:** A small percentage of rewards is directed to the protocol’s treasury. These funds support development, audits and ongoing operations and are governed by ETHFI token holders.

The exact percentages are encoded in the protocol’s smart contracts and can be adjusted through governance. There is no separate bond or higher‑yield NFT product; all participants earn rewards in proportion to their shares and roles.


# Risks

## Smart Contract Risks

* Though our smart contracts will be crafted carefully, many times audited, and thoroughly tested, there always exist risks in interacting with smart contracts on the Ethereum network.

## Key Management Risks

* With ether.fi's desktop and decentralized web applications, we've taken great care to utilize the latest, safest methods for key encryption and protection. However, ether.fi can make no guarantees or representation that our methods are or will remain 100% secure. Additionally, the care for one's keys remains in the staker's hands. Preventing user error, though a primary aim, is virtually impossible.

## Regulatory Risks

* ether.fi firmly believes that the Ethereum network will become the settlement layer for global financial markets. Our convictions, however, are not guarantees about the future. Cryptocurrencies and Ethereum in particular have made the leap from niche to mainstream and this increase in prominence has been accompanied by an increase in governmental scrutiny. Any number of well-meaning and / or ill-informed public policies can temporarily or permanently derail the protocol, including but not limited to:
  * bans on cloud service providers providing services to crypto related enterprises
  * bans on ISPs providing crypto related services
  * onerous taxes levied on various network transactions
  * etc.


# Team

## Leadership Team

Mike Silagadze, Founder and CEO

Rok Kopp, Chief Customer Officer

Rupert Klopper, Vice President, Engineering

Seongyun Ko, Director of Engineering

Jozef Vogel, COO


# Governance

You can view all of our governance related info here. <https://etherfi.gitbook.io/gov>


# Partnerships


# Node operators

See [rated network](https://explorer.rated.network/o/Ether.Fi?network=mainnet\&timeWindow=30d\&viewBy=operator\&page=1\&pageSize=15\&idType=pool) for the most up to date list.


# DVT

Ether.Fi is committed to deploying DVs to build a secure, resilient and decentralised foundation for the [#restaking](https://twitter.com/hashtag/restaking?src=hashtag_click) ecosystem.

* [SSV](https://ssv.network/)
* [Obol](https://obol.tech/)


# Coverage

ether.fi users can purchase cover from [Nexus Mutual](https://nexusmutual.io/), a decentralized insurance alternative. They have added the following Bundled Protocol Cover listings to their dApp.

### **ether.fi Liquid Bundled Protocol Cover**

Nexus Mutual offers protection against smart contract risk across EigenLayer, Ether.fi, Morpho Blue weETH / WETH market, Pendle Finance, Sommelier Finance, and Uniswap V3, which is bundled into one Cover NFT.

* [Purchase ether.fi Liquid Bundled Cover on Nexus Mutual](https://app.nexusmutual.io/cover/buy/get-quote?productId=150)
* [Learn more about the protections included in Nexus Mutual's ether.fi Liquid Bundled Protocol Cover (PDF)](https://drive.google.com/file/d/1uKKTcJ4I1PgrZyK88GK9jtP4AX_Cz9Ab/view?usp=sharing)

### EigenLayer + ether.fi + Pendle Bundled Protocol Cover

Nexus Mutual offers protection against smart contract risk across EigenLayer, Ether.fi, and Pendle, which is bundled into one Cover NFT.

* [Purchase EigenLayer + ether.fi + Pendle Bundled Cover on Nexus Mutual](https://app.nexusmutual.io/cover/buy/get-quote?productId=143)
* [Learn more about the protections included in Nexus Mutual's EigenLayer + ether.fi + Pendle Bundled Protocol Cover (PDF)](https://drive.google.com/file/d/14f44-CONnS9tWQyztbHW-_nAyRQjVVc8/view?usp=sharing)


# Ether.Fi Addresses

Company wallet for distributions: 0xfD59ad137cd60DA4346d21B407332E7e8aD631c9


# Press Kit

Download the presskit

{% file src="/files/xlER7XCeNsqaGGdTndF8" %}


# Events


# FIFA Finale

The FIFA World Cup Finale is here. Here's how to participate:

### Abbreviated Rules

Limited time offer. Restrictions apply. Not available in all jurisdictions. Must have an active ether.fi Cash card to participate. Void where prohibited. See full terms at [Promo Terms and Conditions](https://claude.ai/etherfi/ether.fi-legal/promo-terms-and-conditions.md).

