
Ready to Soar: ETHFI Token Launching on Binance Launchpool Next Week!
Ether.Fi, the biggest among a fast-growing new breed of blockchain projects known as “liquid restaking protocols,” will have its new token ETHERFI offered next week on crypto exchange Binance’s Launchpool.
Binance made the announcement on its website, adding that the exchange would be the first to list the token.
Launchpool is a Binance platform that allows users to stake existing crypto assets to earn new tokens when they become available. It is a way for users to participate in the early stages of a new project and earn rewards.
“Users will be able to stake their BNB and FDUSD into separate pools to farm ETHFI tokens over four days,” with farming starting at 00:00 UTC on March 14, Binance said. “Binance will then list ETHFI at 12:00 UTC on March 18.” Trading pairs will be available in ETHFI versus bitcoin (BTC), stablecoin (USDT) and BNB TOKEN, among others.
According to the post, there will be a maximum token supply of 1 billion ETHFI, and Launchpool token rewards of 20 million, or 2% of the max token supply.
The initial circulating supply will be 115.2 million, or 11.5%.
Liquid restaking protocols are designed to reuse Ethereum’s proof-of-stake blockchain to secure other networks and protocols – piggybacking off the original restaking protocol, EigenLayer to give users another source of yield for their staked ether (ETH) tokens but adding to risks.
Crypto traders have piled deposits into the protocols because of the extra yield available as well as the potential for reaping rewards, such as points or airdropped tokens.
Ether.Fi is the biggest liquid-restaking protocol based on the crucial metric of total value locked, or TVL, according to the data site DeFiLLama. The project has $2.3 billion of TVL – similar to deposits – versus $1.5 billion for the second-biggest, Puffer Finance.
Ether.Fi, the largest among a rapidly growing group of blockchain projects known as “liquid restaking protocols,” will soon be launching its new token ETHERFI on Binance’s Launchpool. This was announced by Binance on their website, with the exchange being the first to list the token.
Launchpool, which is a platform by Binance, allows users to stake their existing crypto assets and earn new tokens when they are made available. It’s a great way for users to be a part of a new project’s early stages and earn rewards in return.
Users will have the opportunity to stake their BNB and FDUSD in separate pools over a period of four days, starting from 00:00 UTC on March 14th. Binance will then officially list ETHERFI at 12:00 UTC on March 18th. Trading pairs for ETHERFI will be available in BTC, USDT, and BNB TOKEN, among others.
Binance also shared that the maximum token supply for ETHERFI will be 1 billion, with Launchpool token rewards of 20 million, equivalent to 2% of the total token supply. The initial circulating supply will be 115.2 million, which makes up 11.5% of the maximum token supply.
Liquid restaking protocols are created to utilize Ethereum’s proof-of-stake blockchain to secure other networks and protocols. This means that these protocols rely on the original restaking protocol, EigenLayer, to provide users with an additional source of yield for their staked ETH tokens. However, this comes with added risks.
Many crypto traders have been drawn to these protocols due to the potential for extra yield and the possibility of receiving rewards such as points or airdropped tokens.
Based on the crucial metric of total value locked, or TVL, according to data site DeFiLLama, Ether.Fi is the largest liquid-restaking protocol in the industry. It has a TVL of $2.3 billion, which is similar to deposits, while the second-largest, Puffer Finance, has a TVL of $1.5 billion.
In conclusion, Ether.Fi’s new token ETHERFI will be launched on Binance’s Launchpool next week, and it is anticipated to be a highly anticipated event in the crypto community. With its innovative approach and high TVL, Ether.Fi continues to make waves in the liquid-restaking protocol market.