Ether.fi, the biggest non-custodial crypto card by worth in use, has formally gone dwell on OP mainnet, bringing in a complete of $220 million locked, 300,000 accounts, and 70,000 energetic playing cards.
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This migration was the biggest TVL occasion in OP Mainnet historical past and was accomplished in simply three days with no downtime.
This transfer positions OP Mainnet as a long-term infrastructure house for crypto’s most energetic shopper fintech merchandise, with Gold Vaults and Eurocard already on the roadmap.
3 days with zero downtime
The complete migration happened over three days, throughout which period all 70,000 energetic playing cards remained totally operational.
In keeping with Optimism’s announcement on X, the Optimism Basis labored with the Ether.fi crew on the bridge engineering, oracle assist, asset metadata, and operational logistics required to maneuver a dwell shopper product with out interruption.
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EtherFi Money processes tens of millions of {dollars} in real-world funds on daily basis by way of its tap-to-pay characteristic anyplace Visa is accepted. Sustaining uninterrupted card operations throughout a migration of this scale was a important requirement, and the crew achieved that requirement.
Why OP mainnet?
In keeping with Optimist Prime’s thread on X, the Ether.fi crew evaluated a number of chains earlier than selecting OP Mainnet. This choice was pushed by the efficiency profile required for a consumer-scale funds product that settles actual cash on daily basis.
The important thing infrastructure metrics that drove the choice have been:
Median worth: $0.00001
Finality: Lower than 250ms by way of flash block
throughput: 20Mgas/s, increasing in the direction of 100Mgas/s
Working time: 99.99%
Knowledge feed: Leverage the Python community
For shopper funds merchandise, delays instantly influence person expertise, charges influence cancellation, and uptime is non-negotiable. OP Mainnet’s efficiency profile matched what Ether.fi wanted to proceed scaling.
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The distinction between EtherFi Money
EtherFi Money combines a conventional card expertise (on the spot funds, world attain, tap-to-pay) with on-chain yield. Each greenback saved in your card earns you income on-chain. This can be a characteristic that can’t be replicated with conventional bank cards. The product comes with the next guarantee $5.8 billion protocol And now it runs fully on OP Mainnet’s infrastructure.
Ether.fi CEO Mike Silagadze says the transition is a essential step for the subsequent part of the product.
“EtherFi Money is the biggest non-custodial crypto card in the marketplace, and the roadmap we have been constructing is why. To ship what’s subsequent, we wanted an infrastructure that might course of real-time funds for shoppers. OP Mainnet delivered on each entrance. We answered the query: 3 days emigrate $220 million with no downtime. Now we get to work constructing.” — Mike Shiragadze, Ether.fi CEO
Liquidity Flywheel and Ecosystem Impression
The $220 million in TVL won’t solely profit Ether.fi, however may also additional deepen all of the liquidity swimming pools that exist already on the OP mainnet. In keeping with Jing Wang of OP Labs, this inflow modifications the best way different protocols calculate comparable infrastructure choices.
“That is what OP Mainnet is about. A dwell shopper product of this scale chooses the infrastructure it wants for its subsequent chapter, and we’re constructing for what comes subsequent with Ether.fi. Each greenback we land deepens liquidity for everybody already right here.” — Jing Wang, OP Labs
This migration additionally serves as a proof of idea for different groups seeking to migrate to OP Mainnet. The $220 million migration was accomplished in three days with no downtime or disruption to customers, setting a benchmark for what’s operationally doable.
what’s subsequent
With the migration full, the Ether.fi and Optimism groups have outlined a number of short-term priorities.
gold storage and euro card Launch on OP mainnet
Increasing DeFi integration and yield methods constructed on Ether.fi’s transferred collateral
Repeatedly broaden OP mainnet throughput in the direction of 100Mgas/s
Joint milestones underway beneath partnership between Optimism Basis and Ether.fi
For extra info on migration and partnerships, please see Optimism’s official weblog publish.
