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Ether.fi Partners with Scroll for Innovative Restaking Protocol and Launch of ether.fi Cash Card
Discover how Ether.fi partners with Scroll to unveil an innovative restaking protocol and the launch of the ether.fi Cash Card. Dive into the future of decentralized finance with cutting-edge solutions that enhance your crypto experience.
Ether.fi Partners with Scroll Blockchain for Innovative Restaking Protocol
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Ether.fi has announced its strategic selection of the Scroll blockchain as a settlement layer, marking a significant step in the evolution of its restaking protocol. This partnership will pave the way for the introduction of a groundbreaking credit card, enabling users to engage in a new market for lending and borrowing.
Scroll is a cutting-edge layer-2 blockchain that employs advanced zero-knowledge (ZK) technology. Since the launch of its mainnet in October, Scroll has made impressive strides, amassing a total value locked (TVL) of $676 million, an increase from $556 million as of August 5, according to data from DefiLlama.
Mike Silagadze, CEO of Ether.fi, shared insights with CoinDesk, expressing confidence that the upcoming card, dubbed ether.fi Cash, has the potential to attract “billions in TVL” to Scroll, positioning it as the premier layer-2 network in the ecosystem. With this initiative, cardholders will be able to leverage their crypto assets as collateral, facilitating borrowing for purchases, while automatically settling their balances using native yields.
One of the standout features of the ether.fi Cash card is its “gasless” transaction model, which eliminates fees for users. This innovative approach is made possible through Scroll’s zk-rollup technology, which significantly lowers costs associated with sending or staking assets. Current data from Scrollscan indicates that the average gas fees on Scroll are approximately 0.09 gwei (around $0.005), a stark contrast to Ethereum’s average gas fees of 32.8 gwei.
Ether.fi has established itself as one of the largest players in the restaking protocol sector, boasting a total value locked (TVL) of $5.7 billion, reflecting a 12% increase over the past month. This growth stands in contrast to the broader restaking landscape, where EigenLayer has experienced a significant TVL decline of $5 billion since July 30.
Restaking protocols are designed to enhance investor yields beyond the native returns provided by staking native ether (ETH). The entire restaking market currently holds an estimated worth of around $24 billion, underscoring the potential for growth and innovation in this space.