Exploring the EtherFi Airdrops: How You Can Benefit From It
With the first EtherFi airdrop on 18 March 2024 allocating 6% of its total token supply, the EtherFi airdrop is a strategic token distribution initiative aimed at rewarding early adopters and active community members.
Currently, over 250,000 wallets utilize eETH to stake more than 800,000 ETH. Participants earn regular rewards akin to traditional staking, along with EtherFi Points and EigenLayer Points. EtherFi holders also have the ability to vote on platform management and treasury allocation, which includes a portion of the staking rewards.
Specifically, how can you benefit from this, and more importantly what do you need to know before participating in EtherFi airdrops?
All about EtherFi
EtherFi is a pioneering platform in the DeFi space that offers a unique approach to liquid staking on Ethereum. It enables users to stake ETH and earn rewards while retaining control of their keys through a non-custodial framework. A standout feature is the creation of non-fungible tokens (NFTs) for each validator, enhancing the security and independence of stakers.
The platform integrates with EigenLayer, which allows users to earn additional yields by restaking without locking their assets, offering greater flexibility. EtherFi’s native token, eETH, plays a key role in managing staking and restaking processes, supporting automatic restaking and rewards from both EtherFi and EigenLayer.
The innovative offerings of EtherFi have attracted significant attention, underscored by a recent $23 million Series A funding round. This success highlights growing confidence and support from investors, as well as its impact on the DeFi landscape. Robust growth of the platform, reflected in its increasing Total Value Locked (TVL) and user base, demonstrates its effectiveness and the rising demand for decentralized financial solutions that empower users.
Tokenomics of EtherFi Tokens
The breakdown of allocations are as such: Core Users: 23.26%, Treasury: 27.24%, User Airdrops: 11%, Partnerships: 6%, and Investors: 32.5%. The allocations are designed to foster long-term, meaningful engagement in key governance decisions, contributing to the sustained success of the EtherFi protocol. This approach to decentralization ensures that EtherFi will be governed by a dedicated group of contributors working together to ensure the platform is well-resourced to achieve its mission and goals well into the future. All tokens are scheduled to be distributed by the end of 2030.
How do EtherFi Airdrops Work
Unlike conventional airdrops, EtherFi employs a tiered system that reflects user engagement and contributions to its ecosystem. This model empowers holders with voting rights on protocol governance and operational changes.
Node operators can stake EtherFi as collateral to maintain network security, with the risk of losing their stake if they engage in misconduct. Community members holding EtherFi tokens play a crucial role in shaping the network's governance and the future development of eETH, EtherFi’s liquidity-staking token.
Season 1 Airdrop Details
Back in March 2024, users had 90 days to claim their EtherFi tokens. Any tokens that remained unclaimed were added to the Season 2 airdrop.
Eligibility for the EtherFi airdrop was determined by a user’s contributions to the ether.fi ecosystem, including their involvement in staking and holding ether.fan NFTs from the early stages. Whale wallets were subject to a 3-month vesting period for their tokens, while other users were able to claim their tokens immediately.
The criteria for eligibility included:
- Participation in the Early Adopter Program
- Ownership of an Ether.Fan NFT
- Solo staking activity
- Holding eETH or weETH
- Membership in a participating eETH or weETH DeFi pool or vault
- Achievement of one or more ether.fi badges
- Referrals of friends to ether.fi
Season 2 Airdrop Details
EtherFi Airdrop Season 2 distributes 5% of the $ETHFI token supply to reward active users and enhance its presence amid the current crypto market downturn. This season also addresses past issues related to Sybil attacks.
Users can claim their tokens by visiting the official EtherFi Airdrop page and following the provided instructions. The airdrop is open to participants within the EtherFi ecosystem, including eETH holders, EtherFans NFT holders, and solo Ethereum stakers.
The goal of the EtherFi Airdrop is to acknowledge long-term, meaningful engagement and contributions to key governance decisions, supporting the continued success of the EtherFi protocol.
To be eligible for the EtherFi Season 2 Airdrop, users must satisfy one or more of the following criteria:
- Stake ETH on the EtherFi platform and hold eETH or weETH tokens.
- Engage in DeFi pools or vaults that include eETH or weETH.
- Refer friends to the EtherFi platform.
- Own an ether.fan NFT.
Season 3 Airdrop details
In alignment with their commitment to fostering community engagement and support, EtherFi had announced the launch of Season 3.
EtherFi Airdrop Season 3 allocates an additional 2.5% of the token supply. Eligibility for this season will be determined based on community participation metrics and engagement levels. The airdrop is anticipated to enhance user participation and support the continued growth of the EtherFi ecosystem.
Season 3 introduces the Perks Passport, an innovative system aimed at rewarding users for their involvement in various DeFi activities and events. Each Passport Activity comes with an associated boost, and users can hover over activities to learn how these boosts can be earned. Participants from Seasons 1 and 2 already have a boost applied to their accounts, and those joining in Season 3 will receive one as well. Additionally, users who complete every five Passport Activities will earn an extra 0.5x Boost, with a maximum boost multiplier of 5x. This system is designed to promote deeper engagement with the EtherFi ecosystem by rewarding both active participation and loyalty.
Strategies for Participation in EtherFi Airdrops
To maximize your EtherFi airdrop rewards, consider the following strategies: Diversify your DeFi activities across multiple protocols, maintain consistent eETH holdings in eligible wallets, actively participate in community discussions and governance proposals, refer new users through the official referral program, and stake eETH on the EtherFi platform once available. Additionally, always conduct thorough research and invest only what you can afford to lose.
After receiving your eETH tokens, explore these options to enhance their value: stake your eETH tokens to earn additional rewards, provide liquidity to trading pairs for fee earnings, engage in governance participation to help shape the platform’s future and earn rewards, and consider long-term holding to benefit from potential token appreciation. By actively participating in the EtherFi ecosystem, you can potentially increase the value of your airdropped tokens.
Related content: Identifying Fake Tokens and Airdrop Scams
Rewarding the Community, with the Community’s Way
In summary, the EtherFi airdrops in Season 1 and Season 2 have played a pivotal role in expanding the platform’s reach and rewarding its community. With strategic planning and active participation, both new and existing users have the opportunity to benefit from EtherFi’s ongoing efforts to enhance the DeFi space.
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