Ether.fi plans to launch its first airdrop in 2024 and distribute 68 million ETHFI tokens in the first quarter of 2024.
Posted: March 18, 2024 5:03 AM Updated: March 18, 2024 5:13 AM
Correction and fact check date: March 18, 2024, 5:03 a.m.
briefly
Ether.fi has announced that its airdrop eligibility check tool will be available starting today with the launch of the airdrop application.
Ether.fi (ETHFI), a non-custodial liquidity staking protocol, announced that its airdrop eligibility check tool is now available starting today with the launch of its airdrop application. According to the announcement, 68 million tokens were issued in the first quarter, accounting for 6.8% of the total supply.
Following community feedback, the project increased its allocation to over 12 million tokens, representing an additional 1.2% of the total supply. This adjustment favors smaller stake holders and does not affect the ownership of larger holders. On average, users received 575 tokens each, with a median distribution of 175 tokens. The largest private allocation amounted to approximately 3 million tokens, and its users deposited $480 million during the final countdown event.
Deposits during the final countdown event resulted in an additional 7.7 million tokens being allocated to other participants. The first quarter token distribution will be 90% allocated to stakers, 6% to partners, and 4% to early adopters, including fan NFT holders and EAP participants. Stakeholders collectively receive 90% of the tokens distributed according to their stake ratio, or 61 million tokens. The distribution is linear but favors smaller stakers.
Notably, the bottom 50% of wallets contributed only 1.8% of the total locked value (TVL) but received 18% of the token distribution. Meanwhile, the top 10% of wallets contributed 88% of TVL and received 65% of token distribution.
Participation criteria stipulate that any user who has accumulated more than 1,000 points through staking activities can participate. Earning 1,000 points is equivalent to staking 1 ETH for one day or 0.1 ETH for 10 days. Early adopters, including Fan Non-Fungible Token (NFT) holders, will receive 430 tokens per NFT, while independent stakers who participated in “Operation Lone Stacker” will receive 4,200 tokens. Badge holders and referrers also receive additional token allocations. Users who are not eligible for participation include users who have earned less than 1,000 points through staking campaigns and individuals who did not receive airdrops in the Early Adopter Plan (EAP).
Ether.fi is a protocol that can facilitate decentralized finance (DeFi) activity by allowing users to stake ETH and receive eETH, the platform’s native liquid staking token. Earlier this year, Ether.fi closed a $27 million investment round led by venture firms Bullish and CoinFund. With TVL of nearly $3 billion, the protocol is the largest Ethereum liquid resale platform, according to DeFi Llama data.
Ether.fi announced its airdrop plans last week. Soon after, community members revealed that Justin Sun, the controversial founder of TRON, was set to receive around 3.5 million tokens out of an initial allocation of 60 million tokens.
In response to community complaints, Ether.fi founder Mike Silagadze addressed concerns by defending the token allocation to Justin Sun while also announcing plans to airdrop additional tokens to community members.
“Just because someone deposits a significant amount doesn’t mean we’re going to change the rules or penalize them. We value Justin’s support and will adhere to the campaign rules we have established,” said Mike Silagadze, founder of Ether.fi.
Despite community concerns, Ether.fi remains committed to fairness and transparency in its coordinated token distribution and airdrop process.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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