Ether.fi, an Ethereum liquidity re-staking protocol, recently announced the launch of Ether.fi Cash, a cryptocurrency credit card. Users will be able to use their assets pledged on ether.fi and the Liquid liquidity pool as collateral to borrow USDC and make everyday purchases. The official release is expected in September, although the service may not be available in major markets such as the United States.
Ether.fi Cash is described as a mobile wallet and Visa credit card that allows users to borrow against their assets on ether.fi and the Liquid pool, and directly use the borrowed USDC for payments. Users can also make repayments using cryptocurrencies.
According to Ether.fi, the credit card can be used anywhere in the world. Pre-orders will be available in July, with shipping scheduled for September. Users can register by pledging any amount of ETH through the following link: https://app.ether.fi/cash. Upon registration, users will receive 1000 Cash points and be added to the waitlist.
Mike Silagadze, the founder of Ether.fi, aims to build an integrated application that makes DeFi accessible to ordinary people. Ether.fi Cash will serve as users’ spending account, eliminating the need to withdraw funds from the blockchain.
Currently, Ether.fi is best known for its asset integration into EigenLayer’s services. EigenLayer has attracted approximately $18 billion in deposits over the past year, with over $5 billion originating from users who initially deposited funds into Ether.fi in exchange for eETH tokens. In addition to the staking service, Ether.fi offers Liquid, a product that allows users to deposit funds into a managed treasury for automated returns.
With Ether.fi Cash, cardholders will be able to borrow based on their pledged assets or Liquid deposits and automatically pay bills using the interest earned from DeFi investments. Users can also choose to convert their assets directly into USDC for instant settlement.
Mike Silagadze emphasizes that Cash is a true credit card, not just a simple Visa debit card. It aims to meet the majority of daily spending needs and will be launched in September. However, due to regulatory reasons, it may not be available in major markets such as the United States. Silagadze believes that Cash will initially target native cryptocurrency users but may attract more people to enter the cryptocurrency field.
Ether.fi is a protocol for restaking Ethereum liquidity. The concept of restaking, proposed by EigenLayer founder Sreeram Kannan, allows users to re-stake ETH (including various types of LST) on other protocols and DApps and participate in their verification processes.
EigenLayer directly connects to Ethereum’s security and liquidity through Actively Validated Services (AVS), allowing it to benefit from Ethereum’s security without establishing a separate economic and verification system. In summary, EigenLayer provides a token economy security leasing market, with ether.fi being one of the most popular protocols in this space.
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