Binance Lunched A New Coin
Etherfi (ETHFi) is a decentralized staking protocol that allows users to earn rewards by staking their Ethereum (ETH). Here's a brief overview of what you can do with ETHFi:
- Stake ETH: You can stake any amount of your ETH and receive eETH, which is a liquid staking token that earns staking rewards.
- Re-staking: eETH is natively re-staked for additional rewards, maximizing your returns.
- Decentralization: Etherfi runs Operation Solo Staker, which aims to decentralize Ethereum by launching nodes across diverse geographies.
- Control: Etherfi is unique in that it allows stakers to control the keys, reducing counterparty risk.
- DeFi Integration: eETH is intended to be used in DeFi applications, and ether.fi partners with various protocols to increase the utility of eETH.
- Validator Participation: Users can become validators by running an ether.fi node, with two paths available depending on whether they have existing hardware and wish to stake a 2 ETH bond or not¹.
To participate in staking ETHFi on Binance, you can follow these steps:
1. Sign up for a Binance account if you haven't already.
2. Complete the Know Your Customer (KYC) requirements.
3. Deposit or purchase BNB or FDUSD tokens, as these are the tokens you'll need for staking.
4. Once the ETHFi staking page is live on Binance, navigate to the Launchpool section.
5. Choose the pool you wish to stake in, either BNB or FDUSD.
6. Enter the amount you wish to stake and confirm your action.
Remember, the farming period for ETHFi tokens starts on March 14, 2024, at 00:00 (UTC) and ends on March 17, 2024, at 23:59 (UTC)¹. Rewards are calculated hourly, and you can claim them directly to your spot account at any time. The APY and total pool balance will be updated in real-time, and you can only stake tokens in one pool at a time¹.
For more detailed information, you can visit the official Binance announcement page¹ and the ether.fi website⁵. Be sure to read the whitepaper for a deeper understanding of the protocol⁶.