***

### What is the FIFA Finale campaign?

The FIFA Finale campaign is ether.fi's World Cup 2026 prediction game. On the day of the final match, July 19, 2026, active ether.fi Cash card holders can quote our post with their match predictions on X (Twitter) or comment+RT on Instagram for a chance to win from a prize pool of $1,500 and a membership level upgrade to Luxe. Only the first 4 eligible entries will win.

***

### How to Play

Repost and/or comment on ether.fi's official X and Instagram announcements (linked below) using the following format:

```
[Team you think wins and your score prediction]
ether.fi/@[yourreferralcode]
```

**Example:**

```
Spain will in 2:1!
ether.fi/@reflink
```

***

### Prize Structure

**Prize pool: $1,500 and a level bump to Luxe for 3 months.**

Four winners will be selected. In order to qualify, the user must have an active ether.fi Cash card and quote retweet ether.fi's official announcements with the correct score prediction. The first four eligible entries will be selected as the winners.&#x20;

Winners are announced the following day on ether.fi's X and Instagram accounts.&#x20;

Rewards will be distributed to the user's ether.fi Safe.&#x20;

***

### Eligibility

To participate you must:

* Have an active ether.fi Cash card in good standing
* Have completed KYC
* Repost and/or comment your score prediction and referral code on ether.fi's official X or Instagram posts before the commencement of the final match

Entries submitted after the start of the final match are void.

| Platform    | Post                                                                                         |
| ----------- | -------------------------------------------------------------------------------------------- |
| X (Twitter) | <https://x.com/ether_fi/status/2078155982815801826?s=46&t=B-MqH5nhWCxYuTVUIpcqFg>            |
| Instagram   | <https://www.instagram.com/p/Da5pvpxjM1x/?utm_source=ig_web_copy_link&igsh=MzRlODBiNWFlZA==> |

***

### Exclusions & Void Entries

The following entries will be automatically voided:

* No referral code included in the post
* Referral code does not match a registered ether.fi account
* No active card associated with the registered email
* Entry submitted after match kickoff
* Fraudulent, duplicate, or suspicious entries as determined by ether.fi

Ether.Fi's decisions regarding eligibility, scoring, and disqualifications are final and binding.

***

### Anti-Gaming and Fraud

* Ether.Fi reserves the right to disqualify users exhibiting suspicious or abusive behavior
* Multiple accounts are not permitted — one entry per person per match day
* Referrals must be genuine new users — self-referrals or fake accounts will be disqualified and rewards clawed back

***

### Miscellaneous

* Ether.Fi may modify, suspend, or terminate this promotion at any time
* In the event of any conflict between these terms and other communications, these terms govern
* Participation constitutes acceptance of these terms, the Ether.Fi Cash terms of use, and any applicable privacy or product policies
* This promotion runs from July 17 – July 19, 2026


# Tá na mesa, tá no bolso!

Earn 10% cashback on food, groceries, and rideshare & delivery in Brazil with your ether.fi Cash card — for new users and anyone who refers a friend, until July 31.

### Abbreviated Rules

Limited time offer. Restrictions apply. Not available in all jurisdictions. Digital assets are high risk. Past performance ≠ future results. Void where prohibited. See full terms at [Promo Terms and Conditions](https://etherfi.gitbook.io/etherfi/ether.fi-legal/promo-terms-and-conditions.md).

#### Summary

The Tá na mesa, tá no bolso promotion rewards ether.fi Cash users in Brazil with 10% cashback on food, groceries, and rideshare & delivery purchases during June 29 – July 31, 2026.

* New users who create an ether.fi Cash account during the campaign period earn 10% cashback on eligible spend.
* Existing users who successfully refer a new user during the campaign period earn 10% cashback on their referral's eligible spend.

Per-user cashback cap of $20 applies.

### Campaign Period

🗓️ June 29, 2026, 09:00 AM EST – July 31, 2026, 11:59 PM EST

Only qualifying purchases completed during this period are eligible for rewards.

