The brief

Analyst view

• ether.fi controls ~2/3 of liquid restaking, with $11.5B TVL as of Q3 2026 after cutting EigenLayer exposure via Symbiotic.
• The ether.fi Cash card exceeded $800M lifetime spend, with $600M in 2026. Q1 2026 saw $170M spend, up 35% from prior quarter.
• eETH traded at $2,270–$2,283 in April 2026 with $504M market cap; Cash migrated to OP Mainnet in February 2026.

Technical approach

As reported

Liquid staking

eETH: yield-earning staking token

Users deposit ETH and receive eETH, which accrues staking rewards, loyalty points, and restaking incentives. eETH is liquid and composable across DeFi.

Separate restaking

weETHs: Symbiotic restaking vault

Users can opt into additional risk and rewards by staking eETH into weETHs, which delegates to Symbiotic. Pure restaking risk is separated from base staking.

Cash card

Spending against staked assets

The Visa-backed ether.fi Cash card allows users to spend fiat against their crypto balance, with rewards funded by lending and card fees.

OP Mainnet deployment

Optimism integration for scale

Moved the Cash product to OP Mainnet in February 2026 to reduce transaction costs, enabling faster card issuance and spending velocity.

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