Binance has announced the commencement of a new project on its Launchpool platform – ether.fi (ETHFI), marking the 49th venture. This decentralized staking protocol allows users to engage in non-custodial delegated staking. Starting on March 14, 2024, BNB and FDUSD holders can begin staking their assets to earn ETHFI tokens.
Binance Launches Staking for ETHFI
The initiative offers stakers the ability to accumulate ETHFI until March 18, 2024, aligning with Turkey’s local time. Following the staking period, ETHFI will make its trading debut on Binance, paired with prominent cryptocurrencies, including BTC, USDT, BNB, FDUSD, and TRY.
ETHFI Token Details and Distribution
With a maximum supply cap of 1 billion ETHFI, 20 million tokens are reserved for Launchpool rewards, representing 2% of the total. At launch, the circulating supply will be over 115 million ETHFI, or 11.52% of the total supply. Participants must complete KYC to engage in staking, and there are set hourly withdrawal limits for each pool.
The ETHFI rewards distribution is heavily weighted towards BNB stakers, who will receive 80% (16 million ETHFI), while FDUSD stakers will get the remaining 20% (4 million ETHFI). This move by Binance underscores its commitment to expanding its suite of available digital assets and offering new staking opportunities to its users.
Focused on expanding its ecosystem, Binance continues to provide users with innovative staking opportunities and broader crypto trading options, bolstering its position as a prominent cryptocurrency exchange platform.