ether.fi is a noncustodial, decentralized liquid staking protocol built on the Ethereum network. Users can deposit ETH or other liquid staking tokens and receive in return the protocol’s native token, eETH. This token is a rebasing ERC-20 that represents staked ETH shares and automatically accumulates rewards from both Ethereum staking and EigenLayer restaking. Since its launch in 2023, ether.fi has seen rapid growth, managing billions of dollars in assets.

A key feature of ether.fi is its commitment to security and decentralization. Unlike many staking platforms, ether.fi allows users to retain control over their validator keys. The protocol uses NFTs to represent individual validators, which can be tied to either users or node operators. This model supports transparency, minimizes custodial risk, and enables flexible, programmable participation in the Ethereum ecosystem. Rewards are distributed across three main streams: native ETH staking yield, bonuses from restaking on EigenLayer, and yield from using eETH or its wrapped form, weETH, in DeFi protocols.

Governance within ether.fi is driven by the ETHFI token. This governance token allows holders to participate in decisions such as parameter adjustments, node operator approvals, and treasury usage. ETHFI staking also unlocks loyalty rewards and has been used in airdrop campaigns to incentivize early adoption and community engagement. Through a combination of decentralized infrastructure, DeFi integration, and community governance, ether.fi aims to reshape Ethereum staking into a more open and accessible system.