#### Rewards Distribution

🗓️ On or before August 30, 2026

Rewards are paid within 30 days of campaign end. Distribution of rewards will be 10% cashback on eligible spend at approved merchants and categories.

* Total campaign budget is limited. Once exhausted, ether.fi may reduce or stop future accrual of rewards, even within the campaign period.

#### Reward Structure

**1. New Users**

If you create an ether.fi Cash account during the campaign period:

* You earn 10% cashback on your own qualifying purchases at approved merchants and categories, up to $20.

**2. Existing Users**

If you refer a new user who successfully onboards during the campaign period:

* You earn 10% cashback on your referral's qualifying purchases at approved merchants and categories, up to $20.

Existing users spending on their own card without a referral do not qualify for this promotion.

#### Successful Referral

A successful referral is a user who:

1. Creates an ether.fi Cash account via your referral link during the campaign period; and
2. Successfully completes KYC; and
3. Activates at least one card (physical or virtual).

### Qualifying Purchases

Posted (not pending) card purchases made with an ether.fi Cash personal card during the campaign period at approved merchants or within approved categories, minus any returns, refunds, or credit adjustments.

#### Approved Merchant Categories

| MCC  | Category                                       |
| ---- | ---------------------------------------------- |
| 5411 | Food & Dining — Grocery Stores                 |
| 5811 | Food & Dining — Caterers                       |
| 5812 | Food & Dining — Eating Places and Restaurants  |
| 5813 | Food & Dining — Drinking Places                |
| 5814 | Food & Dining — Fast Food Restaurants          |
| 5462 | Food & Dining — Bakeries                       |
| 5499 | Food & Dining — Miscellaneous Food Stores      |
| 4121 | Rideshare & Delivery — Taxicabs and Limousines |
| 4215 | Rideshare & Delivery — Courier Services        |

Note: A transaction qualifies if it matches either the MCC filter or the merchant filter — not required to match both.

#### Per-User Cap

| Scope                      | Cap |
| -------------------------- | --- |
| Per new user, per campaign | $20 |

#### Eligibility

Promotion available only to users in Brazil where ether.fi Cash is available and where such promotions are permitted by law. Must have:

* An active ether.fi Cash account in good standing
* Completed KYC
* A personal (non-business) card
* Qualify as a new user OR have successfully referred a new user during the campaign period

### Exclusions

* Existing users spending on their own card without a referral
* Purchases outside approved merchant categories and merchants listed above
* Corporate or non-personal account types
* Refunded, reversed, pending, or chargeback transactions
* Fraudulent, abusive, manufactured spend, or suspicious activity as determined by ether.fi

#### Anti-Gaming and Fraud Monitoring

Returned or refunded purchases will reduce eligible spend and may reduce cashback. ether.fi reserves the right to disqualify users exhibiting suspicious, abusive, or fraudulent behavior. ether.fi's decisions regarding eligibility, rewards, and disqualifications are final and binding.

#### Miscellaneous

* ether.fi may modify, suspend, or terminate this promotion at any time
* Participation constitutes acceptance of these terms and ether.fi Cash terms of use


# GTA VI - Pre Order Campaign

Get 20% cashback on GTA VI pre order with your ether.fi Cash card. Available for new users and existing users who refer a friend — June 25 to 27 only.

### **Abbreviated Rules**

Limited time offer. Restrictions apply. Not available in all jurisdictions. Digital assets are high risk. Past performance ≠ future results. Void where prohibited. See full terms at Promo Terms and Conditions.

### **Summary**

The GTA VI promotion rewards ether.fi Cash users with 20% cashback on GTA VI purchases made with their ether.fi Cash card during June 25 – June 27, 2026.

* New users who create an ether.fi Cash account during the campaign period earn 20% cashback on GTA VI pre ordering.
* Existing users who successfully refer a new user during the campaign period also earn 20% cashback on GTA VI pre ordering.

Per-user cashback cap of $20 applies.

**Campaign Period**

🗓️ June 25, 2026, 09:00 AM EST – June 27, 2026, 12:00 AM EST

Only qualifying purchases completed during this period are eligible for rewards.

**Rewards Distribution**

🗓️ On or before July 27, 2026

Rewards are paid within 30 days of campaign end. Distribution of rewards will be 20% cashback on eligible GTA VI spend, up to $20 per user.

