Coin columns · Ethereum City (Capital)
Ether.fi (ETHFI): From Liquid Restaking to a Crypto ‘Neobank’
eETH restaking, a crypto card and the ETHFI governance token
Ether.fi began as a liquid restaking service, letting staked ether also help secure other services for extra rewards. It now presents itself as a crypto neobank with a payment card and savings products, and ETHFI is its governance (voting) token.
1. Who built it
Ether.fi is led by Mike Silagadze, who earlier founded the Canadian education-technology company Top Hat, and it launched in earnest in 2023. It promoted non-custodial staking, where depositors keep more control of their validator keys. The ETHFI governance token was issued on 18 March 2024, with a maximum supply of one billion.
ETHFI holders vote on major protocol decisions, and staking the token has offered rewards funded by buybacks, the repurchase of tokens on the market. A large share of the first distribution went to users as an airdrop. On the Crypto Nation map, ETHFI stands in Ethereum City (the capital), because it was issued on Ethereum.
2. How eETH works
When users deposit ETH, ether.fi spreads it across node operators who run Ethereum validators, and users receive eETH representing their share. eETH earns Ethereum staking rewards plus extra rewards for securing other services through restaking platforms such as EigenLayer.
Its wrapped version, weETH, is widely used in other DeFi apps as collateral or for trading, so deposited ETH need not sit idle. As rewards accrue, eETH balances grow, while each weETH instead grows in value. Restaking means reusing collateral that already secures Ethereum to secure other networks too; rewards rise, but so does the risk of penalties.
3. Products and milestones
In 2024 ether.fi launched ‘Liquid’ vaults that put deposits to work in various strategies, and ether.fi Cash, a payment card backed by crypto. The card lets users spend against their assets as collateral instead of selling them, aiming at people who want savings and spending in one place.
Since 2025 it has called itself a crypto neobank, an app-based service offering deposits and payments like an online bank, and has expanded those products. The same year its foundation began buying back ETHFI with part of the protocol’s revenue. It is among the largest Ethereum restaking services.
4. Things to know
Because restaking layers collateral across several services, a failure in one can lead to penalties (slashing) or losses. In fast markets eETH and weETH can briefly trade away from ETH, and the service depends on many smart contracts and outside platforms.
Card availability and terms depend on partners such as card networks and banks, and on regulation in each country. Much control over choosing node operators and upgrading contracts remains with the core team and foundation, and tokens for the team and early investors unlock on a set schedule. Despite the ‘neobank’ label it is not a licensed bank, and deposits are not covered by deposit insurance.
Written from information public up to October 2026. It does not recommend or rate any coin and is not investment advice. If something is wrong, please tell us through the contact page.