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Scores/Ether.fi

Ether.fi

TEMPERED

Liquid Restaking · Ethereum · $5B+ TVL · 10 contracts

Confidence 83%Z-Factor 0.68Updated 2026-05-06Public Score

Public risk assessment — scores are produced with the same methodology as monitored protocols

721
BRI Score
3004756508251000

Security Profile

Access Ctrl
62
Economic
75
Oracle
72
Compos.
58
Govern.
48
Resilience
78
Cascade
45
Min
45
Avg
63
Max
78

Audit History

Certora (Formal)
2024-01
Omniscia
2023-12
Code4rena
2024-02

Bug Bounty Program

$250,000
Max payout on Immunefi
View Program →

Assessment

Largest liquid restaking protocol. Clean track record (no exploit, no depeg). But: full EigenLayer compositional exposure, governance centralization, no timelock on upgrades. Fork validation confirmed 8/8 findings as false positives, indicating strong runtime defense not captured by static graph.

Dimension Breakdown

How scores work →
Access Control
Weight 26%80% conf
62
Moderate
  • 18 permissionless state-mutating functions out of 75 external
  • roleRegistry.hasRole() provides runtime defense invisible to static analysis
  • 8/8 fork-validated redemption chains are HONEST_NEGATIVE (safeTransferFrom msg.sender pattern)
  • Lone-sink heuristic false positives inflate raw cell count
  • deposit() is the only payable function
Compositional Risk
Weight 20%82% conf
58
Moderate
  • 56 permissionless entries, 19 admin-gated (1_key)
  • True attack surface is 18 permissionless state-mutating functions
  • 941 total functions inflated by proxy/library internals (OZ Address, ERC1967, StorageSlot)
  • Key entry points: deposit, withdraw, requestWithdraw, rebase, burnEEthShares
  • UUPS proxy adds upgrade surface but gated by _authorizeUpgrade
Adversarial Resilience
Weight 20%85% conf
78
Good
  • Pause mechanism (pauseContract/unPauseContract) gated by roleRegistry roles
  • UUPS upgrade protected by _authorizeUpgrade with owner check
  • Multiple audit rounds: Omniscia, Certora, Zellic
  • 30+ months mainnet without exploit (since Nov 2023)
  • safeTransferFrom(msg.sender) pattern prevents unauthorized token extraction
Economic Soundness
Weight 13%80% conf
75
Good
  • SMDE: 0 anomalies, 0 novel classes, 0 clusters
  • Game theory: IRRATIONAL equilibrium (no profitable deviation)
  • Standard DeFi state patterns, no exotic state mutations
  • DEPRECATED_ prefix on 14 functions indicates clean upgrade history
  • totalValueInLp/totalValueOutOfLp accounting is straightforward
Oracle Integrity
Weight 13%78% conf
72
Good
  • Internal rate oracle: (totalValueInLp + totalValueOutOfLp) / totalShares
  • amountForShare() and sharesForAmount() are core conversion functions
  • Chainlink integration for DeFi composition pricing
  • No external oracle manipulation surface detected in graph
  • Rate oracle complexity is moderate but has been audited
Governance & Upgradeability
Weight 13%72% conf
48
Concerning
  • ETHFI token governance exists but team retains significant operational control
  • UUPS proxy upgrades without long timelocks
  • roleRegistry manages LIQUIDITY_POOL_ADMIN_ROLE, VALIDATOR_APPROVER/CREATOR roles
  • admins/pausers mappings are team-managed
  • Governance participation is low relative to TVL
Cascade Exposure
Weight 7%75% conf
45
Concerning
  • Inherits ALL EigenLayer compositional risk (slashing, restaking, AVS)
  • weETH widely integrated: Aave, Morpho, Pendle, Compound
  • Largest liquid restaking by TVL (~$6B+) = maximum cascade exposure
  • Cross-protocol liquidation cascades are primary systemic risk
  • Cash product adds stablecoin composition layer

Additional Dimensions

Battle-Tested Maturity
Weight conditional0% conf
-1
Critical
  • Not assessed — excluded from BRI computation
Supply Chain
Weight conditional0% conf
-1
Critical
  • Not assessed — excluded from BRI computation
Operational Security
Weight conditional0% conf
-1
Critical
  • Not assessed — excluded from BRI computation

Risk Drivers

Primary risk factors driving this score, ordered by severity.

Cascade Exposure45
Governance & Upgradeability48
Compositional Risk58

Adversarial Risk Signals

Observable security posture indicators. These signals reflect publicly verifiable information and responsible disclosure outcomes. No specific vulnerability details are exposed.

Disclosure HistoryNot Assessed
Remediation VelocityNot Assessed
Bug Bounty ProgramNot Assessed
Audit CoverageNot Assessed
Incident HistoryNot Assessed
Deployed 2023-11-01Z-Factor 0.6807 active dimensions

Score History & Verification

Score provenance tracking begins with the next reassessment.

On-Chain Data

Protocol Slug
"etherfi"
Oracle
BRORegistry (Base)
Evidence
IPFS (pinned)
Staleness Threshold
24 hours
Read Score
registry.getScore("etherfi")

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