Crypto News– The decentralized finance platform, ETHFI Crypto, has officially launched Season 2 of its StakeRank program, marking the beginning of a new chapter for ETH stakers. This initiative, which commenced on March 25, 2024, comes on the heels of the successful completion of Season 1 and is slated to continue until June 30, 2024.
ETHFI Crypto Launches Season 2 StakeRank with Upgraded Loyalty Rewards
StakeRank aims to incentivize users to stake their ETH for extended periods within the Ether.fi ecosystem by providing them with loyalty points that enhance their overall rewards. Notably, 5% of the total ETHFI token supply has been earmarked for participants in this season, underscoring a significant commitment to the platform’s user base.
Enhanced Level System and Loyalty Enhancements
The program unveils a revamped tiered level system, introducing a total of 8 ranks, each representing a milestone in users’ staking journey with ETHFI Crypto. As participants stake their ETH within the platform, they progress through these ranks, with each rank requiring 100 hours of staking commitment. This tiered approach not only incentivizes consistent engagement but also rewards users with increasingly favorable loyalty points rates as they climb the ladder.
Ensuring active participation, users must maintain a staking balance above 0.1 eETH to be eligible for rank advancement. Notably, Season 1 participants enjoy a head start in Season 2, commencing their journey at Rank II. Moreover, holders of Ether.Fan NFTs receive a unique advantage, automatically elevating them to Rank III upon participation, with this benefit being applicable once per NFT holder.
By implementing this enhanced level system and loyalty boosts, ETHFI Crypto aims to foster a community of dedicated participants, rewarding their commitment and encouraging ongoing engagement within the decentralized finance ecosystem.
Modifications for Season 1 Participants and Fresh Stakeholders
In navigating the shift from Season 1 to Season 2, ETHFI Crypto has introduced a significant adjustment by elevating the loyalty points accumulation rate by a factor of 10. This strategic move aims to strike a delicate balance between acknowledging the loyalty of returning users from the previous season and enticing fresh participants to join the ecosystem.
Although this adjustment may lead to a perceived devaluation of points earned in Season 1, it’s crucial to note that these previously earned points will continue to hold relevance in the new season’s reward structure. However, their utilization will be subject to specific conditions, ensuring a fair and transparent transition process for all participants.
This approach reflects ETHFI Crypto’s commitment to fostering inclusivity and fairness within its community, acknowledging the contributions of existing members while also extending a welcoming hand to newcomers seeking to explore the platform’s offerings and opportunities.
Stringent Eligibility Criteria Implemented to Uphold Equity
Season 2 ushers in a series of new eligibility requirements for its airdrop initiative, aiming to foster fairness and equitable distribution among participants. Notably, users who have completely withdrawn their ETH holdings or significantly reduced them will find themselves excluded from eligibility for Season 2’s airdrop, unless they opt to stake additional ETH during the current season. Additionally, participants whose loyalty points are predominantly derived from Season 1 will not automatically qualify for the airdrop; however, the acquisition of new points in Season 2 may offset this balance and render them eligible.
Addressing User Concerns through FAQ Updates
In response to common user queries and concerns, Ether.fi has taken proactive measures to update its FAQ section. Noteworthy clarifications include the continued recognition of positions held in Pendle YT and the assurance of no penalties for Pendle pools maturing on April 25. Furthermore, users can find reassurance in the platform’s commitment to retroactively granting loyalty points for DeFi protocols not currently under tracking.
Looking Towards the Future
As Season 2 approaches its conclusion, Ether.fi remains dedicated to maintaining fairness and adaptability within its StakeRank program. The platform has affirmed its commitment to vigilantly monitoring and, if necessary, adjusting StakeRank rules to ensure an enriching and equitable experience for all participants. This proactive and community-oriented approach underscores Ether.fi’s steadfast dedication to its user base and its responsiveness to the evolving dynamics of the decentralized finance landscape.
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