Ether.fi Launches ETHFI with 6% Token Supply Airdropped to Season 1 Participants
Ether.fi, the largest liquid restaking protocol on Ethereum, has recently announced the imminent launch of its governance token, ETHFI, along with details of an airdrop scheduled for today.
This announcement comes amidst controversy surrounding the initial token distribution, particularly the impressive allocation set aside for Justin Sun, the founder of TRON, which has sparked mixed reactions within the community.
Airdrop ETHFI: Terms and Adjustments
With a total supply of one billion tokens, Ether.fi has planned an initial circulation of 115.2 million tokens. The first phase of the airdrop, named Season 1, will release 6% of the total supply and take into account activities on the protocol until March 15.
Season 2 will distribute an additional 5% for activities after this date, with no specific end mentioned. The remaining tokens will be allocated to investors, partners, key contributors, and the protocol’s treasury.
Eligibility criteria for the airdrop vary, including holding eETH, using the protocol, referring new users, or participating in liquidity pools…
A notable feature is the introduction of a three-month delay in token claiming for ‘whale wallets,’ while smaller wallets can claim their tokens immediately.
Community Reaction and Adjustments
The initial announcement revealed that Justin Sun could receive nearly 3.5 million tokens following a deposit of 20,000 ETH, prompting complaints from the Ether.fi community. In response to these concerns, Mike Silagadze, founder of Ether.fi, announced on Discord an increase in the token allocation for community members, with more details to come.
Silagadze also defended Sun’s allocation, stating that the commitment to established rules would be honored and highlighting the importance of Sun’s support for the project.
Ether.fi: A Rapidly Expanding Platform
Powered by the EigenLayer restaking protocol, Ether.fi holds over $3 billion in total value locked, an impressive amount for such a young protocol.
Recently, Ether.fi also announced a $27 million fundraising round, divided between a SAFE agreement and a Series A.
