ether.fi, the largest non-custodial crypto card protocol by spending volume, has successfully completed its full migration to the OP Mainnet. This represents the largest single Total Value Locked (TVL) event in the network's history, moving $220 million in assets. The full migration was executed over three days with zero service interruptions, maintaining all 70,000 active cards and 300,000 registered accounts throughout the process.
The Optimism Foundation played an active role in the transition, providing support for bridge engineering, oracle integration, asset metadata, and operational coordination to ensure a fully live product. "Not a single card went offline during the process," the announcement emphasized.
The core product, Ether.Fi Cash, is a Visa-supported card offering instant settlement and global reach. Its key differentiator is that every deposited dollar generates on-chain yield, with the blockchain-based economy remaining on the user's side while points programs and interest charges stay within conventional banking systems.
The migration decision was driven by concrete business requirements for a real-time payment product. OP Mainnet offers average fees of $0.00001, finality below 250 milliseconds via Flashblocks, a throughput of 20 Mgas/sec with a projected path to 100 Mgas/sec, and 99.99% uptime. Data feeds are powered by Pyth Network.
Mike Silagadze, CEO of ether.fi, stated they needed infrastructure capable of handling real-time payments at massive volume. Jing Wang from OP Labs highlighted that every dollar flowing into OP Mainnet deepens the liquidity available to all protocols operating on the network.
With the migration complete, ether.fi is targeting the launch of Gold Vaults, a euro-denominated card, deeper DeFi integrations, expanded yield strategies, and improvements to cashback mechanisms. Relocating collateral onto OP Mainnet technically enables these new functionalities.
