ether.fi

ETHFI is the governance token of ether.fi, an Ethereum staking protocol that has grown into a crypto neobank with yield vaults and lending.

ether.fi started in 2023 as a non-custodial Ethereum staking protocol. Users deposit ETH and receive eETH or weETH, liquid tokens that grow with staking rewards. It has since added Liquid vaults that run automated DeFi strategies, a lending market for borrowing against deposits, and ether.fi Cash, a Visa credit card issued by Third National that spends from a user's balance or borrows against it.

ETHFI is the project's governance token. It launched through Binance Launchpool and began trading on 18 March 2024. The supply is fixed at 1 billion tokens with no further issuance; investors received 33.74%, the treasury 21.62%, core contributors 21.47% and users 19.27% through airdrops. Etherscan showed 998.5 million ETHFI on Ethereum on 27 September 2026, which suggests some tokens have been burned.

Holders vote on proposals through Snapshot and can stake ETHFI as sETHFI. Part of protocol revenue is used to buy ETHFI on the market: all eETH withdrawal fees fund weekly buybacks, a share of Stake, Liquid and Cash revenue funds monthly buybacks, and 5% of revenue is used to buy ETHFI for sETHFI stakers. In October 2025 the foundation also proposed up to $50 million of treasury buybacks while ETHFI trades below $3.

Most revenue comes from the roughly 10% fee on staking rewards, followed by card transaction fees; smaller amounts come from vault management fees and a share of borrower interest. In September 2026 21Shares listed a physically backed ETHFI exchange-traded product in Amsterdam and Paris.