Ether.fi (ETHFI) Exchange

About ETHFI

ETHFI is the governance token of ether.fi, a non-custodial liquid restaking protocol on Ethereum that allows users to stake ETH and receive eETH — a rebasing ERC-20 token that accrues both Ethereum staking rewards and EigenLayer restaking rewards simultaneously. Token holders and stakers participate in protocol governance and earn a share of protocol revenue through a buyback program — not proof-of-work mining, not a single-issuer model.

ETHFI tokenomics

ether.fi operates a fixed-supply governance model with structured vesting for investor and team allocations. Total supply is capped at 1,000,000,000 ETHFI, with the Investors & Advisors tranche (32.5%) fully unlocked as of March 18, 2026, and the Team tranche (23.26%) continuing to release through 2027, according to DropsTab vesting data.
Hard cap — 1,000,000,000 ETHFI; fixed at launch with no additional minting
Allocation — Investors & Advisors 32.5% (fully unlocked March 18, 2026); DAO Treasury 27.24%; Team 23.26% (vesting through 2027); Airdrop 11% (fully unlocked July 17, 2024); Liquidity 3%; Binance Launchpool 2%; Protocol Guild 1%
Revenue buyback — ether.fi funds open-market ETHFI purchases from protocol revenue, distributed to token stakers; the share of revenue used varies by period, and a DAO Treasury Buyback Program of up to $50 million passed in early November 2025 with 99.3% support, according to PANews
eETH / weETH — ether.fi issues eETH (rebasing liquid staking token) and weETH (wrapped non-rebasing version for DeFi composability); both are redeemable for ETH without EigenLayer's standard withdrawal period when protocol liquidity permits
Risk rating — weETH received the first independent A+ risk rating in the liquid restaking category, following a stress event in which ether.fi redeemed approximately one-fifth of its TVL without incident

What determines ETHFI's value

ETHFI's demand derives from ether.fi's position as a liquid staking and restaking protocol: its ether.fi Stake product held about $4.3 billion in TVL on October 30, 2026, according to DefiLlama. The buyback mechanism ties ETHFI value to protocol revenue — as more ETH is staked and more DeFi activity flows through Liquid vaults and Cash products, the revenue directed to buybacks funds ETHFI purchases from open markets that are redistributed to stakers. Because the share of revenue used for buybacks varies by period, the buyback rate is not fixed.

ether.fi's revenue structure diversified materially in 2025–2026. The Cash product line operates a crypto debit card and a borrowing market, which adds revenue beyond restaking yields. In April 2026 ether.fi also announced a three-year, $3 billion commitment of ETH (about 40% of its ETH holdings) to ETHGas' High Performance Staking Service, securing a new blockspace revenue stream, and allocated $100 million to a Plume RWA vault in June 2026 to extend yield sources beyond EigenLayer restaking.