ETHFI, the governance token of liquidity restaking protocol Ether.fi rose to a record high on Wednesday as restaking hype continued to attract crypto investors.
The token, which represents voting power in the protocol's decision-making process, rose as much as 60% in the past 24 hours to a new peak of $8.60 before retreating to current levels.
With this price increase, ETHFI has recovered from the post-airdrop correction of March 18, when it initially rose to $5 on Binance and then fell below $3 in the following days.
Liquidity staking protocols like Ether.Fi have emerged as one of the hottest new sectors in DeFi.
DefiLlama data shows that Ether.fi has become a leader in liquidity staking and total value locked (TVL) has increased to more than $3.4 billion from $100 million since the beginning of the year.
