# Ether.fi (ETHFI): D-Score 23/100 — Centralized Leaning

**BlockIndex D-Score: 23/100 (Centralized Leaning).** Ether.fi (ETHFI) is a Layer 2 cryptocurrency using PoS consensus. Ether.fi: Native liquid restaking protocol on Ethereum delivering composable eETH, EigenLayer restaking, and consumer MPC wallet.

_Source: https://blockindex.ai/coin/ethfi · Data by BlockIndex.AI · Updated 2026-06-19_

## D-Score breakdown (0-100, higher means more decentralized)
| Component | Score |
| --- | --- |
| Overall D-Score | 23 |
| Node distribution | 0 |
| Initial distribution | 0 |
| Governance | 16 |
| Age and history | 7 |
| Autonomy | 0 |

## Key facts
- Layer: Layer 2
- Consensus: PoS (N/A)
- Launch: Other
- Founder: Mike Silagadze, Jozef Vogel, Rok Kopp, Rupert Klopper, Seongyun Ko, Dave Alexander, Jacob Firek
- VC funded: Yes
- Max supply: 1,000,000,000
- Circulating: 927,366,299 (92.7%)

## Market data (as of 2026-06-19)
- Price: $0.35
- Market cap: $321.02M
- 24h volume: $42.13M
- 24h change: -2.10% · 7d change: +13.89%

## About
Ether.fi (ETHFI) is a liquid restaking protocol and ecosystem built on Ethereum that provides native liquid staking exposure and automated restaking capabilities. At its core the project enables users to mint liquid staking representations (e.g., eETH/weETH) while ether.fi stakes and restakes ETH to capture multiple reward streams: base Ethereum staking rewards, protocol-specific loyalty points, restaking rewards (including integrations with EigenLayer), and yields derived from composable DeFi strategies. The protocol positions itself as a non-custodial, operator-decentralized alternative for users who want liquid staking exposure that remains portable across DeFi rails. Public materials emphasize composability, product breadth, and developer openness — the project maintains an open GitHub org and highlights extensive integrations with both DeFi protocols and centralized marketplace infrastructure.

From a technical and architectural perspective, ether.fi is a token/protocol operating on the Ethereum mainnet (ERC-20 token contract: 0xfe0c30065b384f05761f15d0cc899d4f9f9cc0eb). The project’s technical differentiators include a native liquid restaking token family (eETH / weETH) that automates restaking flows, EigenLayer restaking compatibility to capture additional reward vectors, and Liquid Vault products that auto-deploy strategies across lending and yield protocols. The team articulates plans to reduce the smart-contract upgradability surface (moving toward immutability where practical) and to continue decentralizing operator infrastructure. Because ether.fi is a token on Ethereum, chain-level metrics (blocks, TPS, block timing) are inherited from Ethereum and are not intrinsic to the token itself; the protocol’s emphasis is on staking operator decentralization, restaking automation, and composability with broader Ethereum DeFi.

Ether.fi’s use cases span yield-bearing staking exposure, composable DeFi capital efficiency, and consumer-facing financial products. The core utility is liquid staking — allowing ETH holders to retain liquidity while continuing to earn staking rewards — while advanced functionality includes restaking-derived reward capture, loyalty incentives, and Liquid Vault strategies that auto-compound or route yield into diversified strategies. The project also pursues consumer productization with a non-custodial MPC mobile wallet and a crypto-native cashback credit card, seeking to bridge on‑chain staking economics with spendable fiat-rail experiences. Market traction is evidenced by listings on industry aggregators and Tier‑1 centralized exchanges, as well as snapshots showing substantial circulating supply and strong TVL claims (the site advertises $1.58B TVL). Public metrics (CoinMarketCap snapshots) report a circulating supply of ~652.76M of 1B max supply and significant holder counts.

Tokenomics and distribution details are partially documented in public market snapshots: a max supply of 1,000,000,000 ETHFI with ~652,762,352 in circulation (≈65.2762352%). Public sources do not publish a clear premine or explicit pre-issue percentage (PIP) line in the provided materials; in the absence of an explicit premine statement the dataset treats premine as 0.0% for database purposes and PIP as not provided (default 0.0). The team lists investors on its site and investor quotes appear in market summaries, indicating external funding, but detailed VC allocation percentages are not disclosed in the scraped materials. Governance is described in public text as decentralized and community‑oriented, yet no explicit on‑chain DAO constitution or governance-contract addresses were provided in the supplied documents. The governance architecture therefore requires further primary-source verification to clarify token‑based voting mechanics, treasury oversight, and on‑chain governance primitives.

Operationally, the project has experienced security and operational incidents that have informed its roadmap: an attempted domain account takeover is documented in source materials (no on‑chain exploit recorded in the provided data) and the team has signalled intent to harden contracts by reducing upgrade surfaces. Product roadmaps focus on reducing upgradability, expanding integrations, launching consumer payment rails (IBAN/SWIFT), and broadening the eETH/weETH product family to support additional restaked assets. While many product rollouts and integrations are referenced without firm public dates, the overall picture is of an actively iterating protocol with both infrastructure-facing and consumer-facing products designed to increase staker rewards and broaden adoption.

## Links
- Website: https://www.ether.fi/
- Whitepaper: N/A
- GitHub: https://github.com/etherfi-protocol

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About the D-Score: BlockIndex.AI rates decentralization from 0 to 100 across node distribution, initial distribution, governance, age and history, and autonomy. Methodology: https://blockindex.ai/dscore