At 00:00 UTC on 8 September 2026, ETHFI, the governance token of ether.fi, traded at about $0.591 according to CoinGecko. That is up roughly 4.5% from $0.565 a week earlier (1 September) and up about 54% from $0.383 on 9 August. Even after that rally, the token was still about 93% below its all-time high of $8.53, set on 27 March 2024. ether.fi itself did not announce anything new that week. The month's gains came after two changes in August: the "Summer" upgrade of its app, which added programmatic ETHFI buybacks, and the removal of restaking from its main staking token, weETH.
The numbers
All figures are CoinGecko daily snapshots taken at 00:00 UTC.
| Date | Price (USD) | Market cap (USD) | 24h volume, all venues (USD) |
|---|---|---|---|
| 9 Aug 2026 | 0.3828 | 372.6M | 13.3M |
| 1 Sep 2026 | 0.5653 | 545.7M | 48.2M |
| 8 Sep 2026 | 0.5906 | 570.2M | 59.1M |
- Week (1 to 8 Sep): about +4.5%.
- 30 days (9 Aug to 8 Sep): about +54%.
- Volume: daily trading volume on 8 September was more than four times the 9 August level, so the rally came with much more trading activity.
- Supply: CoinGecko lists a maximum supply of 1 billion ETHFI and a circulating supply of about 998.5 million as of October 2026, so almost all of the supply is already in circulation.
What changed in August
The Summer release (13 August 2026)
On 13 August, The Block reported that ether.fi had launched an upgraded version of its non-custodial app, called "Summer". According to the report, it added:
- trading of tokenized equities and commodities through xStocks, which is not available in the U.S. and some other markets
- self-custodial vaults with social recovery
- borrowing against a whole portfolio through a new Aave market on Optimism, at rates "currently around 4%"
- more fiat on- and off-ramps, in more than 30 currencies and methods
- programmatic ETHFI buybacks
CEO Mike Silagadze told The Block that the app had about 500,000 users and about 150,000 cards. The Defiant reported that the buybacks are funded from "every revenue line". Neither report gave the size or schedule of the buybacks.
How the buybacks are bounded
The most recent buyback framework posted on ether.fi's governance forum is dated 30 October 2025. It lets the ether.fi Foundation buy ETHFI only while the spot price is "strictly below US $3.00", with a total cap of US$50 million from the treasury. While the price stays under that level, the Foundation may raise the share of protocol revenue that goes to buybacks, as long as total spending stays within the cap. The forum page does not show the vote result. At $0.59 the token was well inside that buying range. How much ETHFI was actually bought during the week was not published.
weETH without restaking
In August 2026 ether.fi removed restaking from weETH, so the token now earns only Ethereum staking rewards. Restaking exposure moved to a separate token, weETHs, which is built on Symbiotic rather than EigenLayer. Holders who want restaking have to switch into weETHs themselves. Silagadze's reported comment was "End of an era. Sad."
Later coverage cites ether.fi's documentation as saying that less than 1% of protocol funds were still restaked in August 2026. The same coverage says ether.fi plans to remove EigenPod withdrawal credentials from its validators by the fourth quarter of 2026. That would cut its last structural link to EigenLayer. These two points come from secondary reports of ether.fi's documentation. The documentation page itself could not be checked.
For holders, this means weETH now carries ordinary Ethereum staking risk, without the extra slashing exposure that came from restaking.
ETHFI market cap and trading volume, 9 Aug to 8 Sep 2026
How did ETHFI's market cap and daily trading volume change across the three CoinGecko snapshots in the article?
Data table
| Item | USD million | Source |
|---|---|---|
| 9 Aug 2026 | 372.6 | |
| 1 Sep 2026 | 545.7 | |
| 8 Sep 2026 | 570.2 |
Data table
| Item | USD million | Source |
|---|---|---|
| 9 Aug 2026 | 13.3 | |
| 1 Sep 2026 | 48.2 | |
| 8 Sep 2026 | 59.1 |
This shows only three CoinGecko daily snapshots taken at 00:00 UTC: it leaves out the days in between, does not explain why the figures moved, and says nothing about future prices.
Since that week
On 25 October 2026, CoinGecko showed ETHFI at about $0.603, with a market cap of about $602 million. That is close to the 8 September level.
What to watch
- Buyback disclosures: whether the Foundation publishes amounts bought. Without them, the effect of the buybacks on supply cannot be measured.
- The EigenLayer exit: whether ether.fi meets the fourth-quarter target for removing EigenPod withdrawal credentials.
- Volume: whether daily volume stays near September levels or falls back towards the roughly $13 million seen in early August.
Limitations: this covers price data from one aggregator (CoinGecko), and the product news comes mostly from one outlet (The Block) plus ether.fi's governance forum. Nothing here is investment advice. Crypto assets are volatile and you can lose your capital.
