Wrapped eETH
WEETHA restaked token built on Ethereum.
The full report. Score, pillars, arithmetic, risk, scenario, signal and notes.
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About Wrapped eETH
Analysis of 4 Feb 2026Wrapped eETH (weETH) is Ethereum's first native liquid restaking token from Ether.fi, enabling ETH holders to earn multiple reward streams while maintaining full liquidity. As of February 2026, Ether.fi manages $9.0B in Total Value Locked across 4.5 million staked ETH, positioning as the second-largest liquid staking protocol behind Lido's $35B dominance. weETH delivers approximately 2.87% APY through combined ETH staking rewards (3-4% base) plus EigenLayer restaking yields, operating within EigenLayer's expanded $25B TVL ecosystem that now secures 190+ Actively Validated Services (AVS).
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The protocol operates non-custodially through decentralized validators using DVT (Distributed Validator Technology), minting weETH as a non-rebasing ERC-20 token representing staked value plus accrued rewards. Integration across 400+ DeFi protocols including Uniswap V3, Curve, Balancer, Morpho, Aave V3, and Pendle provides deep liquidity.
The ether.fi Cash Card Visa credit card offers 3% cashback on all transactions with 0% APR borrowing, usable at over 150 million Visa merchants globally across UK, Hong Kong, UAE, Thailand, Brazil, Turkey, and Europe (not US).
However, significant headwinds persist: ETHFI governance token trades at $0.51 (down 94% from $8.53 ATH, market cap $356M), reflecting severe market skepticism despite stable protocol TVL.
Q4 2025 revenue collapsed to $8.02M (down 90% from Q3's $77M), raising concerns about business model sustainability amid Cash Card promotional spending.