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weETH is a wrapped non-rebasing ERC-20 version of the token eETH.
eETH, a rebasing ERC-20 liquid staking token, is the primary product of ether.fi, a decentralized, non-custodial liquid staking protocol for Ethereum which also allows for the creation of a node services marketplace.Holding weETH allows users to gain native ETH staking rewards and EigenLayer Rewards, all while being able to participate and earn additional rewards in other DeFi protocols on Ethereum and compatible L2s.There main differentiators for this protocol are:
- Stakers hold their own staked ETH keys while delegating staking
- Withdrawals are enabled - you can always redeem eETH for 1 ETH
- Stakers maintain their token's composability for use in DeFi
ether.fi was founded in 2022 by Mike Silagadze and Rok Kopp to build a non-custodial ETH staking protocol for liquid staking that “allows stakers to retain control of their keys while delegating validator operations to node operators.” The ether.fi Foundation team believes “decentralized, non-custodial staking is an essential and foundational good for Ethereum.”
- On May 3, 2023, ether.fi launched its mainnet, which included delegated staking of ETH to whitelisted validators.
- On November 15, 2023, eETH fully launched, allowing anyone to mint eETH for ETH at a 1:1 ratio.
