Ether.fi Surges 158% After Airdrop

Ether.fi (ETHFI) hit its All-Time High (ATH) on Mar. 27, reaching $8.52.

According to CryptoRank, Ether.fi experienced a strong 158% growth in just 9 days following an airdrop. On Mar. 27, the token reached its ATH within the range of $8.52.*

*As a side note, CoinMarketCap data indicates that ETHFI rose to $8.57 on Mar. 28.

This represents the largest airdrop in 2024 and marks the ATH for these tokens, as reported by CryptoRank. Source: CryptoRank

Ether.fi Airdrop

Since late 2023, the crypto community has circulated rumors suggesting that ETHFI would host a token airdrop.

While no official confirmation was provided, there were online discussions regarding potential actions to take for the anticipated event.

Last month, the project officially announced its plans to conduct a token giveaway on Mar. 18. The airdrop was executed in two phases.

During the first phase, 6% of the total ETHFI supply was distributed, considering user activity leading up to Mar. 15.

The second phase involved releasing an additional 5% of tokens, factoring in activity after Mar. 15.

Changes in ETHFI price following the airdrop announcement. Source: CoinMarketCap

Liquid Staking Is Hot

Ether.fi is a protocol designed for liquid Ethereum (ETH) staking. In this setup, users can stake their tokens in a pool but retain the ability to utilize them under specific conditions.

One noteworthy aspect of Ether.fi is its emphasis on user ownership of keys, providing a higher degree of control and security.

The project has integration with EigenLayer, a prominent protocol in the decentralized finance (DeFi) space known for its substantial Total Value Locked (TVL) of $12.272 billion, ranking second in DefiLlama’s TVL leaderboard.

Lido, a major player in the liquid staking sector and a significant competitor to ETHFI, leads the TVL rankings in DeFi.

It remains uncertain whether Ether.fi will surpass Lido in the long run. However, the project has notable interest, as indicated by several metrics.

According to Dune, the Total Value Locked in Ether.fi surged to $4 billion within a short period, although it has since dipped to $3.64 billion. This decline is likely attributed to the broader correction in the crypto market.

However, it is interesting to note that Ether.fi’s TVL at ETH is not decreasing and is still growing.

TVL change in Ether.fi. Source: Dune