The Launch of ETHFI Token on Binance
The ETHFI token, launched on Binance on March 18, 2024, serves as the governance token for Ether.Fi, a leading liquid restaking protocol.
Initial Price and Trading Performance
Following its launch, ETHFI debuted with an initial price of $4.13. However, the token encountered an 18% decline, with its value dropping to $3.49 within the first five minutes of trading on the exchange. During this brief period, the total trading volume exceeded $176 million, as reported by TradingView.
Staking on Binance Launchpad
Over $2 billion worth of the FDUSD stablecoin and approximately $10 billion worth of BNB were staked on the Binance Launchpad to partake in the ETHFI distribution. Participants on the Launchpad received ETHFI tokens based on the amount they staked.
ETHFI Tokenomics and Distribution
The maximum supply of ETHFI is capped at 1 billion tokens. Initially, 20 million tokens were earmarked for distribution via the Binance Launchpad, while an additional 60 million were distributed through an airdrop that concluded on March 15th.
Furthermore, 50 million tokens are set aside for distribution after a subsequent “season two” of the airdrop program. Both investors and core contributors will receive vested allocations of the token over periods of two and three years, respectively. The initial circulating supply of ETHFI stands at 115.2 million tokens.
Ether.Fi Protocol Overview
According to DeFiLlama, the total value locked (TVL) in Ether.Fi has surged by 117% in the last 30 days, reaching nearly $3 billion. Restaking, a fundamental strategy for ETH stakers to generate additional yield, constitutes a central feature of the Ether.Fi protocol.
Users of Ether.Fi receive liquid restaking tokens (LRTs), which they can utilize on other DeFi protocols, along with loyalty points that are convertible into future token airdrops.
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