Etherfi Migrates $220M in TVL to OP Mainnet in Largest Single Deposit in Optimism History
Summary
Etherfi, the $5.8 billion liquid restaking protocol, has completed a full migration of its consumer products to OP Mainnet, moving $220 million in total value locked, 70,000 active crypto debit cards, and 300,000 accounts to Optimism’s layer-2 network. The transfer marks the largest single TVL event in OP Mainnet’s history.
The migration took three days with zero downtime, according to both Ether.fi and the Optimism Foundation, which assisted with bridge engineering, oracle support, and asset metadata. Cards continued processing real-world payments throughout the transition. The move signals that consumer-facing crypto products are now choosing infrastructure based on performance rather than ecosystem loyalty — a dynamic that could reshape how layer-2 networks compete for high-volume applications.
Ether.fi cited OP Mainnet’s sub-250-millisecond finality via Flashblocks, median fees of $0.00001, 99.99% uptime, and throughput of 20 million gas per second as decisive factors. CEO Mike Silagadze said the protocol needed infrastructure capable of handling real-time payments at consumer volume. EtherFi Cash, the protocol’s non-custodial card product, allows users to spend crypto anywhere Visa is accepted while idle balances earn onchain yield.
The protocol plans to launch Gold Vaults and a Euro-denominated card on OP Mainnet next, alongside expanded DeFi integrations and enhanced cashback features. Optimism is targeting 100 million gas per second throughput as protocols scale on its network.