Share this article
BTC
$79,981.87
+
4.11%ETH
$1,593.25
+
3.63%USDT
$0.9998
+
0.04%XRP
$1.9096
+
8.10%BNB
$563.52
+
3.71%USDC
$1.0001
-
0.00%SOL
$111.04
+
9.15%DOGE
$0.1516
+
7.61%TRX
$0.2336
+
3.59%ADA
$0.5953
+
8.84%LEO
$8.9721
+
0.58%TON
$3.1478
+
4.82%LINK
$11.79
+
8.03%AVAX
$17.34
+
9.56%XLM
$0.2330
+
10.98%SHIB
$0.0₄1150
+
4.78%SUI
$2.0755
+
11.67%HBAR
$0.1586
+
18.72%OM
$6.3663
+
6.90%BCH
$280.21
+
6.28%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
Ether.Fi, Liquid Restaking Protocol, to Release ETHFI Token on Binance Launchpool Next Week
Liquid restaking protocols like Ether.Fi are designed to reuse Ethereum's proof-of-stake blockchain to secure other networks and protocols, and have quickly become one of the hottest types of projects in crypto.
Ether.Fi, the biggest among a fast-growing new breed of blockchain projects known as "liquid restaking protocols," will have its new token ETHERFI offered next week on crypto exchange Binance's Launchpool.
Binance made the announcement on its website, adding that the exchange would be the first to list the token.
STORY CONTINUES BELOW
Launchpool is a Binance platform that allows users to stake existing crypto assets to earn new tokens when they become available. It is a way for users to participate in the early stages of a new project and earn rewards.
"Users will be able to stake their BNB and FDUSD into separate pools to farm ETHFI tokens over four days," with farming starting at 00:00 UTC on March 14, Binance said. "Binance will then list ETHFI at 12:00 UTC on March 18." Trading pairs will be available in ETHFI versus bitcoin (BTC), stablecoin (USDT) and BNB TOKEN, among others.
According to the post, there will be a maximum token supply of 1 billion ETHFI, and Launchpool token rewards of 20 million, or 2% of the max token supply.
The initial circulating supply will be 115.2 million, or 11.5%.
Watch: Ether.Fi CEO Mike Silagadze Joins The Protocol Podcast as Guest Host
Liquid restaking protocols are designed to reuse Ethereum's proof-of-stake blockchain to secure other networks and protocols – piggybacking off the original restaking protocol, EigenLayer to give users another source of yield for their staked ether (ETH) tokens but adding to risks.
Crypto traders have piled deposits into the protocols because of the extra yield available as well as the potential for reaping rewards, such as points or airdropped tokens.
Ether.Fi is the biggest liquid-restaking protocol based on the crucial metric of total value locked, or TVL, according to the data site DeFiLLama. The project has $2.3 billion of TVL – similar to deposits – versus $1.5 billion for the second-biggest, Puffer Finance.
Bradley Keoun
Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.