* Total campaign budget is limited. Once exhausted, ether.fi may reduce or stop future accrual of rewards, even within the campaign period.

**Reward Structure**

1. New Users

If you create an ether.fi Cash account during the campaign period:

* You earn 20% cashback on qualifying GTA VI purchases, up to $20.

2. Existing Users

If you refer a new user who successfully onboards during the campaign period:

* You earn 20% cashback on your own qualifying GTA VI purchases, up to $20.

**Successful Referral**

A successful referral is a user who:

1. Creates an ether.fi Cash account via your referral link during the campaign period; and
2. Successfully completes KYC; and
3. Activates at least one card (physical or virtual).

### **Qualifying Purchases**

Posted (not pending) card purchases made with an ether.fi Cash personal card during the campaign period for GTA VI, minus any returns, refunds, or credit adjustments.

**Approved Merchant**

* GTA VI (Rockstar Games) - Approved Merchants list

Note: Merchant eligibility is based on merchant name matching at time of transaction. Some transactions may not qualify depending on how the merchant processes the charge.

**Per-User Cap**

| Scope                  | Cap |
| ---------------------- | --- |
| Per user, per campaign | $20 |

**Eligibility**

Promotion available only to supported regions where ether.fi Cash is available and where such promotions are permitted by law. Must have:

* An active ether.fi Cash account in good standing
* Completed KYC
* A personal (non-business) card
* Qualify as a new user OR have successfully referred a new user during the campaign period

**Exclusions**

* Purchases at merchants other than GTA VI / Rockstar Games
* Existing users who have not referred a new user during the campaign period
* Corporate or non-personal account types
* Refunded, reversed, pending, or chargeback transactions
* Fraudulent, abusive, or suspicious activity as determined by ether.fi

### **Anti-Gaming and Fraud Monitoring**

Returned or refunded purchases will reduce eligible spend and may reduce cashback. ether.fi reserves the right to disqualify users exhibiting suspicious, abusive, or fraudulent behavior. ether.fi's decisions regarding eligibility, rewards, and disqualifications are final and binding.

**Miscellaneous**

* ether.fi may modify, suspend, or terminate this promotion at any time
* Participation constitutes acceptance of these terms and ether.fi Cash terms of use


# Membership Rewards

Distributed September 26, 2025.

<figure><img src="/files/TTWoo1qpL7hxVXbVIQ72" alt=""><figcaption></figcaption></figure>

View rewards details page in app:\
<https://www.ether.fi/app/cash/promotion/membership-rewards>

***

## **Membership rewards**

As part of being an [ether.fi](http://ether.fi) member of The Club, rewards were given to eligible members who used Stake, Liquid, ETHFI, or Cash between June and August 2025.

**Over $4.5M in ETHFI have been distributed across campaigns and member rewards!**

***

## **Eligibility criteria**

To be eligible, users must have opened a Club membership account between June-August 2025 and earned over 1000 membership points during that period.

***

## **Distribution of rewards**

**Core members**

* Core members who have an active Cash credit card receives 20% cashback on their next purchases, up to $20 ($100 in spend), over the next 30 days (in ETHFI)
* All other eligible Core members receive 5 ETHFI claimed

**Luxe members**

* Luxe members who have an active Cash credit card receives 20% cashback on their next purchases, up to $300 ($1500 in spend), over the next 30 days (in ETHFI)
* All other eligible Luxe members receive 60 ETHFI

**Pinnacle members**

* Pinnacle members who have an active Cash credit card receives 20% cashback on their next purchases, up to $600 ($3000 in spend), over the next 30 days (in ETHFI)
* All other eligible Pinnacle members receive 200 ETHFI

**VIP members**

* VIP members may receive 20% cashback on their next purchases, up to $2500 ($12,500 in spend)

***

## **Campaign rewards**

Campaign rewards have also been distributed for the following campaigns:

