ETHFI, the governance token of Ether.Fi, the largest liquid restaking protocol, debuted at $4.13 following an airdrop and distribution to Binance Launchpad participants.Since then, the token has lost more than 20% of its value.At the time of writing, ETHFI was trading at $3.60 on Binance with a trading volume of more than $118 million in the first 45 minutes.The token has a fully diluted value (FDV) of $3.6 billion, which is the market worth of a token if its entire supply is put into circulation.Over $2 billion in FDUSD stablecoin and 17.3 million BNB ($10 billion) were staked on the Binance Launchpad.Launchpad stakeholders receive an allocation of ETHFI proportional to the amount they staked.
Several of the freshly launched tokens on Binance’s launchpad plummeted in price after their release: ARKM fell from 90 cents to 30 cents, and PORTAL plunged from $3.60 to $2.08 three days later.
The maximum supply of ETHFI is one billion tokens, with 20 million given to the Binance Launchpad and 60 million reserved for “season one” of the token airdrop, which ended on March 15.An additional 50 million tokens will be issued following “season two.”
Investors will receive 32.5% of the token’s total supply during a two-year vesting period, with core contributors receiving 23.26% over three years.
There will be an initial circulating supply of 115.2 million tokens.
Ether.Fi’s total value locked (TVL) has risen 117% in the previous 30 days, with total deposits surpassing $3 billion, according to DefiLlama.Restaking is a tactic employed by those who stake ether (ETH) and seek to increase their yield.By employing a protocol such as Ether.Fi, stakers obtain a liquid restaking token (LRT) that can be used on other protocols, as well as loyalty points that can be turned into a token airdrop.