Sources: token documentation; Veda-based vaults; Midas-based vaults; Borrow documentation; U.S. Inc. cardholder agreement
Ether.fi’s staking documentation separates basic eETH/weETH staking from optional restaking, which puts assets to work securing additional services. The similarly named weETHs is a different product. Its disclosures describe an allocation through Symbiotic, Cap Protocol, borrower M11 Credit and a Pareto vault to FalconX. Holders therefore take credit-counterparty and liquidity risks as well as restaking risk.
Who Can Use Them, and How Can Assets Leave?
Ether.fi’s terms of use, last modified Sept. 9, 2026, set general age and jurisdiction requirements. Product-specific conditions matter too.
Sources: Liquid FAQ; supported jurisdiction
The identity-verification rules make a practical distinction: crypto deposits can arrive before card verification, but approval is required before a card can be issued. Funding an account is not card acceptance.
Canadian access is unclear in the published documents: the Cash help page lists Canada, while the September terms exclude Canadian residents and citizens. That conflict does not establish eligibility.
Under those terms, lending is enabled by default for eligible accounts; existing Cash accounts that did not previously use borrowing must affirmatively acknowledge enablement. Eligible assets can then be supplied automatically. Turning the setting off stops new supply and borrowing, but does not automatically release assets still subject to borrowing activity.
Borrowers can also lose collateral. Ether.fi’s liquidation explanation says that when collateral no longer sufficiently covers debt, a liquidator can repay part of the loan and take collateral at a discount. Interest and falling asset prices can erode that margin.
What Does a User-Controlled Wallet Mean Here?
Control of a wallet’s signing credentials is different from control of an investment strategy. Ether.fi’s account-vault documentation says users authorize key use through Turnkey and can configure owners, signature thresholds and permitted modules. That does not make Liquid’s allocations self-managed or remove a lending pool’s withdrawal rules.
The default recovery arrangement includes an Ether.fi corporate signer and a third party selected by Ether.fi; that third party’s identity is unknown from the Vault disclosure. Both recovery signers must approve recovery, followed by a three-day delay during which an original owner can cancel. Owners can change or disable recovery.
Cash’s Direct Pay documentation says purchases can draw from supported stablecoins and selected Liquid balances without a separate withdrawal first. But a balance reserved to back an open loan cannot also be spent.
How the Earlier Coverage Fits Together
These reports and tutorials describe different products at different times—not one continuous offer with unchanged yields or terms.
- May 5, 2024 — Liquid tutorial: A historical walkthrough of depositing eETH-related assets and allocating across DeFi strategies. Its advertised yield and points belong to that period, not this product map.
- Sept. 9, 2024 — eBTC tutorial: Explains the Bitcoin restaking route and a dated Pendle strategy. The current eBTC product page describes LBTC backing and LBTC/WBTC deposits; eBTC is not an $ETH staking receipt.
- June 10, 2026 — Mike Silagadze interview: A companion discussion of security and app-layer responsibility, rather than a product-terms document.
- Aug. 6, 2026 — Staking/restaking split: Covers Ether.fi’s announcement that weETH became staking-only, with additional restaking exposure separated into weETHs.
- Aug. 13, 2026 — Summer release: Covers the announced expansion into trading, fiat transfers and borrowing. It distinguishes live borrowing from the dedicated Aave v4 instance then in governance. Ether.fi’s Borrow docs now describe Borrow as live and identify that instance as the lending protocol.
- Oct. 19, 2026 — SharpLink deployment: Covers the company’s statement that it deployed $200 million each through Ether.fi and Lido, with Anchorage custody. It describes a treasury allocation, not a retail Cash account or a universal custody arrangement.
Change log: Nov. 2, 2026 — First edition.