* **Mint, Spend, Earn:** Claimable at <https://www.ether.fi/app/cash/promotion/membership-rewards> over the next 60 days Campaign details and criteria: <https://etherfi.gitbook.io/etherfi/events/mint-spend-earn-promo>
* **Summer Pump:** Claimable at <https://www.ether.fi/app/weeth> over the next 60 days Campaign details and criteria: <https://etherfi.gitbook.io/etherfi/events/summer-pump>
* **Liquid Katana ETH Vault Phase 1 ETHFI rewards:** ETHFI rewards for eligible phase 1 vault depositors Claimable at <https://www.ether.fi/app/liquid/katana-eth> over the next 60 days

**Note:**

* Limited time offer. Restrictions apply. Not available in all jurisdictions. Digital assets are high risk. Past performance ≠ future results. Void where prohibited. [See full terms here.](/etherfi/legal/ether.fi-legal/promo-terms-and-conditions)
* All cashback rewards must be used within 30 days of reward distribution (27 October 2025 00:00:00 GMT)
* All ETHFI rewards must be claimed within 60 days (27 November 2025 00:00:00 GMT)


# EtherFi WC26

World Cup is here. Here's how to participate in #EtherFiWC26

### Abbreviated Rules

Limited time offer. Restrictions apply. Not available in all jurisdictions. Must have an active Ether.Fi Cash card to participate. Void where prohibited. See full terms at [Promo Terms and Conditions](https://claude.ai/etherfi/ether.fi-legal/promo-terms-and-conditions.md).

***

### What is #EtherFiWC26?

\#EtherFiWC26 is Ether.Fi's World Cup 2026 prediction game. Every match day, active Ether.Fi Cash card holders can quote our post with their match predictions on X (Twitter) or comment+RT on Instagram for a chance to win daily cash prizes.

Drop your hunch. Refer friends to multiply your score. Win real money.

***

### How to Play

#### Step 1 — Post your hunch

Every match day, Ether.Fi posts the day's predictions on X and Instagram.\
Comment following this format:

```
1 [Team you think wins Match 1]
2 [Team you think wins Match 2]
ether.fi/@yourreferralcode
#EtherFiWC26
```

**Example:**

```
1 Brazil
2 Germany
ether.fi/@reflink
#EtherFiWC26
```

#### Step 2 — Refer friends to multiply your score

Refer new users to Ether.Fi **who create an active card.** Each new card user you refer on the day of your entry adds a 0.1x multiplier to your final score — up to a maximum of 2x.

Multiplier resets daily for next contest.

***

### Scoring

#### How points work

| Correct predictions | Points  |
| ------------------- | ------- |
| 1 match correct     | 10 pts  |
| 2 matches correct   | 25 pts  |
| 3 matches correct   | 50 pts  |
| 4 matches correct   | 100 pts |
| 5 matches correct   | 175 pts |
| 6 matches correct   | 300 pts |

#### Referral multiplier

For every new user you refer who creates an active Ether.Fi card on the day of your entry:

* +0.1x multiplier per referral
* Maximum multiplier: 2x (10 referrals per day)

**Final score = Points × Multiplier**

**Example:** You get 3 predictions right = 50 points. You referred 5 new card users today = 1.5x multiplier. Final score: 50 × 1.5 = **75 points**

#### Draws

If a match ends in a draw, that match is automatically voided for all participants. No points are awarded or deducted for that match.

#### Tie-breaker

In the event of a tie in final scores, the participant who submitted their entry first wins.

***

### Prize Structure

**Daily prize pool: $1,500**

| Place                  | Prize   |
| ---------------------- | ------- |
| 🥇 1st place           | $500    |
| 🥈 2nd place           | $300    |
| 🥉 3rd place           | $200    |
| Next 100 valid entries | $5 each |

**Total tournament cap: $50,000 USD**

Once the $50,000 total cap is reached, Ether.Fi may reduce or stop future daily prize distributions even within the tournament period.

Winners are announced the following day on Ether.Fi's X and Instagram accounts.

***

### Rewards Distribution

**🗓️ Every following day, by end of the day.**

Prizes are distributed in USDC to the winner's Ether.Fi account.

***

### Eligibility

To participate you must:

* Have an active Ether.Fi Cash card in good standing
* Have completed KYC
* Post your prediction on X or Instagram before the first match of the day kicks off
* Include your referral code in your post

Entries submitted after the first match of the day starts are void.

