March 2026
Liquid ETH Transparency Report
By Delta Y
Highlights
Liquid ETH is a ETH-denominated vault providing automated access to yield strategies through diversified positions across DeFi protocols, managed by Veda for Ether.fi. The vault was deployed on June 3, 2024, with regular price updates beginning on June 12, 2024, and data on protocols' allocations available since February 22, 2026.
During March 2026, Liquid ETH's AUM increased from $209.87M to $308.78M. The inception-to-date return (net of fees) now amounts to 3.43% annualized.
Other relevant indicators can be seen in Table 1 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Avg. NAV | $302.31M | $295.57M (-2.23%) |
Avg. APY | 2.23% | 3.30% (1.07 p.p.) |
Avg. Leverage | 5.48x | 4.75x (-13.28%) |
Net Deposits | -$79.15M | $74.82M (N/A) |
Performance
Liquid ETH reached a price of $1.0889 in its latest oracle update, reflecting a 0.26% return for the month of March. The trailing (7 days minimum) APY peaked at 3.69% during this period, with a minimum of 2.60%.
Table 2displays the vault's performance against other comparable yield strategies:
Feb 2026 | Mar 2026 | |
|---|---|---|
Liquid ETH wstETH | Liquid ETH wstETH | |
Avg. APY | 2.37% 2.50% | 3.30% 2.54% |
Std. Dev. APY | 1.16% 0.16% | 0.29% 0.13% |
Portfolio Allocation
The vault's main strategies during this period - ranked from highest to lowest by average NAV - were Borrowing ($127.64M or 43.53%), (Re)Staking ($115.25M or 39.30%) and AMM LP ($19.84M or 6.77%).
As of the reporting date, the vault's capital is deployed across 10 blockchains and 18 protocols, with exposure over the past month ranging between 18-19 protocols.
More notably, Liquid ETH's capital allocation across the top 5 most common protocols is detailed in Figure 1:
1 The deep dive data became available on Feb 22, 2026.
Figure 1: Average NAV allocated by Liquid ETH to the top 5 protocols over the last 2 months.
The vault's largest asset holdings for the month were weETH ($1.22B or 88.76%), ETH ($97.99M or 7.15%) and WETH ($26.65M or 1.95%), which have, on average, collectively represented 97.85%of the vault's total assets.
At the end of the period, the vault's leverage was 4.58x, which represents a decrease of -20.07% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
28th Feb 2026 | 31st Mar 2026 | |
|---|---|---|
Assets | ||
weETH | $1.10B 93.50% | $1.30B 88.05% |
ETH | $19.79M 1.69% | $112.12M 7.62% |
WETH | $22.72M 1.94% | $29.07M 1.97% |
ETHFI | $2.45M 0.21% | $2.68M 0.18% |
ETH+ | $0.00 0.00% | $128.54K < 0.01% |
Unclassified | $31.08M 2.65% | $31.71M 2.15% |
Others | $141.35K 0.01% | $120.29K < 0.01% |
Total Assets | $1.17B 100.00% | $1.47B 100.00% |
Activity
During March 2026, the vault processed $100.39M in deposits and $25.57M in withdrawals, resulting in $74.82M of net deposits over a total of 31 transactions.
As of period end, the Liquid ETH vault had 8904 holder addresses, representing a decrease of 0.88% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Deposits | $36.81M | $100.39M (172.70%) |
Withdrawals | $115.96M | $25.57M (-77.95%) |
Net Deposits | -$79.15M | $74.82M (N/A) |
Avg. Holders NAV | $33.54K | $33.02K (-1.54%) |
Median Holders NAV | $9.44 | $8.95 (-5.19%) |
Disclosures
Security: Veda smart contracts (Ether.fi infra provider) have been audited by 0xMacro and Cantina. Onchain transactions are bounded by Merkle trees, where each leaf encodes a specific allowed action.
Fees: Ether.fi vaults may be subject to management and performance fees, which are automatically deducted and reflected in net returns.
Accounting: Liquid ETH's price is updated periodically onchain. Price increases stepwise rather than reflecting real-time mark-to-market.
Risks: Smart contract risk (potential total loss), market risk (depegs, rate volatility), and counterparty risk (centralized components in some protocols).
Data Sources: Unless otherwise stated, all data presented in the report is obtained from on-chain sources. Any supplementary sources are explicitly noted where applicable.
Disclaimer
This report is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information contained herein is not an offer to sell or a solicitation of an offer to buy any security, nor shall any securities be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful.
Investing in decentralized finance (DeFi) products, including Liquid ETH, involves significant risks, including but not limited to smart contract vulnerabilities, market volatility, and regulatory uncertainty. Past performance is not indicative of future results, and investors may lose some or all of their principal.
The data and analyses presented in this report are based on information believed to be reliable, but their accuracy, completeness, and timeliness are not guaranteed. The strategies and allocations described are subject to change without notice. All investment decisions should be made with the help of a qualified professional and based on your own research and risk tolerance.