Binance announced the launch of Ether.fi (ETHFI) on its Launchpool platform. This allows users to earn ETHFI tokens by staking BNB and FDUSD. The decentralized staking protocol will be the 49th project on Binance Launchpool.
Binance, the world’s leading cryptocurrency exchange, has announced that Ether.fi (ETHFI), a decentralized non-custodial delegated staking protocol, will become the 49th project to launch on its popular Launchpool platform. The announcement, made on March 12, 2024, created considerable excitement within the cryptocurrency community as users eagerly anticipated the opportunity to earn ETHFI tokens by staking their BNB and FDUSD holdings.
Ether.fi aims to provide users with a seamless and secure staking experience, allowing them to participate in platform governance and receive rewards for their contributions. ETHFI, the protocol’s native token, serves as the primary means of encouraging user participation and fostering the growth of the ecosystem.
According to Binance, the ETHFI Launchpool will begin on March 14, 2024 at 00:00 UTC and run until March 17, 2024 at 23:59 UTC. During this four-day period, users will have the opportunity to earn ETHFI tokens by staking BNB and FDUSD tokens into separate pools. The total token reward allocated to Launchpool is 20,000,000 ETHFI, which is 2% of the token’s maximum supply of 1,000,000,000 ETHFI.
Launchpool is divided into two main pools: BNB pool and FDUSD pool. The BNB pool will offer 16,000,000 ETHFI tokens as rewards (80% of total Launchpool rewards), and the FDUSD pool will offer 4,000,000 ETHFI tokens (20% of total rewards). Users can only stake tokens in one pool at a time, but can choose to allocate their assets between the two pools as they see fit.
To ensure fair distribution and prevent a single user from dominating Launchpool, Binance implemented a hard cap per user per hour. In the BNB pool, each user can farm up to 16,666.66 ETHFI per hour, while in the FDUSD pool, the hard cap is set at 4,166.66 ETHFI per hour.
After Launchpool is completed, Binance plans to list ETHFI on its platform on March 18, 2024 at 12:00 UTC. The token can be traded in several pairs including ETHFI/BTC, ETHFI/USDT, ETHFI/BNB, ETHFI/FDUSD and ETHFI/TRY. Exchanges will also apply seed tags to ETHFI to indicate the status of newly launched tokens.
To participate in the ETHFI Launchpool, users must complete account verification and reside in an eligible jurisdiction. Binance has provided a list of excluded countries and regions, which may change depending on evolving local regulations and other factors. The exchange recommends that users carefully review the Terms of Use before participating in the Launchpool.
The launch of Ether.fi on Binance Launchpool is another important milestone for the decentralized staking protocol as it aims to expand its user base and drive further adoption within the cryptocurrency community. As the 49th project to be featured on the Launchpool platform, Ether.fi joins the growing list of promising blockchain projects leveraging Binance’s extensive user base and liquidity to drive success.
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