Binance Announces 49th Launchpool Project: What is EtherFi?

Binance has recently unveiled its 49th project on the Launchpool platform, introducing EtherFi (ETHFI), a decentralized, non-custodial delegated staking protocol. 

Let's explore what EtherFi has to offer:

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What is EtherFi

EtherFi aims to simplify the staking process, allowing users to stake any amount of Ethereum (ETH) and receive eETH in return. The token can be natively restaked for additional rewards, maximizing the earning potential for its holders.

Its integration with Eigenlayer makes EtherFi opens up a range of restaking possibilities. Holders of eETH can participate in the validation of different software modules built on Ethereum, enhancing rewards while improving the network's security and efficiency. 

The Mechanics of EtherFi Staking

EtherFi is dedicated to enhancing Ethereum's decentralization through simplified, non-custodial staking. Whether staking a modest amount or committing a full 32 ETH, EtherFi accommodates all levels of participation.

Loyalty Points: A Novel Incentive

One unique feature of EtherFi is its loyalty points system, rewarding users for their engagement and participation. These points, earned through staking ETH, can be used in decentralized governance, granting holders a say in the protocol's future direction. 

The introduction of EigenLayer points alongside EtherFi Loyalty Points expands the rewards ecosystem.

EtherFi's Funding Journey

In March 2023, EtherFi began on its funding journey with a successful $5.3 million seed round led by North Island VC. This capital injection was instrumental in the development and release of the eETH token, laying the foundation for EtherFi's decentralized staking protocol.

Following its seed round, EtherFi continued its momentum, closing $23 million Series A funding round last February. Bullish Capital and CoinFund led the round, with notable participation from Consensys, OKX Ventures, and Draper Dragon. 

The round also saw prominent web3 founders from Aave, Polygon, Kraken, and Curve joining as investors, underlining the industry's confidence in EtherFi's vision and potential.

EtherFi has been founded by Mike Silagadze and Rok Kopp. 

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Binance Launchpool Details

For those interested in participating in the EtherFi Launchpool, Binance has provided details regarding the staking process and token listing:

• Staking Period: March 14 to March 18, 2024
• Listing Date: March 18, 2024
• Trading Pairs: ETHFI/BTC, ETHFI/USDT, ETHFI/BNB, ETHFI/FDUSD, ETHFI/TRY

According to Binance, 80% of the rewards will go to those staking BNB, while the remaining 20%, or 4,000,000 ETHFI, will go to those staking FDUSD.