Warm reminder: The content of this article represents only my personal views and does not constitute any investment advice.
Article source:
Original | Odaily Planet Daily
Author | Nan Zhi
Project Introduction
The concept of Restaking was proposed by Eigenlayer founder Sreeram Kannan. Its core mechanism allows pledged ETH (including various types of LST) to be pledged again on other protocols and DApps and participate in their verification process. EigenLayer directly connects to the security and liquidity of Ethereum through Actively Validated Services (AVS), allowing it to enjoy the security of Ethereum without the need to establish a separate economic and verification system. In a nutshell, EigenLayer provides a rental market for cryptoeconomic security.
And ether.fi is the No. 1 protocol in TVL on this track, with 619,000 ETH currently pledged, worth US$2.46 billion. In addition, ether.fi supports a wide variety of assets, including ETH, stETH, RS-stETH, cbETH, RS-cbETH, wBETH, and RS-wBETH.
ether.fi is currently the only LRT protocol that can be exited directly. Other protocols are exited through LP pool exchange (such as Curve, Balancer, etc.). However, it should be noted that the withdrawal time changes according to the liquid reserve situation. When liquidity is insufficient, a validator needs to be completed. Exit and EigenLayer Pod process to exit.
The picture below shows a comparison of the Restaking projects produced by Odaily two weeks ago, for readers to refer to the differences in project mechanisms.
Financing situation
ether.fi has conducted two rounds of financing. The latest one was at the end of February this year. ether.fi announced the completion of US$27 million in financing. This round of financing was led by Bullish and CoinFund, and this round of financing was supported by more than 95 investors.
An earlier round was completed in February 2023, and ether.Fi announced the completion of US$5.3 million in financing. North Island Ventures, Chapter One and Node Capital led the investment, and BitMex founder Arthur Hayes participated.
Launchpool Terms and Conditions
Mining start time: 08:00 on March 14, 2024 (UTC+8), lasting 4 days;
Trading start time: March 18, 2024 20:00 (UTC+8)
Maximum supply of tokens: 1, 000, 000, 000 ETHFI;
Initial circulation: 115, 200, 000 ETHFI (11.52% of the maximum supply of the token);
Total mining amount: 20, 000, 000 ETHFI (2% of the maximum supply of tokens);
Mining pool: The BNB mining pool can mine a total of 16,000,000 ETHFI (80%), and the FDUSD mining pool can mine a total of 4,000,000 ETHFI (20%).
price estimate
Based on calculations based on past BNB pools, the average annualized rate of return for the first eight periods is 135% (AEVO is not included if it is not online). Assume that the annualized rate of return for this mining is also 135%, calculated based on 4 days of mining. , then the price of the token is 8.66 USDT. Calculated based on AI’s minimum yield of 70%, the guaranteed price is 4.5 USDT.
The total amount of ETHFI is 1 billion, and the initial circulation is 115 million. Therefore, based on the reasonable price of 8.66 USDT, the initial circulation market value of ETHFI is US$1 billion, and the FDV is US$8.66 billion. Calculated based on the guaranteed price, the initial circulation of ETHFI The market capitalization is US$518 million and the FDV is US$4.5 billion. The initial circulation market value and FDV are among the highest in Binance's recent Launchpool projects, and since it is the first Restaking project to log into Binance, there may be drastic price fluctuations. Readers are advised to invest with caution.
In addition, the current ether.fi loyalty points are 35.07 billion points, and there are not many remaining pending orders in the Whales Market’s points market. The current lowest price among the remaining orders is 0.00241 USDT/point, and the corresponding points are worth US$84.5 million. In addition, the estimated value of EigenLayer is approximately US$86.6 million. Since Binance has not yet disclosed detailed allocation and airdrop data, readers can calculate the market value accordingly based on the ratio to determine the reasonable price of the token.