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ether.fi vs Mellow

How ether.fi and Mellow differ on token, backend, TVL and approach.

ether.fiMellow
TypeEigenLayer LRTModular LRT
LRT tokeneETH / weETHMany (curated)
How it worksStake ETH (or an LST) for eETH, restaked via EigenLayer (and beyond) to earn staking + AVS rewards; weETH is the wrapped, DeFi-friendly version. Uniquely, users keep control of their withdrawal keys. Also runs the ether.fi Cash card.Mellow lets curators launch isolated, customizable LRT vaults on Symbiotic — each with its own assets, operators and risk profile — instead of one one-size-fits-all token.
Restakes onEigenLayer (+ Symbiotic)Symbiotic
TVL*~$6B+~$292M
Best forThe safe default — liquidity & integrationsCustomizable / risk-isolated LRTs

ether.fi

  • Largest LRT by far (~65% share)
  • Deepest DeFi liquidity & integrations
  • Non-custodial withdrawal keys
  • Yield not always the highest
  • Systemic weight / concentration

Mellow

  • Modular, risk-isolated LRT vaults
  • Built on Symbiotic (flexible collateral)
  • Curators tailor risk per vault
  • More complex than a single LRT
  • Vault quality varies by curator

Bottom line

Pick ether.fi for the safe default — liquidity & integrations; pick Mellow for customizable / risk-isolated lrts.

* TVL = dated snapshot (DefiLlama + provider reports, 2026).