The crypto market has shown positive movements in recent days, with Bitcoin breaking the $60,000 level and Ethereum reaching a new high of $4,800.
Amidst this market optimism, the Ether.fi (ETHFI) project has announced the launch of farming on Binance Launchpool, providing users with the opportunity to earn ETHFI tokens by staking BNB and FDUSD.
- Farming Period: March 14, 2024, 00:00 (UTC) to March 17, 2023, 23:59 (UTC).
- Total ETHFI Rewards: 20,000,000 ETHFI (2% of the total token supply)
Staking Pool
- BNB: 16,000,000 ETHFI (80%)
- FDUSD: 4,000,000 ETHFI (20%)
- Requirements: Mandatory KYC.
- Reward Distribution: ETHFI will be distributed to participants in the staking pool proportionally to the amount of BNB or FDUSD they stake.
- ETHFI Listing: ETHFI trading will commence on Binance on March 18, 2024, 12:00 (UTC).
What is Ether.fi?
Ether.fi is a decentralized liquid staking protocol focused on Ethereum (ETH) crypto assets.
- Liquid Staking: Staking involves locking up crypto assets to support blockchain security and earning rewards. Typically, staked assets cannot be used during the staking period. Liquid staking addresses this by issuing tokens to users equivalent to the value of the staked assets. These tokens, eETH in the case of ether.fi, can be traded or used in other DeFi applications.
- Decentralization: Ether.fi has no centralized control. Protocol decisions are made by its user community through governance mechanisms.
Thus, ether.fi offers several benefits to its users
- Staking ETH while maintaining liquidity: Users can earn ETH staking rewards without locking up their assets. eETH tokens can be used in various DeFi activities.
- Decentralized ETH staking: Ether.fi avoids risks associated with centralized entities managing staking.
Ether.fi also has its own utility token, ETHFI, with functions including
- Governance: ETHFI holders can participate in decisions regarding ether.fi protocol development.
- Staking Rewards: Additional ETHFI can be earned by staking ETHFI tokens.
- Access to Other DeFi Services: ETHFI may be used to access products and services of other DeFi platforms integrated with ether.fi in the future.
What are Liquid Staked Tokens (LST)?
Liquid Staked Tokens (LST) are crypto tokens representing staked assets on Proof-of-Stake (PoS) blockchains. Let's delve deeper into this concept:
- Staking in Proof-of-Stake (PoS) Blockchains:
- PoS blockchains use validators to verify transactions and secure the network.
- To become a validator, users need to lock (stake) a certain amount of their crypto assets.
- Staking rewards users for their contribution to network security.
Benefits of Using LST
- Earning Staking Rewards while Maintaining Liquidity: Users can earn staking rewards without locking up their crypto assets. LST can be sold or used in various DeFi activities.
- Facilitating Participation in Staking: Some liquid staking protocols have no minimum staking requirements, allowing more people to participate.
Official Website
Website: https://www.bitrue.com/
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