EtherFi, DeFi’s fourth-largest protocol with over $5.5 billion in TVL, has chosen Scroll, an Ethereum Layer 2 network, as the settlement layer for its ether.fi Cash platform.
EtherFi, the leader in liquid restaking, has selected Scroll, an Ethereum Layer 2 network that is fueled by zero-knowledge technology, as the settlement layer for transactions that are conducted through the ether.fi Cash platform.
According to DeFiLlama, EtherFi is the fourth-largest protocol in DeFi, with a total value locked (TVL) exceeding $5.5 billion.
Ether.fi Cash set itself apart from other crypto-based cards by being a genuine credit card, as opposed to a preloaded debit card. It will be accessible as a physical Visa card that is interoperable with the majority of mobile payment providers, such as Apple Pay.
Under four tiers, the card is presently available for preorder, with annual fees ranging from 0.01 ETH ($23) to 1 ETH ($2,300). Lower interest rates and other benefits are available to those in the higher categories.
The Defiant was informed by EtherFi CEO Mike Silagadze that the card has been preordered by users, who have accumulated a total of $869 million in crypto assets.
He joked that EtherFi is “putting DeFi in bubble wrap for normal people” with this most recent offering.
ether.fi Cash cardholders will receive a 3% cash back rebate on all transactions. Furthermore, early adopters will receive an additional $50 in cash back on the first $1,000 spent, and those who possess Chad and Whale cards as of September 15 will be allocated a seat to the Token2049 conference in Singapore.
What is the Purpose of Scrolling?
According to L2beat, Scroll is the sixth-largest Layer 2 network, with $1.1 billion in TVL.
Silagadze stated that EtherFi contemplated either constructing its own Layer 2 or utilizing multiple existing networks. Nevertheless, Scroll was ultimately selected due to the shared vision of both teams to significantly reduce the barriers to the use of cryptocurrency in everyday transactions.
The balance was tipped by the substantial quantity of eETH, EtherFi’s flagship liquid restaking token, that had already been bridged to Scroll and the expanding DeFi ecosystem.
The alliance will also facilitate the establishment of a lending and borrowing market that is tailored to Cash users. This will allow customers to borrow against their crypto assets to make purchases and automatically reimburse these amounts with the yields generated by their portfolios.
Residents of the United Kingdom, Hong Kong, United Arab Emirates, Thailand, Brazil, Turkey, France, Germany, Italy, Portugal, Spain, Denmark, Estonia, Netherlands, Poland, and the Czech Republic are currently eligible to obtain the card.
