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ether.fi

ether.fi is a non-custodial Ethereum staking and restaking protocol founded in 2022 by Top Hat co-founder Mike Silagadze and Rok Kopp. Stakers keep control of their keys while node operators run the validators, and receive eETH, a token that stays liquid and earns restaking rewards.

CryptoGrand CaymanFounded 2022ether.fi
US$23Mfunding round announced February 2024, co-led by Bullish Capital and CoinFundCoinDesk
US$1.6B+total value locked as reported at the February 2024 raise, up 15x since the start of that yearBullish
~71,000unique wallets holding the eETH restaking token, February 2024Bullish

The people

Mike SilagadzeFounder & CEO · 3 TechTO talks
RK
Rok KoppCo-founderprofile coming

What they build

eETHA liquid restaking token: stakers keep custody of their keys, delegate validator operations, and hold a rebasing token usable across DeFiProduct page ↗

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Working at ether.fi

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About

Mike Silagadze co-founded Top Hat in a University of Waterloo apartment in 2009 and ran the Toronto education-software company for twelve years, stepping down as chief executive in 2021. He then moved into crypto and started ether.fi with Rok Kopp, registered in Grand Cayman. The protocol's distinction is custody: stakers keep their own keys rather than handing them to the service, delegating only validator operations, and receive eETH — a rebasing token that can be used elsewhere in DeFi while the underlying ETH is staked and restaked. In February 2024 the company announced US$23 million in funding co-led by Bullish Capital and CoinFund, with OKX Ventures, Foresight Ventures, Consensys, Amber, Selini, Draper Dragon and Bankless Ventures, plus founders and executives from Aave, Polygon, Kraken, Curve, Ethena and DeFi Llama. At the time it reported more than US$1.6 billion in total value locked, 15 times where it began that year, across roughly 71,000 wallets holding eETH.

Backers

Bullish Capital and CoinFund co-led the US$23-million round announced in February 2024, joined by OKX Ventures, Foresight Ventures, Consensys, Amber, Selini, Draper Dragon and Bankless Ventures, and by founders and executives from Aave, Polygon, Kraken, Curve, Ethena and DeFi Llama. White Star Capital has separately disclosed an investment.

Quick answers

What is ether.fi?

A non-custodial Ethereum staking and restaking protocol. Holders stake ETH without handing over their keys, delegate validator operations to node operators, and receive eETH, which stays usable elsewhere in DeFi.

Who founded ether.fi?

Mike Silagadze and Rok Kopp, in 2022. Silagadze co-founded Top Hat at the University of Waterloo in 2009 and led it until 2021.

How much has ether.fi raised?

US$23 million announced in February 2024, co-led by Bullish Capital and CoinFund, with a long list of crypto funds and founder-angels participating.

Where is ether.fi based?

Grand Cayman. Its founder is Canadian and built his previous company, Top Hat, in Toronto.

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Maintained by TechTO · facts sourced and dated · last reviewed Aug 26, 2026