***

### Exclusions & Void Entries

The following entries will be automatically voided:

* No referral code included in the post
* Referral code does not match a registered Ether.Fi account
* No active card associated with the registered email
* Entry submitted after match kickoff
* Fraudulent, duplicate, or suspicious entries as determined by Ether.Fi

Ether.Fi's decisions regarding eligibility, scoring, and disqualifications are final and binding.

***

### Anti-Gaming and Fraud

* Ether.Fi reserves the right to disqualify users exhibiting suspicious or abusive behavior
* Multiple accounts are not permitted — one entry per person per match day
* Referrals must be genuine new users — self-referrals or fake accounts will be disqualified and rewards clawed back

***

### Miscellaneous

* Ether.Fi may modify, suspend, or terminate the #EtherFiWC26 promotion at any time
* In the event of any conflict between these terms and other communications, these terms govern
* Participation constitutes acceptance of these terms, the Ether.Fi Cash terms of use, and any applicable privacy or product policies
* World Cup 2026 runs June 12 – July 19, 2026


# AI Cashback Rewards

Earn 15% cashback when you spend on your favorite AI tools with ether.fi Cash.

<figure><img src="/files/rvQm9s6ZLL1yuY0cnSTU" alt=""><figcaption></figcaption></figure>

### Abbreviated Rules

Limited time offer. Restrictions apply. Not available in all jurisdictions. Digital assets are high risk. Past performance ≠ future results. Void where prohibited. See full terms at [Promo Terms and Conditions](https://etherfi.gitbook.io/etherfi/ether.fi-legal/promo-terms-and-conditions).

### Summary

The AI Cashback Rewards promotion rewards [ether.fi](http://ether.fi) Cash users for spending with their [ether.fi](http://ether.fi) Cash card on certain AI products:

* [Anthropic (Claude)](https://anthropic.com/)
* [xAI (Grok)](https://x.ai/)
* [OpenAI (ChatGPT)](https://openai.com/)
* [Higgsfield AI](https://higgsfield.ai/)
* [ElevenLabs](https://elevenlabs.io/)

### Campaign Period

**🗓️ June 2, 2026, 12:00 AM UTC – June 16, 2026, 11:59 PM UTC**

***

### Rewards Distribution

**🗓️ On or before July 30, 2026**

#### Distribution of rewards will be 15% cashback, minus:

* 3% Cashback awarded instantly at time of purchase

***

### Total Reward Period

* **Total campaign cap:** up to **$50,000 USD equivalent (USDC)** shared across all eligible participants.

***

### Reward Structure

You earn **15% cashback** on qualifying purchases made in Approved Merchant Categories and Specific Merchants through June 16, 2026.

***

### Approved Merchants and Merchant Categories

To qualify for rewards, your purchase must meet both conditions below:

* The purchase is made with one of these merchants: Higgsfield AI, OpenAI, xAI, or ElevenLabs.
* The transaction is processed under one of these merchant category codes: 5734, 5817, 7372, 5816, 5818, 7399, or 4816.

***

### Regional Cashback Limits

| Region | Max reward on spend per user (USD equivalent) |
| ------ | --------------------------------------------- |
| USA    | $60                                           |
| Canada | $40                                           |
| APAC   | $35                                           |
| LATAM  | $15                                           |

***

### Eligibility

* Available in to users based in the U.S., Canada, Colombia, Brazil, Mexico, Portugal, Hong Kong, Singapore, and Taiwain only.
* Must have an active [ether.fi](http://ether.fi) Cash account in good standing, completed KYC, and use a personal card.
* Not available to business accounts.

### Exclusions

* Cash advances, ATM withdrawals, P2P transfers, money orders, gambling transactions.
* Refunded, reversed, pending or chargeback transactions.
* Fraudulent or suspicious activity as determined by [ether.fi](http://ether.fi).

### Reward Distribution

Rewards (USDC) are expected to be distributed on or before **July 20, 2026**.

### Anti-Gaming and Fraud Monitoring

* [ether.fi](http://ether.fi) reserves the right to disqualify users exhibiting suspicious, abusive, or fraudulent behavior.
* All decisions are final and binding.

### Miscellaneous

* [ether.fi](http://ether.fi) may modify, suspend, or terminate this promotion at any time.
* Participation constitutes acceptance of these terms and [ether.fi](http://ether.fi) Cash terms of use.


