EtherFi is a liquid restaking protocol on Ethereum. It lets people restake ETH in a way that stays native to Ethereum through its link with EigenLayer. The goal is to keep staking non-custodial while making it simpler to join and help secure networks.
Users stake and receive a liquid receipt token called eETH. Rewards accrue to that position, and holders can wrap it to weETH for broader use. With weETH, people can join liquidity pools or money markets and still keep exposure to restaked ETH.
EtherFi issues eETH as the liquid restaked ETH token. The project also has a native token, ETHFI, which is used for governance and to align incentives within the protocol. Together, eETH and ETHFI let users control staking and participate in decisions that shape the platform.
Before restaking took off, EtherFi focused on broadening access to running validators. Stakers could delegate in 32 ETH units while keeping their own withdrawal keys. EtherFi later adopted distributed validator technology to spread keys across operators and reduce single-point risk. It also offered two routes for solo stakers: a permissionless path with hardware plus a small bond, and a screened path that waived the bond but required selection and hardware.
During staking, EtherFi mints validator-linked NFTs. Two types show up in the system: a transferable NFT and a bound NFT. They encode validator details and act like withdrawal certificates for different ETH amounts. The bound version stays tied to the staker’s address and helps cover slashing penalties.
Because eETH can be wrapped as weETH, the token fits into DeFi tools like liquidity pools and lending markets. This gives users flexibility to trade, borrow, or earn yield while their ETH continues to secure networks through restaking.
Early restaking flows on EigenLayer used waiting periods for withdrawals, which could trap capital. Liquid restaking emerged to bring back flexibility. By using eETH and weETH, EtherFi tries to smooth that experience so users can move in and out of other DeFi positions while still earning staking-linked rewards.
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