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EtherFi announced that users will soon have the ability to make payments globally with their new card. This groundbreaking development aims to revolutionize the way cryptocurrency holders utilize their digital assets, providing seamless and universal access to transactions. By integrating this card, EtherFi is bridging the gap between traditional financial systems and the decentralized economy, offering unparalleled convenience and flexibility for users around the world. This article explores the features, benefits, and potential impact of EtherFi’s global payment card on the cryptocurrency landscape.
EtherFi, the leading Ethereum restaking protocol, announced plans to launch a credit card linked to users’ restaked ETH holdings. Revealed on May 23, EtherFi Cash will feature a Visa credit card integrated with a mobile wallet. Payments can be made by either swapping a portion of users’ holdings into USDC or borrowing a sum of USDC against their EtherFi portfolio. Interest accrued can also be paid using the rewards earned from users’ eETH holdings.
EtherFi highlighted that reliance on traditional financial payment rails still poses significant censorship risks and usability challenges. They noted that Cash is the third product in their trilogy, which includes ether.fi Stake, ether.fi Liquid, and ether.fi Cash. Together, these integrated products are designed to help users save, invest, and spend their crypto without the need to off-ramp.
Additionally, EtherFi mentioned that the card will be usable worldwide.
EtherFi’s Ascendancy
EtherFi is solidifying its position as a leading DeFi protocol, following recent news of its advancements. The platform currently ranks seventh in total value locked (TVL), with a TVL of $5.66 billion, reflecting nearly 50% growth in the past 30 days. This surge is largely driven by a 27% rally in ETH prices over the past week, spurred by renewed optimism around spot Ether ETFs.
EtherFi has been at the forefront of the liquid restaking token (LRT) movement. The protocol simplifies the process for users to participate in native restaking via EigenLayer while maintaining liquidity. Restaking enables users to earn additional yields by delegating their staked Ether to secure third-party protocols while also securing the
Ethereum blockchain.
According to DeFi Llama, LRT protocols now have a combined TVL of $14 billion. Renzo is the second-largest LRT project with $3.93 billion, followed by Puffer Finance with $1.79 billion.
Mike Silagadze, the founder of EtherFi, emphasized that the launch of Cash is a pivotal step in the project’s mission to eliminate technical barriers in on-chain finance and facilitate mainstream adoption. He stated that over time, protocols will offer a suite of integrated products that simplify DeFi complexities, including chains, derivatives, and strategies, making them more user-friendly and value-focused.
