Ether.fi launches 10-day referral program offering 10% cashback and VIP Gold card
Ether.fi, a liquid restaking protocol and issuer of a non‑custodial Visa crypto credit card, has launched a 10‑day referral campaign (Dec 1–Dec 10) to drive user growth. New and existing users who sign up via referral links and pass KYC earn 10% cashback on card spending; referrers who bring more than 10 new users receive a 12‑month VIP Gold card plus the 10% cashback. Business profiles are ineligible. The campaign is capped at $200,000 in spending credits and excludes refunds, returned purchases, cash advances and ATM withdrawals from eligible spend. Rewards are slated for distribution by Jan 31, 2026 (subject to risk policy changes). Ether.fi reported $2.21 million in transaction volume within 24 hours of the campaign start. The card — launched in 2024 on Scroll L2 and built with LayerZero/Stargate integrations for cross‑chain vaults — lets users transact directly from crypto wallets and borrow against liquid staking tokens such as eETH. Jurisdiction restrictions apply. SEO keywords: Ether.fi, referral program, crypto credit card, 10% cashback, VIP Gold card, liquid staking, eETH, Visa crypto card.
Neutral
The referral campaign is primarily a user‑acquisition and marketing initiative rather than a technical or protocol upgrade, so its direct market impact should be limited. Positive effects: the program can boost transactional volume and on‑chain activity (Ether.fi reported $2.21M in 24 hours), which may modestly increase demand for products tied to the platform (e.g., eETH usage, card transaction flow). Marketing incentives like 10% cashback can temporarily raise card usage and deposit activity, improving short‑term liquidity and fee revenue for Ether.fi. Negative/neutral effects: the campaign is capped ($200k in spending credits), jurisdiction‑restricted, and rewards are conditional on KYC and spend rules, limiting broad market penetration. It does not change protocol fundamentals (tokenomics, security, staking yields), so long‑term price or network effects for ETH or related tokens are unlikely unless Ether.fi sustains much larger growth or launches token incentives. Historical parallels: similar card/referral promos by Crypto.com, Coinbase and Gemini created short‑lived spikes in volume and user signups but did not materially move major crypto prices. For traders: expect a short‑term uptick in platform volume and localized interest in Ether.fi products; broader market moves are unlikely absent larger ecosystem events or token incentives. Monitor user growth metrics, card spend caps, and whether Ether.fi introduces token rewards or expands jurisdictional reach — those would increase the story’s market significance.