Ether.fi has launched Season 2 StakeRank, boosting loyalty points for staking with a 5% ETHFI token supply allocation and new conditions for participants.
Decentralized finance platform Ether.fi has officially launched Season 2 of its StakeRank program, ushering in a new era for ETH stakers. Launched on March 25, 2024, the scheme is scheduled to run until June 30, 2024, following the successful completion of Season 1.
StakeRank is designed to encourage users to stake their ETH on Ether.fi long-term by offering loyalty points that increase overall rewards. A notable 5% of the total ETHFI token supply will be allocated to this season’s participants, representing a significant commitment to the platform’s users.
Improved leveling system and increased loyalty
The program introduces a tiered level system consisting of eight levels. Users move up one level for every 100 hours they stake ETH on Ether.fi. Each tier offers progressively increasing loyalty point percentage boosts to encourage continued engagement.
To be eligible for a rank increase, a user’s staking balance must remain above 0.1 eETH. Season 1 contestants will get a head start in Season 2 by starting at Rank II. Additionally, Ether.Fan NFT holders will automatically be promoted to Rank III, and this benefit only applies once per NFT holder.
Adjustments for Season 1 participants and new stakers
To address the transition from Season 1 to Season 2, Ether.fi increased the loyalty points accumulation rate tenfold, striking a balance between rewarding returning users and attracting new participants. This adjustment dilutes the value of previously earned points, but those points will still count towards new season rewards under certain conditions.
Strengthening qualification standards to maintain fairness
Season 2 introduces new eligibility criteria for airdrops. Users who have withdrawn ETH or have withdrawn most ETH will not be eligible for the Season 2 airdrop unless they stake additional ETH during the current season. Additionally, users with most of their loyalty points from Season 1 will not be eligible for the airdrop unless new points earned in Season 2 offset their balance.
Frequently Asked Questions (FAQs) help clarify your concerns.
Ether.fi has updated its FAQ section to address common questions. For example, positions in Pendle YT will continue to be recognized and there will be no penalty for Pendle pools expiring on April 25th. Additionally, users can rest assured that points will be awarded retroactively to DeFi protocols that are not currently being tracked.
from now on
In anticipation of the end of Season 2, Ether.fi has made it clear that it will continue to monitor and potentially adjust the StakeRank rules to ensure a fair and rewarding experience for all participants. This proactive approach demonstrates the platform’s commitment to its community and the evolving decentralized finance landscape.
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