EtherFi Announces Credit Card Linked to Restaked ETH Holdings

EtherFi, a prominent Ethereum restaking protocol, has revealed plans to introduce a credit card tied to users’ restaked ETH assets.

Disclosed on May 23, EtherFi Cash will feature a Visa credit card integrated with a mobile wallet. Payments can be made by either converting a portion of users’ holdings into USDC or borrowing USDC against their EtherFi portfolio. Additionally, interest accrued can be paid using rewards earned from users’ eETH holdings.

“Dependence on traditional financial (TradFi) payment systems remains a significant censorship risk and a usability challenge,” EtherFi stated. “Cash is the third in our trilogy of products: ether.fi Stake, ether.fi Liquid, and ether.fi Cash. Together, these integrated products enable users to save, invest, and spend their crypto, eliminating the need to off-ramp.”

EtherFi’s Ascendancy

EtherFi is solidifying its status as a premier DeFi protocol with its latest developments.

Currently, EtherFi ranks seventh by total value locked (TVL), boasting $5.66 billion, a nearly 50% increase in the past 30 days. This growth is largely driven by ETH’s recent 27% rally amid renewed optimism surrounding spot Ether ETFs.

EtherFi spearheaded the recent surge in liquid restaking tokens (LRTs). The protocol removes the technical barriers for users engaging in native restaking via EigenLayer, while also allowing them to stay liquid. Restaking enables users to earn extra yields by delegating their staked Ether to secure third-party protocols, all while continuing to secure the Ethereum blockchain.

According to DeFi Llama, LRT protocols now have a combined TVL of $14 billion. Renzo is the second-largest LRT project with $3.93 billion, followed by Puffer Finance with $1.79 billion.

Mike Silagadze, founder of EtherFi, emphasized that the introduction of Cash is pivotal to the project’s goal of eliminating the technical hurdles of on-chain finance and paving the way for mainstream acceptance.

“Eventually, protocols will offer a comprehensive suite of integrated products, simplifying the complexities of DeFi such as chains, derivatives, and strategies,” Silagadze stated. “These will evolve to resemble consumer products that prioritize user value,”EtherFi Announces Credit Card Linked to Restaked ETH Holdings

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