Ethereum ether.fi Exits Re-staking Business, Shifts to New Banking Model

The Ethereum liquidity re-staking protocol ether.fi is gradually exiting its core re-staking business and shifting towards a new "banking" model in the crypto space. The main reasons are the depletion of re-staking yields and the rising risks associated with smart contracts. Data shows that on September 8, the locked value in the re-staking sector was approximately $10.02 billion, generating only about $99,977 in fees over the past week. The locked value in the liquid staking sector reached $51.87 billion, producing around $27.35 million in fees. In the second quarter of 2026, aside from ether.fi, the five major liquidity re-staking protocols—Renzo, Kelp, Swell, Puffer Finance, and Bedrock—had a combined gross profit of only about $953,000, down from $2.18 million in the previous three quarters. Mike Silagadze, CEO of ether.fi, stated that there are no meaningful yield opportunities in re-staking, coupled with risks, leading the company to decide to exit.

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