Crypto News– Binance has made a significant announcement regarding the launch of ether.fi (Ethfi Crypto), the latest project to join the Binance Launchpool platform.
Binance Unveils Ethfi Crypto Staking Protocol as the 49th Addition to Binance Launchpool
Ethfi Crypto introduces a decentralized and non-custodial delegated Ethereum staking protocol, designed to enhance the staking process and maximize rewards for participants. In collaboration with EigenLayer, Ethfi Crypto offers users an innovative solution for staking and re-staking their Ethereum assets while maintaining full control over their funds. This initiative underscores Binance’s commitment to supporting cutting-edge projects in the cryptocurrency space and providing users with opportunities to engage in decentralized finance (DeFi) activities securely and efficiently.
Exploring ETHFI Staking and Farming Opportunities through Binance Launchpool
As per an official announcement from Binance, it has been confirmed that the native tokens of the ether.fi protocol, identified as the 49th project to debut on the Binance Launchpool, will commence trading on Monday, March 18, at 12:00 UTC. Notably, users will have advanced access to the Binance Ethfi Crypto webpage before the Launchpool’s official commencement, offering them an opportunity to familiarize themselves with the platform and its offerings ahead of time. Binance intends to list ETHFI for trading with a range of pairs, encompassing ETHFI/BTC, ETHFI/BNB, ETHFI/USDT, ETHFI/FDUSD, and ETHFI/TRY, thus ensuring diverse trading options for users.
During the designated four-day farming period, which initiates on Thursday at 00:00 UTC and concludes on Sunday, March 17, at 23:59 UTC, users can actively participate in the process of earning ETHFI tokens by staking BNB and FDUSD into separate pools. To incentivize user participation, the ETHFI platform has allocated a significant portion of tokens, totaling 20 million ETHFI, accounting for 2% of the maximum token supply, which will be distributed as rewards.
Specifically, the BNB pool will receive 80% of these rewards, equating to 16 million ETHFI, with a daily maximum reward cap of 4 million ETHFI, while the FDUSD pool will receive the remaining 20%, amounting to 4 million ETHFI, with a daily maximum reward cap of 1 million Ethfi Crypto. Across each day within the stipulated period, from the 14th to the 17th, the total reward allocation is set at 5 million Ethfi Crypto.
Throughout the duration of the staking period, Binance will perform multiple snapshots of user and total pool balances at various intervals throughout each hour. These snapshots will serve as the basis for determining the hourly average balances, which will in turn be utilized to calculate rewards for participants. Users will have the flexibility to accumulate these rewards and subsequently withdraw them to their spot accounts at any given time. Additionally, users retain the option to unstake their funds at their discretion, allowing them to swiftly engage in other available pools or activities as desired.
With a maximum token supply capped at 1 billion tokens, Ethfi Crypto initiates its journey with an initial token supply of 115.2 million, representing 11.52% of the total supply. Notably, there are hourly hard caps in place for each user, set at 16,666.66 ETHFI for the BNB pool and 4,166.66 ETHFI for the FDUSD pool. It is imperative for users to acknowledge that active participation in this process necessitates adherence to know-your-customer (KYC) requirements, ensuring compliance with regulatory standards and protocols.
Understanding the ETHFI Token Distribution and Utility
Token Distribution and Functional Aspects of ETHFI:
The allocation of ETHFI tokens encompasses various components, with 2% earmarked for the Binance Launchpool, facilitating broader accessibility and engagement within the Binance ecosystem. Additionally, an airdrop of 11% (equivalent to 11 million ETHFI) of the maximum token supply is slated for distribution. Liquidity provisions are allocated 3%, while the Protocol Guild receives 1%. Moreover, the ETHFI team is designated 23.26%, ensuring alignment of incentives and fostering ongoing development efforts. Investors and advisors are entitled to 32.5% of the token supply, acknowledging their pivotal role in supporting the project’s growth trajectory. Notably, 27.24% of the total token supply is channeled to the DAO Treasury, empowering decentralized governance mechanisms and facilitating community-driven decision-making processes.
Functionality of the ether.fi Protocol:
The ether.fi protocol introduces a groundbreaking approach wherein users retain control of their private keys while delegating staking responsibilities, distinguishing itself as the sole protocol to offer this feature. This deliberate design choice serves to mitigate counterparty risks inherent in the protocol and its node operators, enhancing overall security and trust within the ecosystem. Leveraging EigenLayer’s capabilities, ether.fi seamlessly re-stakes all Ether (ETH) deposits, optimizing yields for ETH stakers. EigenLayer further channels staked ETH towards bolstering rollups, oracles, and other external systems, thereby contributing to the broader Ethereum ecosystem’s development and sustainability.
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