The Toronto tech entrepreneur is building Ether.fi into a blockchain-based financial services entity
Mike Silagadze, pictured in 2020, has retooled Ether.fi as a way for holders of ether cryptocurrency to increase the yield of their digital assets on the Ethereum blockchain.Mike Silagadze had been dabbling in bitcoin for a decade when he decided in 2021 to fully commit to cryptocurrency. The Toronto tech entrepreneur left Top Hat, the online textbook company he’d led, moved to Grand Cayman and. While his investors should get back most of the funds, the experience shook him.
Ether.fi is “probably the most explosive investment ever” by Version One Ventures, said Boris Wertz, general partner with the Vancouver venture capital firm, a long-time backer of Mr. Silagadze. For bitcoin, the process involves thousands of miners – entities powered by electricity-guzzling supercomputers – that compete every 10 minutes to put forward the latest block of the cryptocurrency’s ledger. They do that by gathering and verifying data on all transactions as they happen, then solving complex math puzzles before anyone else, and others in the network then verify the answer. The winner updates the ledger on everyone’s behalf, earning 3.
The problem is that once holders stake their ether, it can take more than a week to pull out of the staking commitment so they can sell it. That’s where Ether.fi comes in. Then, in March, Ether.fi launched Liquid, which operates like a crypto version of a robo-adviser. Users put their eEth tokens into a Liquid “vault” – which remains in their custody – and Ether.fi automatically deploys the cryptocurrency into a range of riskier yield-seeking activities including financing crypto lending markets and derivatives. Ether.fi charges 2 per cent of the vault’s value and users can pull their assets anytime.
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