ETHFI

ETHFI tokenholders do not have binding onchain control. Governance uses offchain voting with multisig execution. The protocol uses a two-timelock system for upgrades and operations. A multisig controls the Upgrade Timelock, which owns the RoleRegistry and authorizes protocol upgrades. The mainnet token is not upgradeable. L2 tokens on Arbitrum and Base are upgradeable by multisigs with no timelock.

An active buyback program distributes purchased ETHFI to sETHFI holders. eETH withdrawal fees fund buybacks, while any additional funding from broader protocol revenue is currently Foundation-discretionary. The Treasury is a multisig controlled by the team.

The ETHFI token contract is verified on Etherscan but not published to a public GitHub repository. All core protocol contracts are verified and open source under MIT license with multiple security audits and formal verification through Certora.

Over 55% of tokens are allocated to Investors (33.74%) and Core Contributors (21.47%), subject to transparent vesting schedules published in official documentation. Vesting completion is expected by end of 2030.

Trademarks are owned by Ether.Fi SEZC (Cayman Islands company), not a tokenholder-controlled entity. The ether.fi domain and platform are operated by this company. Protocol smart contracts are MIT licensed, but non-contract IP has restricted licensing.