# Pediu junto, Ganhou junto

Invite friends and get 15% together on their qualifying purchases!

### Abbreviated Rules

Limited time offer. Restrictions apply. Not available in all jurisdictions. Digital assets are high risk. Past performance ≠ future results. Void where prohibited. See full terms at [Promo Terms and Conditions](https://www.notion.so/etherfi/ether.fi-legal/promo-terms-and-conditions.md).

### Summary

The Pediu junto, ganhou junto promotion rewards [ether.fi](http://ether.fi) Cash users for inviting friends and spending with their [ether.fi](http://ether.fi) Cash card on food delivery and restaurant purchases during May 20 – June 20, 2026.

* Newly **referred users** that join through June 20, 2026 get 15% cashback on food delivery and restaurant purchases.
* **Referrers** (users who invite new users) receive 15% of their referrals eligible spend.

Regional Cashback Limits apply. Cashback on spending only applies to Approved Merchant Categories and Specific Merchants for this campaign.

### Campaign Period

**🗓️ May 25, 2026, 12:00 AM UTC – June 25, 2026, 11:59 PM UTC**

A referral is considered successful only if the referred account is created during this period. Only qualifying purchases completed during this period are eligible for rewards.

***

### Rewards Distribution

**🗓️ On or before July 25, 2026**

#### Distribution of rewards will be 15% cashback, minus:

* 3% Cashback awarded instantly at time of purchase

***

### Total Reward Period

* **Total campaign cap:** up to **$25,000 USD equivalent (USDC)** shared across all eligible participants.
* Once this cap is reached, [ether.fi](http://ether.fi) may reduce or stop future accrual of rewards, even within the campaign period.

***

### Reward Structure

#### 1. Referrer (Inviting User)

If you invite friends who successfully onboard during the Campaign Window:

* You earn **15% cashback** on each referral's eligible Qualifying Purchases, up to the **regional per-user cap**.
* Your total rewards from all referrals combined is capped at **$2,000 USD equivalent**.

#### 2. Referral (Invited User)

If you are invited and sign up during the Campaign Window:

* You earn **15% cashback** on qualifying purchases made in Approved Merchant Categories through June 20, 2026.

***

### How to Qualify

#### Successful Referral

A successful referral is a user who:

1. Creates an [ether.fi](http://ether.fi) Cash account via your referral link through June 20, 2026; and
2. Successfully completes KYC; and
3. Activates at least one card (physical or virtual).

#### Qualifying Purchases

* Posted (not pending) card purchases made with an [ether.fi](http://ether.fi) Cash personal card during the Earning Window on food delivery and restaurant purchases, minus any returns, refunds, or credit adjustments.

#### Approved Merchant Categories

| Category Code | Category Name                                |
| ------------- | -------------------------------------------- |
| 5811          | Caterers                                     |
| 5812          | Eating Places and Restaurants                |
| 5814          | Quick Payment Service, Fast Food Restaurants |

**Specific merchants:** iFood, 99Food, Keeta and all restaurants in Brazil. Note: Merchant eligibility is based on MCC code. Some merchants may not qualify.

***

### Regional Cashback Limits

| Region | Max Reward on Referral Spend (USD equivalent) |
| ------ | --------------------------------------------- |
| Brazil | $15 × number of referrals                     |

***

### Eligibility

* Promotion available only to supported regions where [ether.fi](http://ether.fi) Cash is available and where such promotions are permitted by law.
* Must have an active [ether.fi](http://ether.fi) Cash account in good standing, completed KYC, and use a personal (non-business) card.

### Exclusions

* Cash advances, ATM withdrawals, P2P transfers, money orders, gambling transactions.
* Refunded, reversed, pending or chargeback transactions.
* Fraudulent, abusive, or suspicious activity as determined by [ether.fi](http://ether.fi).

### Reward Distribution

Rewards (USDC) are expected to be distributed on or before **July 20, 2026**.

### Anti-Gaming and Fraud Monitoring

* Returned or refunded purchases will reduce eligible spend and may reduce cashback.
* [ether.fi](http://ether.fi) reserves the right to disqualify users exhibiting suspicious, abusive, or fraudulent behavior.
* [ether.fi](http://ether.fi)'s decisions regarding eligibility, rewards, and disqualifications are final and binding.

