Ether.fi, a decentralized finance (DeFi) protocol, has recently launched its Liquid Staking Token (LST), named eETH. Users can stake their ETH to earn eETH rewards, generating profits within the DeFi ecosystem.
ETH staked on Ether.fi can be further restaked on EigenLayer, one of the most popular restaking protocols in the market, with over $210 million locked in value.
Additionally, the protocol has partnered with Balancer, Aura, unshETH, Gravita, Maverick, Pendle, and LayerZero, enabling users to benefit from using eETH across various platforms.
Mike Silagadze, CEO of Ether.fi, expressed the project’s mission: “Our goal is to support Ethereum’s scalability by making unsupervised staking easy and accessible. We are betting on Ethereum to become the value settlement layer for the world. By introducing eETH, we aim to provide users with access to safe staking and restaking.”
Sreeram Kannan, COO of EigenLayer, stated: “We are thrilled that Ether.fi is built on EigenLayer. We believe that native staking is essential to help Ethereum develop its trust layer and support scalability.”
Currently, eETH is available for users on the Goerli testnet and will be accessible on the mainnet starting on November 6th.
Ether.fi is a decentralized liquid staking platform launched in 2023 that allows users to stake ETH with node operators and receive rewards. Notably, Ether.fi offers an NFT for each validator created during the staking process.
These NFTs represent unique characteristics for each validator and enable metadata storage. With this metadata, developers can build more advanced staking infrastructure in the future.
It’s worth noting that users who stake on the protocol retain control of their security keys.
In March, Ether.fi successfully raised $5.3 million in a seed round led by North Island. The funds were used for the development and release of the eETH token.
Decentralized finance (DeFi) refers to financial activities like lending and borrowing conducted on a blockchain without the need for traditional intermediaries. DeFi emerged in early 2020, with the DeFi summer season, rapidly becoming a catalyst for blockchain adoption. However, the enthusiasm has somewhat subsided due to the cryptocurrency winter and high-interest rates.