ether.fi (ETHFI) Airdropping Tokens on March 18

In an announcement made on the evening of March 16, the liquid restaking protocol ether.fi confirmed its plan to conduct an airdrop of ETHFI tokens next Monday, March 18. ether.fi has previously received support from Binance Launchpool and is preparing for its upcoming listing.

The ETHFI token's primary function will be governance, allowing holders to participate in voting within the project's DAO and make decisions regarding sponsorship programs, protocol parameters, programming changes, project fund allocations, token staking, and more.

ETHFI is an ERC-20 standard token on the Ethereum network, with a maximum total supply of 1 billion tokens.

At launch, the circulating supply of ETHFI will be 115.2 million tokens, representing 11.52% of the total supply. Of these, 6% will be allocated to users in the Season 1 airdrop, while the remainder will be used for ecosystem development collaborations within ether.fi.

Additionally, 23.26% of the total ETHFI supply will be allocated to the development team, 27.24% to the treasury, and 32.5% to investors. However, these allocations will be subject to gradual token unlocking over 2-3 years.

Distribution of ETHFI tokens

Token unlocking schedule

Season 1 of the airdrop will be available to individuals meeting ether.fi's requirements, including early adopters, holders of Ether.Fan NFTs, participants in staking on the protocol, holders of eETH and weETH tokens or liquidity providers for these tokens, holders of ether.fi badges, and individuals who refer friends to the project. The snapshot for Season 1 was taken at 07:01 AM on March 15, 2024 (Vietnam time).

Qualified users will be able to claim the airdrop starting from March 18 until June 18. Unclaimed tokens will be allocated to Season 2, which will continue to use points for user participation calculations. Season 2 is expected to distribute an additional 5% of the total ETHFI supply, with the specific timing yet to be announced.

According to DeFiLlama statistics, ether.fi is currently the largest liquid restaking protocol with a TVL (Total Value Locked) exceeding $3 billion USD, surpassing competitors like Puffer Finance, Renzo, and Kelp DAO. The project raised $27 million USD in Series A funding in February, with participation from several major funds.

Leading restaking protocols, screenshot from DefiLlama on the evening of March 16, 2024

Just two days ago, crypto tycoon Justin Sun deposited over $480 million USD worth of ETH into ether.fi in preparation for the ETHFI token airdrop event.

This article details the upcoming ETHFI token airdrop by ether.fi, highlighting its governance features, distribution plans, and current position in the restaking protocol landscape.