What is Ether.Fi? Is this project valuable?
Ether.Fi is an infrastructure staking protocol on the Ethereum network. Its unique feature is that it allows users to maintain control of their own keys while staking on a proxy.
This is due to its ability to automatically re-pledge user deposits to Eigenlayer, a platform that supports external systems such as rollups and oracles, which improves the returns of ETH stakers by establishing an economic security layer.
For example, you have a lot of Ethereum in your hands and want to earn some income through staking, but you are worried that you will lose control after handing over the coins. At this time, Ether.Fi provides a solution, which allows you to participate in staking to earn income while still firmly holding control of your own currency.
So how does it do it? Ether.Fi re-stakes your coins through a platform called Eigenlayer, which can connect to other systems (such as some expansion solutions and data providers) to help increase the value of your coins.
ETHFI is the native token of Ether.Fi and is mainly used to govern the core aspects of the protocol, including treasury management, protocol upgrades, fee and revenue distribution, etc. This means that ETHFI holders can participate in protocol decisions and directly affect the future direction of Ether.Fi.
In terms of team background, Ether.Fi is led by a senior founder team, including founder and CEO Mike Silagadze and co-founder Rok Kopp. Since 2023, Ether.Fi has successfully completed multiple rounds of financing, with cumulative funding exceeding US$30 million. Investors include North Island Venture Capital and Node Capital.
From the perspective of the token economic model, the total supply of ETHFI is set at 1 billion, and the initial circulating supply is approximately 115.2 million, accounting for 11.52% of the total supply. Among them, Binance provides 2% of the token allocation for mining participants, while 11% of the tokens are awarded to early staking participants through airdrops.
Judging from its TVL locked position, EtherFi accounts for more than 25% of the market share in Restaking projects with its TVL of US$300 million, becoming the first Restaking project to be listed on Binance.
Currently, Ether.Fi’s TVL is close to $2.5 billion, second only to LDO. EtherFi originally entered the LSD market as a competitor to Lido, but due to STETH's unbreakable liquidity, EtherFi transformed into LRT in time.
Compared with other projects, EtherFi can support native staking of ETH. Because it was launched relatively early and has a strong performance record, it is firmly in the leading position of TVL.
According to the latest developments of Ether.Fi, Ether.Fi is working on an advanced integration called decentralized verification technology (DVT). It hopes to allow everyone to join as independent pledgers more freely, so that the threshold for everyone to participate will be higher. Lower and more flexible.
Overall, EtherFi has attracted market attention with its prominent position in the restaking space, coupled with its adaptation of the upcoming EigenLayer AVS. With the launch of more AVS and the increase in potential income, EtherFi will not only bring wealth appreciation to token holders, but is also expected to play a greater role in project governance and selection.
I personally am very optimistic about the Ethereum re-staking track, so I think the EtherFi project deserves long-term attention.
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