#What is Ether.fi's Migration to OP Mainnet About?
Ether.fi is undertaking a significant migration of its non-custodial card and digital cash product, ether.fi Cash, to the OP Mainnet. This transition will involve the movement of approximately 70,000 active cards and around 300,000 user accounts onto the Optimism infrastructure over the coming months. This strategic decision is supported by a long-term partnership with OP Enterprise.
This migration not only reflects a considerable shift of user value locked but also embodies Optimism's ambition to solidify OP Mainnet as a primary center for payments and consumer-focused cryptocurrency activities.
#How Does Ether.fi Cash Work?
Ether.fi Cash empowers users by facilitating seamless movement from traditional fiat currency to cryptocurrency. It allows for earning yield through various decentralized finance strategies and enables global transactions via a Visa-approved card, all managed within a non-custodial wallet.
Every day, this product processes about 2,000 internal swaps and 28,000 spending transactions. Recent data from Dune Analytics indicates that ether.fi accounts for over 25% of total spending volume across crypto cards, highlighting its significant market presence.
#What Are the Implications of This Migration?
An Optimism spokesperson expressed that the arrival of ether.fi on the OP Mainnet introduces one of the fastest-growing crypto payment solutions to their platform. Users can expect the app to handle around $2 million in real-world payment volume daily, simplifying the DeFi landscape for everyday users.
Optimism has extensive experience in overseeing large migrations, as evidenced by successful transitions for platforms like Celo, Lisk, and Ronin. Customers can anticipate a smooth transition experience driven by enterprise-grade support, shared liquidity options, and prioritized integration for future enhancements as part of their OP Enterprise status.
The broader ether.fi protocol currently secures nearly $5.7 billion in total value locked, according to DefiLlama data. This migration signifies a pivotal movement towards establishing OP Mainnet as a crucial liquidity and settlement hub for consumer-centric DeFi applications within the expanding Superchain ecosystem.