What is Liquid

Liquid is ether.fi’s automated yield product. You deposit once, the platform does the rest.

Your assets are deployed across a basket of DeFi strategies
The system rebalances automatically
Rewards are auto-compounded
You do not need to manage protocols, positions, or timing

Liquid shows how yield is generated, how funds are allocated, and how performance evolves over time.

This guide walks you through everything you need to know step by step.

Where to find Liquid

Go to https://www.ether.fi/app/cash/earn
Sign In: you can use your external wallet or your ether.fi account to sign in
Select a Liquid vault, for example ETH Yield, BTC Yield or USD Yield.

How to deposit into Liquid

Choose a Liquid vault

2. Click Deposit

3. Select the asset you want to deposit and amount

ETH Yield - supports deposits in wETH, and weETH
BTC Yield - supports deposits in eBTC
USD Yield - supports deposits in USDC

4. Click “Deposit” to confirm the transaction (if you are using an EOA you will be prompted to sign the transaction)

Once confirmed, your funds start earning automatically.

Liquid tabs explained

Liquid has three tabs: Overview, Your Balance, and Breakdown.
Each one answers a different question.

Overview tab

The Overview tab gives you a high-level snapshot of the vault.

What it means

The APY shown is the current blended yield of all strategies in the vault
APY updates dynamically based on strategy performance
Deposit and Withdraw are always accessible from here

This is your control panel.

How to use it

Get a quick sense of current yield
See how large and active the vault is
Understand the basic flow: Deposit → Rebalance → Earn

Your Balance tab

This is the personal performance view. Everything reflects your deposits and rewards.

What this tab shows

Your deposited balance
Total rewards earned
Rewards and balance charts over time
APY time filters by: 7D, 14D, 30D, 90D, or All Time

What it means

Your Balance includes your principal plus auto-compounded rewards
Total Rewards is the portion of your balance that comes from yield
Rewards are not paid separately. They continuously increase your balance

How to use it

Track how much you’ve earned
See growth over time
Compare performance across time periods
Monitor performance without necessarily digging into strategy details

Breakdown tab

The Breakdown tab provides a detailed view of how funds in a Liquid vault are allocated at any given time.

It is designed to give transparency into:

What strategies are being used
Which protocols are involved
Which networks funds are deployed on

About estimated APY in Breakdown

Estimated APY is shown per strategy, not for the entire vault
It reflects recent performance and may change
The vault’s headline APY is a weighted average of all strategies

Note: Estimated APY is informative, not guaranteed.

Withdrawal liquidity

A small portion of funds is intentionally kept liquid
These funds are not actively deployed in yield strategies
This improves withdrawal speed and reliability
This allocation may earn little or no yield and is a normal part of vault operations.

Breakdown views

At the top of the section, you can switch between:

Position
Protocol
Network

Each view answers a different question:

Position view

How is the vault allocating funds across strategies?

How to read it

This view explains how the total vault APY is built
Higher allocation means more capital is deployed to that strategy
Estimated APY varies by strategy and can change over time

Allocation charts

Highlight the largest current allocation
Update automatically as the vault rebalances
Reflect the vault’s overall allocation, not your individual position

This is the best view for understanding strategy diversification.

Protocol view

Which protocols does the vault rely on, and how much exposure does each have?

How to read it

Exposure is shown as a percentage bar per each DeFi protocol
Percentages may add up to more than 100%. This is expected because:
- One strategy can use multiple protocols
- The same assets may be used across protocols at the same time
Values represent total exposure, not isolated allocations

This view is useful for understanding protocol-level risk.

Network view

Which blockchains are funds deployed on?

What you see

An allocation chart showing the dominant network
A list of networks with:
- Number of positions
- Percentage of total allocation

How to read it

Shows where execution and smart contract risk is concentrated
Helps users understand network diversification
Most Liquid vaults are primarily deployed on Ethereum, with smaller allocations elsewhere

Use this view to understand network concentration.

Withdrawing from Liquid

Open the Liquid vault you want to withdraw from
Click Withdraw
Choose the amount
Click on "Withdraw" and confirm the transaction from your wallet

Notes:

Withdrawals may take time depending on liquidity and strategy state
A small portion of funds is kept unallocated to speed this up
In rare cases, withdrawals may be queued

Fees

Vaults have different fees, please refer to each Vault's Fact sheet section under vault's overview tab to learn more about platform fees - these usually range from 0%- 2%

Gas fees still apply based on the network used.

Risks you should understand

Liquid is not risk-free.

Depending on the vault, risks may include:

Smart contract risk
DeFi protocol risk
Liquidity risk
Leverage and liquidation risk in some strategies

Liquid is designed to maximize yield and does not provide capital guarantees.

DeFi carries risk, Liquid is built to offer transparency and insight into how your funds are managed.

Who should use Liquid

Liquid is for users who:

Want passive yield
Don’t want to manage multiple protocols
Want visibility into how yield is generated
Prefer automation over manual farming

If you enjoy clicking buttons every day, Liquid will feel boring.
That’s the point.

FAQs

Do I need to rebalance manually?
No. Liquid does this automatically.
Can APY change?
Yes. APY reflects real-time strategy performance.
Can I see exactly where my funds are?
Yes. Use the Breakdown tab.
Is Liquid available in all regions?
Some restrictions apply, please visit our list of restricted regions to learn more about where is this product available.