Binance announces the upcoming launch of Ether.fi (ETHFI) on its Launchpool platform, allowing users to farm ETHFI tokens by staking BNB and FDUSD. The decentralized staking protocol will be the 49th project featured on Binance Launchpool.
Binance, he world’s leading cryptocurrency exchange, has revealed that Ether.fi (ETHFI), a decentralized, non-custodial delegated staking protocol, will be the 49th project to launch on its popular Launchpool platform. The announcement, made on March 12, 2024, has generated significant excitement within the crypto community, as users eagerly anticipate the opportunity to farm ETHFI tokens by staking their BNB and FDUSD holdings.
Ether.fi aims to provide a seamless and secure staking experience for users, enabling them to participate in the platform’s governance and earn rewards for their contributions. The protocol’s native token, ETHFI, will serve as the primary means of incentivizing user participation and driving the ecosystem’s growth.
According to Binance, the ETHFI Launchpool will commence on March 14, 2024, at 00:00 UTC and will run until March 17, 2024, at 23:59 UTC. During this four-day period, users will have the opportunity to stake their BNB and FDUSD tokens in separate pools to farm ETHFI tokens. The total token rewards allocated for the Launchpool amount to 20,000,000 ETHFI, representing 2% of the token’s maximum supply of 1,000,000,000 ETHFI.
The Launchpool will be divided into two main pools: the BNB pool and the FDUSD pool. The BNB pool will offer 16,000,000 ETHFI tokens as rewards (80% of the total Launchpool rewards), while the FDUSD pool will provide 4,000,000 ETHFI tokens (20% of the total rewards). Users will be able to stake their tokens in only one pool at a time, but they can choose to allocate their assets between the two pools as they see fit.
To ensure fair distribution and prevent any single user from dominating the Launchpool, Binance has implemented a hourly hard cap per user. In the BNB pool, each user can farm a maximum of 16,666.66 ETHFI per hour, while in the FDUSD pool, the hourly hard cap is set at 4,166.66 ETHFI.
Following the completion of the Launchpool, Binance will list ETHFI on its platform on March 18, 2024, at 12:00 UTC. The token will be available for trading in several pairs, including ETHFI/BTC, ETHFI/USDT, ETHFI/BNB, ETHFI/FDUSD, and ETHFI/TRY. The exchange will also apply the Seed Tag to ETHFI, indicating its status as a newly launched token.
To participate in the ETHFI Launchpool, users must complete their account verification and reside in an eligible jurisdiction. Binance has provided a list of excluded countries and regions, which may be subject to change based on evolving local regulations and other factors. The exchange encourages users to carefully review the terms and conditions before participating in the Launchpool.
The launch of Ether.fi on Binance Launchpool marks another significant milestone for the decentralized staking protocol, as it aims to expand its user base and foster greater adoption within the crypto community. As the 49th project to be featured on the Launchpool platform, Ether.fi joins a growing list of promising blockchain projects that have leveraged Binance’s extensive user base and liquidity to drive their success.
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