EtherFi, Scroll’s Biggest Fee‑Generator, Announces Migration to Optimism
Feb 19 2026 – The DeFi ecosystem
Decentralised neobank and crypto‑card provider etherfi, long recognised as the leading consumer‑facing dApp on the Ethereum‑layer‑2 Scroll, confirmed that it will move its Cash accounts and card infrastructure to Optimism’s OP Mainnet. The shift is set to take place over the coming months and will involve more than 70 000 active cards, roughly 300 000 user accounts and an estimated $160 million in total value locked (TVL).
Scope of the migration
- Assets & users: EtherFi will transfer its on‑chain cash balances, card programme and associated liquidity from Scroll to Optimism. The migration will be the largest single‑user migration between the two roll‑ups to date.
- TVL impact: Scroll’s overall TVL sits at about $188 million (DefiLlama, 19 Feb). EtherFi’s $160 million in assets therefore represent the bulk of the chain’s locked value.
- Fee generation: According to on‑chain analytics, EtherFi’s Cash product alone accounts for roughly $13.2 million in annualised fees on Scroll, with more than $23 000 accrued in the most recent 24‑hour window. By comparison, the second‑largest fee‑earning protocol on Scroll, Aave V3, generated only about $564 000 over the past year – meaning EtherFi’s fees are more than twenty‑three times higher.
Since the launch of its Cash product in September 2024, etherfi states it has processed over $265 million in card spend, positioning the service among the largest non‑custodial crypto‑card programs currently operating.
Why Optimism?
EtherFi framed the move as the beginning of a “long‑term partnership” with Optimism. In a statement posted on X, co‑founder Rok Kopp highlighted several reasons for the shift:
“Optimism has been a pioneer in L2 scaling and the Superchain powers many of the world’s most widely used blockchain products. We are eager to build on this battle‑tested, cost‑efficient infrastructure and work closely with OP Labs to push DeFi neobanking forward.”
Optimism’s own blog echoed the sentiment, describing the migration as a “long‑term OP Enterprise partnership” aimed at scaling on‑chain payments.
Potential implications
| Aspect | Impact |
|---|---|
| Scroll | Loses its primary fee‑generating dApp, which could shrink both TVL and revenue streams substantially. |
| Optimism | Gains a high‑profile crypto‑card platform, bolstering its ecosystem with a product that already drives significant on‑chain activity and user adoption. |
| EtherFi | Access to deeper liquidity pools, broader DeFi integrations and native stable‑coin support on Optimism could reduce transaction costs and improve user experience. |
| DeFi users | May benefit from lower gas fees and faster settlement on Optimism, while also gaining exposure to a more extensive suite of DeFi services. |
Analysts note that the move underscores the competitive nature of the L2 landscape, where projects are increasingly aligning with roll‑ups that can offer the best combination of scalability, cost efficiency and ecosystem depth. As Scroll’s revenue model has relied heavily on EtherFi’s fees, the migration could prompt Scroll to pursue new flagship applications or diversify its fee sources.
Key takeaways
- Massive asset shift: EtherFi’s migration will move the majority of Scroll’s TVL and its top‑fee‑generating dApp to Optimism.
- Fee disparity: EtherFi’s Cash product currently generates over twenty‑three times the annual fees of the next biggest protocol on Scroll.
- Strategic partnership: Both etherfi and Optimism present the migration as a long‑term collaboration aimed at expanding DeFi neobanking capabilities.
- Revenue risk for Scroll: The departure of its biggest fee earner could pressure Scroll to attract new high‑value dApps to sustain its economic model.
- User benefits: Optimism’s lower transaction costs and richer DeFi integrations are likely to enhance the experience for etherfi’s cardholders and broader user base.
The Defiant reached out to both etherfi and Scroll for comment on the migration but had not received a response at press time.
Source: https://thedefiant.io/news/blockchains/scroll-top-fee-earner-etherfi-leaves-for-optimism
