ether.fi is the largest liquid restaking protocol on Ethereum: stake ETH once and eETH earns the base staking yield plus the restaking layer on top, while the protocol keeps the keys structure that made it credible in the first place, with stakers rather than operators controlling withdrawal credentials.

The scale earned the trust. Billions of ETH-denominated value sits in the liquidity pool, the eETH balance rebases as rewards report in, and weETH, the non-rebasing wrapper, became the restaking collateral that money markets across DeFi actually list. The exchange rate between the two is written by the protocol's own accounting, not by a market maker's quote, and exits run through a withdrawal queue where every request is an onchain position with its own claimable state.

A restaked position is also the most layered thing in a portfolio, and layers are where attention goes to die. The rebase that lands while you sleep. The wrap into weETH that every venue wants and the unwrap back when the rebasing balance matters. The withdrawal request that matures on the queue's schedule, not yours, and then waits, claimable, until someone checks. The premium or discount between the wrapper and the market that appears exactly when you are busy.

Every number ether.fi keeps about a position is a step in a plug: the eETH to weETH conversion rate in both directions, the pool's total assets, the rebasing balance, the state of every withdrawal request, and any one of them can decide what happens next. Staking, wrapping and unwrapping, requesting and claiming withdrawals run when a condition is met rather than when a person is awake.

Restaking yield compounded into the next position the day it rebases. An exit requested at the rate you chose and claimed the block it matures. A wrapper position that flips forms because a lending market needed one and a payment needed the other. A queue that is watched every block by something that never gets bored.

The restaked ETH that actually captures the extra layer is already run this way. Yield that arrives while you are asleep either goes to work immediately or it waits for you, and the difference compounds.