Ethereum’s liquid restacking protocol, Ether.fi, has announced the successful raising of $27 million in two funding rounds.
A $4 million simple agreement for future equity (SAFE) round closed in late 2023, followed by a $23 million Series A round on February 28, 2024. Bullish Capital and CoinFund co-led Series A, with participation from OKX Ventures, Foresight Ventures, Consensys, Amber, and others.
Ether.fi, powered by EigenLayer, has experienced remarkable growth in 2024, with its total value locked surging 15 times to $1.719 billion and over 71,000 unique wallets holding its restacked token eETH.
The protocol enables ETH stakers to restake on EigenLayer, earning eETH—a liquid token for use across decentralized finance (DeFi). This influx of stakers is attributed to the SEC’s approval of Spot Bitcoin ETFs, redirecting market focus to Ethereum’s ecosystem.
CEO of Ether.fi, Mike Silagadze, noted, “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.”
The funding underscores Ether.fi’s role in shaping the future of decentralized finance through native restaking rewards, contributing to the growth of the EigenLayer ecosystem.
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