DeFi
EtherFi unveils its plans for credit cards linked to the recovery of its assets
EtherFi said users will be able to make payments anywhere in the world with the card.
EtherFi, the leading Ethereum reinvestment protocol, has announced plans to launch a credit card tied to users’ reinvested ETH holdings.
Announced on May 23, EtherFi Cash will include a Visa credit card integrated into a mobile wallet. Payments are executed either by exchanging a portion of users’ holdings for USDC or by borrowing a sum of USDC against their EtherFi wallet. Accrued interest can also be repaid using rewards earned from users’ eETH holdings.
Reliance on TradFi payment rails remains a major censorship risk and a usability nightmare », EtherFi said. “Cash is the third in our trilogy of products: ether.fi Stake, ether.fi Liquid and ether.fi Cash. Combined, these integrated products help users save, invest, and spend their crypto, allowing users to never have to go out again.
EtherFi added that the card can be used “anywhere in the world.”
The rise of EtherFi
The news comes as EtherFi solidifies its position as a leading DeFi protocol.
EtherFi currently ranks seventh in terms of total value locked with a TVL of $5.66 billion after growing by almost 50% over the past 30 days, with ETH-backed growth increasing by over 27% last week in a context of renewal. spot the bullish trend of the Ether ETF.
EtherFi launched the recent Liquid Refit Token (LRT) Boom. The protocol eliminates technical barriers for users participating in native recovery via Clean diaper, while allowing them to remain liquid. Resttaking allows users to earn additional returns by delegating their staked Ether to secure a third-party protocol while simultaneously securing the Ethereum blockchain.
LRT protocols now boast a combined TVL of $14 billion, according to DeFi Llama. Renzo is TLR’s second largest project at $3.93 billion, followed by Puffer Finance at $1.79 billion.
Mike Silagadze, the founder of EtherFi, described the launch of Cash as a critical part of the project’s mission to remove the technical friction associated with on-chain finance and open the door to widespread adoption.
“Over time, the protocols will provide a suite of integrated products and eliminate the complexities of DeFi, including chains, derivatives and strategies,” Silagadze said. “They will resemble consumer products focused on adding value to the user.”