Ethereum’s liquid restaking technology, ether.fi, has announced that $27 million was successfully raised over two phases.
A $4 million simple agreement for future equity (SAFE) round was completed in late 2023, followed by a $23 million Series A financing on February 28, 2024. Bullish Capital and CoinFund co-led Series A, which included OKX Ventures, Foresight Ventures, Consensys, Amber, and others.
Ether.fi, powered by EigenLayer, had significant growth in 2024, with its total locked value increasing by 15 times to $1.719 billion and over 71,000 unique wallets holding its restaked currency eETH.
Mike Silagadze, CEO of Ether.fi, said “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 protocol allows ETH holders to restake on EigenLayer and earn eETH, a liquid coin for usage in decentralized finance. This increase in stakeholder activity is ascribed to the SEC’s approval of Spot Bitcoin ETFs, which has shifted market focus to Ethereum’s ecosystem.
The funding recognizes Ether.fi’s contribution in influencing the future of decentralized finance through native restaking rewards, which helps to build the EigenLayer ecosystem.
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