ether.fi (ETHFI)

ether.fi (ETHFI)

ETHFI
$2.49
3.54%
$2.26

24H Price

$2.62


About ether.fi (ETHFI)

The ether.fi (ETHFI) price is $2.49, a change of 3.54% over the past 24 hours as of 2:27 p.m. The recent price action in ether.fi (ETHFI) left the tokens market capitalization at $286.75M. So far this year, ETHFI has a change of 0.00%.

About ETHFI

$ETHFI (ETHFI) is the governance token that drives the ether.fi network, a decentralized, non-custodial delegated Ethereum staking protocol. $ETHFI will enable community members to manage critical aspects of the protocol and direct the growth strategy of weETH, the wrapped non-rebasing version of ether.fi’s Liquid Restaking token eETH. $ETHFI is the governance token for both eETH and weETH holders and is set to launch in mid-March of 2024.

$ETHFI token holders will be able to propose and approve:

  1. Major protocol upgrades
  2. Changes to key economic parameters, such as fees designated to the protocol
  3. Software development contributor permissions
  4. Whitelisting of node operators that run ETH nodes on behalf of the protocol
  5. Where and how ETH is restaked within the Actively Validated Services (AVS) ecosystem which utilizes the EigenLayer protocol
  6. Treasury diversification activities

$ETHFI also plays a role in securing the network. ether.fi node operators will be required to stake $ETHFI as “skin in the game” in order to ensure the nodes operate with minimal slashing risk. Once a node operator is approved by the community, they will deposit a specific amount of $ETHFI per node before receiving delegated validator keys. This stake needs to be maintained in order to continue operating the node. Rewards are derived from consensus rewards, transaction fees and maximum extractable value (MEV).

What is ether.fi and how does it work?

ether.fi is a decentralized, non-custodial liquid staking protocol for Ethereum which also allows for the creation of a node services marketplace.

With ether.fi, the staker controls their keys and retains custody of their ETH which reduces risk, while delegating staking to a node operator. The ether.fi mechanism also mints an NFT for every validator that is launched via the protocol. weETH is minted from a liquidity pool that contains these NFTs. These NFTs control the ETH staked and store metadata related to the validator. These NFTs can be used to create a programmable layer on top of staking infrastructure. $ETHFI holders will be able to direct the growth strategy of weETH.

ether.fi also collaborates with EigenLayer, a native restaking solution that borrows Ethereum’s security offerings to validate new applications on the networks and allows stakers to earn additional yield on ETH.

ether.fi’s primary token is eETH, a rebasing ERC-20 liquid restaking token. ERC-20 eETH can be wrapped as weETH, a non-rebasing ERC-20 version of the token.

Key Events and Management

ether.fi was founded in 2022 by Mike Silagadze and Rok Kopp to build a non-custodial ETH staking protocol for liquid staking that “allows stakers to retain control of their keys while delegating validator operations to node operators.” The Ether.fi Foundation team believes “decentralized, non-custodial staking is an essential and foundational good for Ethereum.”

  • On May 3, 2023, ether.fi launched its mainnet, which included delegated staking of ETH to whitelisted validators.
  • On November 15, 2023, eETH fully launched, allowing anyone to mint eETH for ETH at a 1:1 ratio.
  • $ETHFI is set to launch as the governance token to eETH and weETH holders in mid-March 2024. The initial distribution mechanism for $ETHFI will be an airdrop that occurs at the token generation event (TGE).

How to Buy EtherFi on a Decentralized Exchange (DEX):

  • Wallet Setup: Create and set up a crypto wallet compatible with Ethereum. Popular options include Coinbase Wallet, MetaMask, and Trust Wallet. However, ensure you conduct your own research to find an Ethereum wallet that best meets your needs.
  • Fund Your Wallet: Transfer a base cryptocurrency to your wallet. This will be the currency you trade for EtherFi. Popular options include Bitcoin, Ethereum, USDT, and USDC.
  • Choose a DEX: Select a decentralized exchange that lists EtherFi. EtherFi is currently available on Uniswap.
  • Connect Your Wallet: Follow the prompts at the top of the decentralized exchange's homepage to connect your crypto wallet. Before connecting, ensure you are on the exchange’s legitimate page. Phishing sites often use URLs that look similar to the genuine one, with slight variations or misspellings.
  • Trade: Locate the trading pair that matches your base cryptocurrency with EtherFi and execute the trade.
  • Confirm Transaction: Verify the transaction details, including fees and exchange rate, before confirming. This will appear as a prompt before you finalize the transaction.

Safety Tips for Buying Crypto on Decentralized Exchanges:

  • Ensure the DEX has a strong reputation and high liquidity.
  • Double-check the smart contract addresses to avoid scams.
  • Use hardware wallets for added security.
  • Be cautious of high gas fees and slippage.

Centralized Exchange (CEX):

  • Account Creation: Sign up and create an account on a centralized exchange that offers EtherFi. Investigate multiple centralized exchanges to find the one that best meets your needs before signing up. EtherFi is currently available on Binance, OKX, HTX, Bybit, and KuCoin.
  • Verification: Complete any necessary identity verification processes. It is likely you will need a government photo ID to do so.
  • Deposit Funds: Deposit fiat currency or a base cryptocurrency into your CEX account. Fiat currency is often added via a bank transfer or a debit card. If you are not using fiat currency for your purchase, you will need to transfer cryptocurrency to your account. A base cryptocurrency is the one you will trade for EtherFi. However, you can also purchase EtherFi using fiat currency on centralized exchanges.
  • Find the Cryptocurrency: Search for EtherFi and select the appropriate market.
  • Place an Order: Choose between a market order (to buy immediately at the current price) or a limit order (to set a price at which you want to buy) and execute the trade.
  • Withdraw to Wallet: For added security, withdraw your cryptocurrency to a private wallet. This step is optional but recommended.

Safety Tips for CEX:

  • Choose a CEX with a good track record and robust security measures.
  • Enable two-factor authentication (2FA) for added account security.
  • Be aware of withdrawal limits and fees.
  • Keep the majority of your holdings in a private, secure wallet rather than on the exchange.
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Ether.Fi CEO Mike Silagadze (CoinDesk, modified using PhotoMosh)
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