Research summary
This registry rejects EtherFi’s Borrowing Market because its live status conflicts with its documentation and its borrow side is permissioned. The market is an ether.fi-operated Aave v4 instance that backs ether.fi Cash, the company’s crypto-collateralized Visa card. It has several sound controls, including a price-cap adapter whose owner-reset function is wired so nobody can call it, “for us, for our multisig, for anyone,” according to ether.fi’s own documentation. But every public page that describes this product carries a “coming soon” banner, even though roughly $190M was already supplied and roughly $25M was already borrowed on Optimism at the time of this review. This live conflict between the product’s stated status and its actual on-chain activity is enough for this registry to reject it. Borrowing is restricted to ether.fi Cash account holders. It is not open to third-party lenders as the supply side is. This review also confirmed no separate legal entity name for this specific product.
Observable review triggers
- ether.fi's own documentation pages are updated to reflect the product's actual live status, resolving the "coming soon" inconsistency
- A named legal entity specific to the Borrowing Market is disclosed
- The borrow side opens beyond ether.fi Cash account holders, or the permissioned-borrow design is otherwise justified and disclosed as intentional and permanent
- A primary Certora or Paladin audit report is published and linked, resolving the discrepancy with DefiLlama's zero-audit field
Facts on file
- Verdict
- Rejected
- Type
- Other
- Chains examined
- OP Mainnet, Scroll
- Reviewed
- Last confirmed