Ether.fi, Ethereum’s largest liquid resale protocol, has announced plans for an upcoming governance token airdrop.
The token, called ETHFI, has a total token supply of 1 billion, with an initial circulating supply of 115.2 million. The first phase of the airdrop, called Season 1, releases 6% of the total token supply and covers action until March 15th. Season 2 will release 5% of the remaining tokens and cover action from March 15th until an unspecified date. The remaining tokens will be split between investors, partnerships, core contributors, and the protocol treasury according to the protocol’s tokenomics distribution.
Ether.fi presented various criteria for airdrop eligibility, including owning eETH, recommending the protocol to a friend, and participating in the protocol’s early adopter program. According to Ether.fi’s announcement, “whale wallets” have to wait three months to claim their tokens, while small wallets can claim them immediately.
Following the announcement, community members noticed that Justin Sun, the controversial founder of TRON, would receive nearly 3.5 million tokens out of an initial allocation of 60 million after depositing 20,000 ETH two days ago, blockchain data showed. It happened.
After widespread complaints among Ether.fi community members, Ether.Fi founder Mike Silagadze announced via Discord that more tokens will be airdropped to community members, with more details to come. Silagadze also defended Sun’s allocation, writing: “Just because someone comes in with a huge deposit doesn’t mean we’re going to change and screw up the rules for them. We appreciate Justin’s support and will respect the rules of the campaign we set out.”
According to cryptocurrency data platform DeFi Llama, Ether.fi, based on EigenLayer, has a total valuation of more than $3 billion, more than twice the value of its closest competitor. Ether.Fi recently announced $27 million in venture funding split between SAFE and Series A, The Block previously reported.
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