Share this article
Liquid Restaking Protocol Ether.Fi Raises $23M Series A
The total amount of capital on ether.fi has jumped from $103 million to $1.66 billion since the turn of the year.
Updated Mar 8, 2024, 10:19 p.m. Published Feb 28, 2024, 2:00 p.m.
Make us preferred on Google
- Bullish Capital and CoinFund led the Series A round.
- The company also raised $4 million in a previously unannounced round last year.
- Ether.fi now has $1.66 billion in total value locked.
Liquid restaking protocol ether.fi has raised $23 million in a Series A round led by Bullish Capital and CoinFund.
The round also included investment from OKX Ventures, Foresight Ventures, Consensys and Amber, among others. CoinDesk is owned by the Bullish Group.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The raise comes off the back of a rapid growth period for the restaking protocol, with the total amount of value locked (TVL) on the protocol rising to $1.66 billion from $103 million, DefiLlama data shows.
The company also raised $4 million in a previously unannounced simple agreement for future equity (SAFE) round that closed toward the end of last year, it said in a tweet.
“Ether.fi has seen remarkable growth, and we are thrilled to welcome the backing of leading crypto investors to support our continued expansion,” said Mike Silagadze, CEO and co-founder of ether.fi.
Restaking is a strategy used to earn an additional yield on ether that is already “staked” on the main Ethereum blockchain. Currently, ether stakers can generate an annual yield of 3.85%.
The restaking protocol allows those staking ether to restake on EigenLayer in return for eETH, a liquid token that can be used across the decentralized finance (DeFi) market.
The total amount of capital locked across restaking protocols has risen to more than $10 billion over the past two months. This rise can be attributed to the bullish sentiment among investors who are looking to receive rewards whilst retaining exposure to the Ethereum ecosystem. Rewards come in the form of yield of loyalty points, which are tipped to eventually convertible to token airdrops.
“As investors pivot towards Ethereum’s DeFi ecosystem post-bitcoin ETF launch, ether.fi takes the lead as the only protocol to allow redemptions and not just speculative one-way deposits, showcasing our reliability and dedication to empowering users,” Silagadze added.
“Our journey is not just about chasing the bull market; it’s about sculpting the future of decentralized finance one staking reward at a time. We are revolutionizing restaking, transforming illiquid assets into opportunities. By leading the market with native restaking rewards, we aim to fuel the Eigenlayer ecosystem’s exponential growth."
UPDATE (Feb. 28, 15:06 UTC): Adds SAFE funding round in fourth paragraph.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Millions in crypto wealth at risk of vanishing when holders die. Here's how to protect it
Without proper planning, inherited crypto can easily be lost to delays, missing keys or fiduciaries unfamiliar with the asset class, experts warn.
What to know:
- Crypto holders can take a few steps to prevent their assets from disappearing forever when they pass away.
- Without proper planning, inherited crypto can easily be lost to probate delays, missing private keys, or fiduciaries unfamiliar with the asset class.
- Even with improved regulatory clarity, crypto adds complexity beyond what many in the advisory space are accustomed to.
Top Stories
