Ether.fi

Can this project keep operating and funding itself for years?

Ether.fi holds $2.84 billion in DeFiLlama TVL across Ethereum restaking, Liquid yield vaults, and $141 million on OP Mainnet.12

Can outsiders see and check what the team and the protocol do?

Smart contracts, audit reports, and governance proposals are published openly on GitHub and GitBook alongside real-time DeFiLlama fee tracking.31

Does the protocol earn real fees or income from use?

The protocol generated $11.2 million in 30-day fees and $2.8 million in 30-day protocol revenue ($55 million trailing year) funding ETHFI buybacks.14

Is the technology being built and shipped, and does it matter?

Non-custodial validator key restaking via eETH combines with EigenLayer AVS delegation and the August 2026 OP Mainnet Cash neobank platform.23

Who uses, builds and holds it, and how durable is that base?

Hundreds of DeFi integrations, $20 million in OP Mainnet Cash borrows, and European 21Shares ETP access support active user adoption.14

Do supply, issuance and unlocks protect holders from dilution?

Circulating supply reached 927 million of the 1 billion ETHFI cap (92.7%), leaving 7.3% remaining unlocks alongside fee buybacks and sETHFI rewards.45

1. 1defillama.com/protocol/ether.fiCited for Sustainability, Transparency, Revenue, Community
2. 2etherfi.gitbook.io/etherfi/ether.fi-whitepaperCited for Sustainability, Innovation
3. 3github.com/etherfi-protocol/smart-contractsCited for Transparency, Innovation
4. 4coingecko.com/en/coins/ether-fiCited for Revenue, Community, Tokenomics
5. 5etherfi.gitbook.io/etherfi/tokens-and-governance/ethfi-tokenCited for Tokenomics

Ether.fi combines Ethereum liquid restaking with consumer DeFi banking products as of October 22, 2026. DeFiLlama records $2.84 billion in TVL alongside $11.2 million in 30-day fees and $2.8 million in 30-day protocol revenue, or roughly $34 million annualized.

• Maintains $2.84 billion in DeFiLlama TVL across Ethereum restaking and $141 million in OP Mainnet liquidity.
• Generates $11.2 million in 30-day fees and $2.8 million in 30-day protocol revenue, with $55 million in trailing-year protocol revenue.
• Circulating supply stands at 927 million of the 1 billion ETHFI cap (92.7%), leaving only 7.3% remaining vesting dilution.
• Diversifies beyond eETH restaking through the August 2026 Cash neobank revamp, OP Mainnet borrowing, and Plume and Superstate RWA vaults.
• Channels protocol revenue into systematic ETHFI buybacks and sETHFI staking incentives alongside European 21Shares ETP access.

• Protocol TVL contracted to $2.84 billion from earlier $5.2 billion highs, leaving revenue exposed to Ethereum price and restaking yields.
• Annualized 30-day protocol revenue of $34 million trails the prior $51 million pace due to DeFi yield compression.
• Lido and competing liquid restaking protocols maintain deeper secondary liquidity and lower-complexity staking wrappers.
• Operating consumer payment cards, OP Mainnet credit lines, and RWA vaults increases smart-contract and regulatory compliance surface area.

Ether.fi leads the Ethereum liquid restaking category with $2.84 billion in DeFiLlama TVL as of October 2026, ahead of Renzo and Kelp DAO while trailing Lido in base liquid staking. Unlike pure restaking wrappers, Ether.fi retains non-custodial validator key architecture and operates a consumer banking layer on OP Mainnet with $141 million in TVL.

As of October 22, 2026, Ether.fi pairs a $2.84 billion liquid restaking footprint with $34 million in annualized protocol revenue and a 92.7% circulating token float. Although TVL and monthly revenue cooled from early 2026 peaks, the August 2026 Cash neobank revamp and $141 million OP Mainnet deployment broaden fee sources.