Ether.fi’s 10% ETHmas Cashback Program: A Bullish Holiday Gift for Stakers

Ether.fi just dropped a holiday surprise that's turning heads—and wallets—across the DeFi landscape. Their new ETHmas cashback program is slashing fees and putting real yield back into users' pockets. Here's why it matters.

The Mechanics: How 10% Cashback Works

The protocol is bypassing traditional fee structures by returning a flat 10% of staking rewards directly to participants. No complex tiers, no lock-up periods—just a straightforward boost to annualized returns. It's a direct challenge to platforms that quietly siphon off value through opaque charges.

Market Impact: A Competitive Jolt

This move pressures other liquid staking providers to justify their own fee models. In a sector where every basis point counts, a 10% rebate isn't just a promotion—it's a strategic wedge. Expect others to scramble with counter-offers or risk watching capital migrate.

The Cynical Take: A Temporary Sugar Rush or Lasting Shift?

Let's be real—the finance sector loves a good promotional gimmick almost as much as it loves hidden fees. Is this sustainable, or just a clever user-acquisition play funded by venture capital? Time will tell if the 'cashback' model survives the post-holiday hangover.

Bottom Line: Ether.fi isn't just giving away yield—it's starting a fee war. And in that battle, the real winners are the users finally getting a seat at the table.

ETHmas offers $5,000 referrer cap and $200,000 campaign cap

1/ Give the gift of ETHmas 🎄

Earn up to 4% cashback in ETH. When you invite your friends, you’ll both earn 10% cashback in ETH on their spend. Merry ETHmas!

Join today and start earning 10% cashback in ETH:https://t.co/2yCvzXWMpC pic.twitter.com/fRNk966WdS

The rewards will be distributed on or before January 31, 2026. The ETH staking protocol will distribute the 10% cashback rewards minus 3% cashback awarded instantly at the time of purchase, and referrals’ 1% cashback on the referred member’s spend bonus awarded instantly at the time of purchase.

The campaign will offer up to $200,000 in rewards equivalent in WETH cashback shared across all eligible participants. Ether.fi said it may reduce or stop future accrual of ETHmas Rewards once the cap is reached, even within the campaign period.

The digital asset firm said the total ETHmas Rewards from all referrals combined is capped at $5,000 in cashback rewards. Users will earn 10% cashback on each referral’s eligible December Qualifying Purchases, up to the regional per-user cap. Invited users will also earn 10% cashback on their own eligible December Qualifying Purchases, up to their regional self-spend cap.

Source: Ether.fi. 

ETHmas Rewards subject to regional caps per user.

According to the announcement, the campaign also has restrictions, including limited access to some jurisdictions. Ether.fi said that regions not listed or marked N/A mean that the promotion may not be available in those regions. The firm also said it reserves the right to modify or cancel the Offer at any time.

Etherfi limits ETHmas Rewards to one per verified user

The campaign will be limited to one per verified user on the digital asset platform. Ether.fi said the cashback program may include a minimum stake requirement for a user to be eligible to receive any cashback. The firm also requires the stake requirement associated with the offer to be met within 30 days of the initial date of the offer. 

Ether.fi maintained that the cashback reward cannot be transferred, auctioned, traded, copied, transferred, bartered, modified, or sold. The cashback program also won’t be applied retroactively. The firm warned that the program’s terms and conditions are subject to change at any time without notice.

Users are also reminded that they’re responsible for paying any applicable tax related to the use of the cashback offers. The firm said it has no obligation for payment of any tax in conjunction with the distribution or use of the cashback offers.

Ether.fi warned that customers may be disqualified or not be entitled to receive the cashback reward if they are found using a VPN, shared device, shared identification credentials, or engaging in other prohibited conduct. The firm said it has the right to delay, withhold, reverse, or reclaim any rewards obtained in violation of its terms.