Ether.fi, a DeFi staking protocol, has secured USD 23 million in a Series A financing led by Bullish Capital and CoinFund, with participation from OKX Ventures, Foresight Ventures, Consensys, and Amber, among others. This round brings the company's total funding to over USD 32 million.

The company plans to use the funding to support its continued expansion.

Ether.fi offers a protocol that leverages smart contracts on EigenLayer, an Ethereum staking platform, to enable users to earn yields from restaking Ethereum. Users can stake Ethereum to receive “eETH,” the platform’s native liquid staking token, and use the token as collateral in other DeFi protocols or earn yields from restaking. The platform currently has a total value locked of USD 1.8 billion.

Analyst QuickTake: The Ethereum staking space (particularly the EigenLayer ecosystem) has seen a recent boom in investor interest, with Ether.fi becoming the second startup to raise funding in the last two months alongside Renzo , which raised USD 3.2 million in January. Notably, just last week, Eigen Labs , the company behind developing the EigenLayer protocol, also raised USD 100 million in Series B funding.