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Ether.fi, a liquid restaking protocol, is launching a “crypto-native” credit card that will settle transactions on Scroll, an Ethereum layer-2 scaling network, according to a Sept. 9 post on the X platform.&nbsp;
Ether.fi Cash is a Visa credit card designed to let users pay with cryptocurrency “anywhere Visa is accepted,” the <a data-ct-non-breakable="null" href="https://x.com/ether_fi/status/1833132921143906398" rel="null" target="null" text="null" title="null">post</a> said. According to Ether.fi’s website, the degen-branded card comes in tiers dubbed Pepe, Wojak, Chad, and Whale.&nbsp;
Ether.fi says the card is non-custodial, meaning crypto stays in users’ wallets instead of being transferred to a separate account. Cardholders can finance purchases by borrowing against crypto collateral, including “against eETH, Liquid vault LP tokens and more yield-bearing assets,” according to the website. eETH is an Ether.fi liquid restaking token (LRT).
Cardholders will soon be able to “pay your card balance with native yields,” Ether.fi said.&nbsp;
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 Ether.fi Cash touts itself as a “truly crypto-native” credit card. Source: Ether.fi
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Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/eigenlayer-major-update-restaking-contracts" rel="null" target="null" text="null" title="null">EigenLayer rolls out 'major update' to restaking contracts</a>
By fusing decentralized finance (DeFi) functionality with a credit card, “you can hold onto your crypto while leveraging it to do more than ever before,” Scroll said in a Sept. 9 X <a data-ct-non-breakable="null" href="https://x.com/Scroll_ZKP/status/1833131653738422656" rel="null" target="null" text="null" title="null">post</a>.
Crypto-friendly payment cards are proliferating, aided by free and virtually instant conversions of USD Coin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/usdc-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/usdc-price-index">USDC</a>), a stablecoin, into fiat currency. Among the best-known branded card offerings are those from crypto exchanges Coinbase, Crypto.com, and Gemini, as well as onchain wallet provider Gnosis.&nbsp;
The crypto credit card market was valued at $97 billion in 2023 and is expected to reach approximately $152 billion by 2030, according to Verified Market Research. However, credit cards purveyed by DeFi protocols are comparatively rare.&nbsp;
Launched in 2023, Ether.fi lets users contribute Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="" target="_self" text="null" title="https://cointelegraph.com/ethereum-price">ETH</a>) and its liquid staking derivatives — such as Lido Staked Ether (stETH) — into “restaking” pools in exchange for tradable LRTs. It has already amassed more than $5.5 billion in total value locked (TVL), <a data-ct-non-breakable="null" href="https://defillama.com/protocol/ether.fi#information" rel="null" target="null" text="null" title="null">according</a> to DefiLlama.
Restaking involves taking a token that has already been staked — posted as collateral with a validator in exchange for rewards — and using it to secure other protocols simultaneously. The most established restaking protocol is EigenLayer, which currently commands almost $11 billion in TVL. Others include Symbiotic and Karak.&nbsp;
Mike Silagadze, Ether.fi’s CEO, said on Aug. 13 the “risk of restaking has not been fully characterized yet,” adding that the “yield is coming from speculation — there really isn’t any other activity right now.”&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/parents-addicted-pi-network-crypto-tapper/" rel="" target="_self" text="null" title="https://cointelegraph.com/magazine/parents-addicted-pi-network-crypto-tapper/">Help! My parents are addicted to Pi Network crypto tapper</a>

Ether.fi launching ‘crypto-native’ credit card on ZK-rollup Scroll

Cointelegraph

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