- The intricate details of Ether.fi’s governance token airdrop, shedding light on the distribution process and the criteria for eligibility.
- The protocol’s decision to stagger token releases over multiple seasons, coupled with the allocation strategy based on user activity and contribution, demonstrates a concerted effort towards community engagement and fair distribution
The biggest liquid restaking protocol on Ethereum, ether.fi, has revealed plans for its next governance token airdrop.
With an initial circulating quantity of 115.2 million tokens, the currency, termed ETHFI, will have a total supply of 1 billion tokens. Season 1, the initial phase of the airdrop, will release 6% of the total token supply and cover activity through March 15. Season 2 will cover behavior from March 15 to an undisclosed future date and release 5% of the remaining tokens.
As per the protocol’s tokenomics distribution, the residual tokens will be distributed among investors, partnerships, core contributors, and the treasury of the protocol.
Ether.fi had a range of requirements for being eligible for an airdrop, such as owning eETH, introducing a friend to the protocol, or taking part in the Early Adopter Initiative. According to Ether.fi’s announcement, “Whale wallets” will have to wait three months to retrieve their tokens, but smaller wallets can do so immediately.
After the announcement, community members noted that, according to blockchain data, Justin Sun, the controversial founder of TRON, had deposited 20,000 eth two days prior, and would reportedly receive approximately 3.5 million tokens out of the initial 60 million token distribution.
Ether.Fi CEO Mike Silagadze declared on Discord that extra tokens would be airdropped to community members, with details to come, in response to several grievances from the platform’s users. “Just because someone came in with a huge deposit doesn’t mean we are going to change the rules on them and screw them over,” wrote Silagadze in defense of Sun’s allocation. We value Justin’s support and promise to abide by the campaign’s guidelines.”
According to cryptocurrency data portal DeFi Llama, Ether.fi, which is powered by the restaking technology EigenLayer, has almost $3 billion in total value locked up—more than twice the amount of its closest rival. Recently, $27 million in venture capital was raised by Ether.Fi.
Anyone can use Ethereum to develop any kind of secure digital technology. If approved, users can use the token to pay for actual goods and services in addition to the work done to support the blockchain.
Ethereum is intended to be decentralized, secure, programmable, and scalable. For developers and businesses building technology on top of it to transform several industries and our way of life, this is the preferred blockchain.
Smart contracts, a key component of decentralized apps, are natively supported. Smart contracts and blockchain technology are used in many decentralized finance (DeFi) and other applications.
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