The leading liquid staking protocol, Ether.Fi, is poised to unveil its ETHFI token next week. Liquid restaking protocols are crafted to leverage Ethereum's proof-of-stake blockchain for securing other networks and protocols. They have swiftly emerged as one of the most sought-after projects in the cryptocurrency space.
What is Ether.Fi?
Ether.Fi is designed to offer users a streamlined and secure staking experience, empowering them to engage in the platform's governance while earning rewards for their contributions. The native token of the protocol, ETHFI, is poised to be the cornerstone for incentivizing user involvement and propelling the growth of the ecosystem.
Ether.Fi stands out as the leading liquid restaking protocol, boasting the highest Total Value Locked (TVL) among its peers, as reported by the data platform DefiLlama. With almost $3 billion in TVL, akin to deposits, Ether.Fi surpasses its closest competitor, Puffer Finance, which holds near $1.5 billion in TVL.
Ether.Fi TVL / Source: DefiLlama
Ether.Fi successfully concluded a $23 million Series A funding round, an announcement made on February 28. The round saw leadership from Bullish Capital and CoinFund, drawing significant involvement from other esteemed entities such as Consensys, OKX Ventures, and Draper Dragon. Moreover, the round was distinguished by the participation of influential web3 founders from notable platforms including Aave, Polygon, Kraken, and Curve.
Read More: What is Restaking: A Complete Brief Guide on Restaking
What is $ETHFI
$ETHFI is the cornerstone utility and governance token within the Ether.Fi ecosystem plays an integral role in community governance. This governance encompasses various pivotal areas such as the management of the Ether.Fi treasury, execution of critical protocol upgrades, and oversight of protocol fees and distributions.
As of March 12th, 2024, the total issuance of ETHFI tokens is capped at 1 billion, with the initial circulating supply at the time of listing set at 115.2 million tokens. This represents approximately 11.52% of the entire token supply, indicating a thoughtful distribution strategy aimed at ensuring long-term sustainability and community involvement.
Key Metrics of ETHFI:
- Token Type: ERC-20
- Initial Circulating Supply: 115,200,000 (1.52%)
- Total and Maximum Token Supply: 1,000,000,000.
Tokenomics
Token Distribution:
- Airdrop: 11% of the total token supply, rewarding early adopters and community members.
- Investors & Advisors: 32.5% of the total token supply, recognizing the contributions of those who provide strategic guidance and financial backing.
- Team: 23.26% of the total token supply is allocated to the individuals driving the project's development and success.
- Protocol Guild: 1% of the total token supply, dedicated to contributors and builders within the Ether.Fi ecosystem.
- DAO Treasury: 27.24% of the total token supply, reserved for future endeavours and protocol sustainability.
- Liquidity: 3% of the total token supply, ensuring adequate market depth and stability post-launch.
- Binance Launchpool: 2% of the total token supply, fostering initial liquidity and engagement.
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