Ether.fi launches 10 Days of ETHmas — up to 10% wETH cashback via referrals

Published: 2025-12-15 05:50:00 |

Ether.fi has launched a limited-time promotion, 10 Days of ETHmas (12 Dec 00:00 UTC – 21 Dec 11:59 UTC), offering cashback denominated in wrapped ETH (wETH) for retail spending on its Ether.fi Cash card. Standard card spending can earn up to 4% wETH cashback; a referral mechanic lets both referrer and new user receive up to 10% wETH cashback when both complete eligible card transactions. The campaign has a total reward cap of $200,000 (in wETH) and per-referrer limits (combined referral payouts capped at $5,000). Rewards are subject to per-user and regional caps, KYC completion, card activation, and exclusion of certain transaction types (refunds, pre-auths, P2P transfers, cash advances, gambling). Distribution is scheduled on or before 31 Jan 2026; Ether.fi may modify or cancel the offer and will withhold or reclaim rewards for abuse (VPNs shared IDs, etc.). Participants are responsible for taxes. For traders: the promotion increases direct demand for ETH/wETH via reward issuance to users’ Ether.fi accounts, but the fixed $200k pool and short duration limit systemic price impact — more likely to create localized retail buying pressure and brief demand spikes rather than sustained market movement.

Neutral

The promotion routes rewards in wETH to retail users, which mechanically increases demand for ETH/wETH when recipients convert or hold the tokens. However, the campaign’s $200,000 total cap, per-user/referrer limits and short ten-day window materially constrain the size and duration of incremental demand. Eligible rewards are distributed to Ether.fi accounts (not open market issuance), and there are regional and anti-abuse restrictions that further limit uptake. Historically, similar card/referral cashback campaigns create localized, short-lived buying pressure rather than broader market moves. Therefore the expected price impact on ETH is limited and temporary — not clearly bullish or bearish at the market level, so a neutral classification is appropriate. Short-term: possible small spikes in retail demand and increased on-chain wETH activity around distribution and redemptions. Long-term: negligible effect on ETH supply/demand dynamics unless Ether.fi scales similar programs repeatedly at much larger scale.