### Miscellaneous

* [ether.fi](http://ether.fi) may modify, suspend, or terminate this promotion at any time.
* Participation constitutes acceptance of these terms and [ether.fi](http://ether.fi) Cash terms of use.


# 一起享，一起賺

Invite friends and earn 15% of their spend. Referred friends earn 15% cashback on food and rides.

### Abbreviated Rules

Limited time offer. Restrictions apply. Not available in all jurisdictions. Digital assets are high risk. Past performance ≠ future results. Void where prohibited. See full terms at [Promo Terms and Conditions](https://www.notion.so/etherfi/ether.fi-legal/promo-terms-and-conditions.md).

### Summary

The 一起享，一起賺 promotion rewards [ether.fi](http://ether.fi) Cash users for inviting friends and spending with their [ether.fi](http://ether.fi) Cash card on certain coffee shops, food delivery and rides during May 20 – June 20, 2026.

* Newly **referred users** that join through June 20, 2026 get 15% cashback on eligible purchases.
* **Referrers** receive 15% of their referrals eligible spend.

Regional Cashback Limits apply. Cashback on spending only applies to Approved Merchant Categories and Specific Merchants for this campaign.

### Campaign Period

**🗓️ May 25, 2026, 12:00 AM UTC – June 25, 2026, 11:59 PM UTC**

***

### Rewards Distribution

**🗓️ On or before July 25, 2026**

#### Distribution of rewards will be 15% cashback, minus:

* 3% Cashback awarded instantly at time of purchase

***

### Total Reward Period

* **Total campaign cap:** up to **$25,000 USD equivalent (USDC)** shared across all eligible participants.

***

### Reward Structure

#### 1. Referrer (Inviting User)

* You earn **15% cashback** on each referral's eligible Qualifying Purchases, up to the **regional per-user cap**.
* Your total rewards from all referrals combined is capped at **$1,000 USD equivalent**.

#### 2. Referral (Invited User)

* You earn **15% cashback** on qualifying purchases made in Approved Merchant Categories and Specific Merchants through June 20, 2026.

***

### How to Qualify

#### Successful Referral

1. Creates an [ether.fi](http://ether.fi) Cash account via your referral link through June 20, 2026; and
2. Successfully completes KYC; and
3. Activates at least one card (physical or virtual).

#### Approved Merchant Categories

| Category Code | Category Name                                 |
| ------------- | --------------------------------------------- |
| 5499          | Miscellaneous Food Stores, Convenience Stores |
| 5814          | Quick Payment Service, Fast Food Restaurants  |
| 5411          | Grocery Stores and Supermarkets               |
| 5812          | Eating Places and Restaurants                 |
| 5300          | Wholesale Clubs                               |
| 4121          | Taxicabs and Limousines (rides)               |
| 5045          |                                               |

**Taiwan specific merchants:** 7-Eleven, Carrefour, Starbucks, Uber Eats

**Hong Kong specific merchants:** Keeta, Foodpanda, Uber rides

***

### Regional Cashback Limits

| Region    | Max Reward on Referral Spend (USD equivalent) |
| --------- | --------------------------------------------- |
| Taiwan    | $35 × number of referrals                     |
| Hong Kong | $35 × number of referrals                     |

***

### Eligibility

* Available in Taiwan and Hong Kong only.
* Must have an active [ether.fi](http://ether.fi) Cash account in good standing, completed KYC, and use a personal card.

### Exclusions

* Cash advances, ATM withdrawals, P2P transfers, money orders, gambling transactions.
* Refunded, reversed, pending or chargeback transactions.
* Fraudulent or suspicious activity as determined by [ether.fi](http://ether.fi).

### Reward Distribution

Rewards (USDC) are expected to be distributed on or before **July 20, 2026**.

### Anti-Gaming and Fraud Monitoring

* [ether.fi](http://ether.fi) reserves the right to disqualify users exhibiting suspicious, abusive, or fraudulent behavior.
* All decisions are final and binding.

### Miscellaneous

* [ether.fi](http://ether.fi) may modify, suspend, or terminate this promotion at any time.
* Participation constitutes acceptance of these terms and [ether.fi](http://ether.fi) Cash terms of use.




---

[Next Page](/etherfi/llms-full.txt/1)