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Investment theses, risk frameworks, and market structure analysis.
APY comparison across major ETH yield vaults as of May 12 2026, showing EtherFi Liquid ETH as the only vault paying positive APY in every measured window. DeFiRisk SystemsResearch
How the EtherFi Liquid Vaults Responded to the April 18 Kelp Exploit
On April 18 the Kelp rsETH bridge was drained for $292M. Nonce Capital, curator of the EtherFi Liquid vaults, paused within hours, resumed in 24, and held APY throughout.