Restaking Protocol Ether.fi Selects Scroll as Layer-2 Network for Settlement

As a seasoned researcher with a keen eye for emerging trends in the blockchain and DeFi space, I am genuinely intrigued by Ether.fi’s latest move to roll out a credit card using Scroll’s zero-knowledge technology. This is an exciting development, not just because it’s innovative, but also because it underscores the growing maturity of blockchain technologies and their potential to disrupt traditional financial systems.

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According to Ether.fi, they chose the Scroll blockchain to serve as a platform for transactions, enabling their restaking protocol to commence operations for their planned credit card, and also establishing a marketplace for lending and borrowing.

According to Mike Silagadze, CEO of Ether.fi, he anticipates that their new product, known as ether.fi Cash, will attract “billions in total value locked” to Scroll, making it one of the top layer-2 networks. This partnership enables cardholders to utilize cryptocurrency as collateral and obtain credit for purchases, which will then be repaid with native returns automatically.

Transactions made on the card will be free of charges, thanks to Scroll’s zk-rollup technology, which significantly lowers expenses when transferring or storing assets. Data from Scrollscan reveals that typical gas fees are approximately 0.09 gwei ($0.005), in contrast with Ethereum‘s average of 32.8 gwei.

Ether.fi stands as one of the most significant re-staking platforms, boasting a Total Value Locked (TVL) of approximately $5.7 billion – an uptick of 12% within the last month. This growth is in stark contrast to the broader re-staking industry, where we’ve seen a decrease for EigenLayer’s TVL by about $5 billion since July 30.