Binance announces ETHFI Launchpool farming as EtherFi’s first points campaign wraps up.
EtherFi, the leading liquid restaking protocol, has moved its token generation one month ahead of schedule, with Binance announcing plans to list the token on March 18.
On March 12, Binance announced that the ETHFI token would become the first 49th project onboarded to its Launchpool platform.
The campaign will distribute 2% of the ETHFI token’s maximum supply to users who stake either Binance’s BNB token or the FDUSD stablecoin over four days starting March 14. BNB stakers will receive 80% of available tokens, with 20% going to FDUSD stakers.
Binance will then list the ETHFI token on its main exchange from March 18, initially hosting pairings against USDT, FDUSD, BTC, BNB, and TRY. Binance said 11.52% of ETHFI’s supply will circulate at the time of listing.
The Launchpool campaign is set to kick off less than one day before the conclusion of the first season of EtherFi’s points campaign, which incentivizes early eETH adopters with points distributions. Points holders will receive up to 6% of ETHFI’s supply via an upcoming airdrop.
EtherFi is the leading liquid restaking protocol with a $3 billion total value locked (TVL) after growing more than 2,800% since the start of 2024, according to DeFi Llama.
Liquid restaking protocols offer users exposure to both Ethereum staking rewards and EigenLayer, the pioneering restaking protocol, without requiring users to lock up their assets. EigenLayer allows users to earn additional yield on top of staking rewards by validating both the Ethereum network and third-party actively validated services.
Liquid staking protocols now a nearly $7 billion TVL, while EigenLayer has ballooned to $12.3 billion.
EtherFi expedites roadmap
In January, EtherFi announced its token generation event was scheduled for April. However, Binance’s announcement that it will list ETHFI on March 18 indicates the project’s roadmap has moved forward.
“We like to under-promise and over-deliver, so we shipped early, Mike Silagadze, the founder and CEO of EtherFi told The Defiant.
Silagaze confirmed that 11.52% of ETHFI’s supply will be unlocked as of March 18, but said he can’t provide a detailed breakdown of how the tokens will be distributed at this time. “I think users will be happy with the outcome,” Silagaze added.
EtherFi’s founder said “utility and value accrual” will be built into the token from early on. “The very first governance proposal will be a value accrual mechanism where the DAO buys and locks the tokens using protocol revenue,” Silagadze said. “Additional token utility will be released in the coming months.”
Silagadze also announced that the project is readying to announce EtherFi Liquid, an automated DeFi strategy vault built into EtherFi. “Users will be able to deploy into DeFi with one transaction and farm the best strategies while retaining custody of their assets and having full transparency,” he said.
