As per the recent update dated March 16, Ether.fi’s liquid restacking protocol has officially confirmed its intention to conduct an airdrop of ETHFI tokens scheduled for Monday, March 18, 2024. This initiative is developed within the EigenLayer framework.
Previously acknowledged as the 49th Binance Launchpool project, Ether.fi introduces ETHFI as a standard ERC-20 token running on the Ethereum blockchain, with a capped total supply of 1 billion tokens.
The primary utility of the ETHFI token revolves around governance, empowering holders to engage in the project’s DAO structure and contribute to decisions concerning sponsorship initiatives, protocol adjustments, programming updates, fund distribution, and token staking.
The https://t.co/gbHcksxzp2 DAO is coming on March 18th! Some quick hits and a 🧵
1. https://t.co/gbHcksxzp2 DAO launches March 18
2. Airdrop is live on 3/18. Check your ETHFI eligibility now at https://t.co/A5bDr0VuBR
3. 6% airdrop in Season 1 and 5% airdrop in Season 2
4.… pic.twitter.com/vTKmnYYHac— ether.fi (@ether_fi) March 16, 2024
After its launch, ETHFI will commence circulation with 115.2 million tokens, representing 11.52% of the overall token supply. In Season 1 of the airdrop, 6% of tokens will be distributed to users, while the remainder will be devoted to advancing the collaborative development of the Ether.fi ecosystem.
To detail further, the allocation breakdown for the total ETHFI supply is as follows: 23.26% is earmarked for the development team, 27.24% for the budget fund, and 32.5% for investors. Nevertheless, these allocations will be gradually released over a span of 2-3 years.
Based on data from DefiLlama, Ether.fi currently stands as the leading liquid restaking protocol, boasting a Total Value Locked (TVL) exceeding $3 billion. This achievement places it ahead of competitors like Puffer Finance, Renzo, and Kelp DAO. Notably, in February, the project secured $27 million in Series A funding.
Requirements for Qualifying for the Airdrop from Ether.fi
The inaugural Airdrop Season 1 of Ether.fi extends eligibility to various categories, embracing early adopters, holders of Ether.Fan NFTs, staking participants, as well as holders or liquidity providers of eETH and weETH tokens. Additionally, holders of the Ether.fi badge and individuals who refer friends to the project are included in this distribution. The snapshot for Season 1 was meticulously captured at 00:01 AM on March 15, 2024 (UTC), ensuring fairness and transparency in the allocation process.
Claiming of airdrop rewards for qualified users will commence from March 18 and will remain open until June 18. Any unclaimed assets will be reallocated for Season 2 of the airdrop. Season 2 is anticipated to dispense an additional 5% of the total ETHFI token supply. However, specific details regarding the timeline for Season 2 are yet to be disclosed.
