EtherFi (ETHFI) is a decentralized, non-custodial staking protocol built on the Ethereum blockchain. It introduces a Liquid Staking Derivative (LSD) token called eETH, which allows users to stake their Ethereum (ETH) in a flexible and secure manner. Unlike traditional staking, where users might lose control over their assets, EtherFi enables stakers to retain custody of their staking keys. This emphasis on self-custody and decentralization is a key feature of the platform. Additionally, EtherFi is designed to integrate with the EigenLayer, enabling native restaking and optimizing yields across multiple networks​.

EtherFi is primarily used for Ethereum staking and restaking, allowing users to participate in the Ethereum network's security and consensus mechanism without needing to hold large amounts of ETH. The protocol issues eETH tokens to stakers, which represent their staked ETH. These tokens can be used within the broader DeFi ecosystem, providing liquidity while still earning staking rewards. Moreover, EtherFi's staking mechanism is tied to NFTs that represent validator ownership and metadata, adding a layer of programmability to Ethereum staking​.

EtherFi was co-founded by Mike Silagadze, who also serves as the CEO. Silagadze is known for his previous venture, Top Hat, an educational technology company.