Ether.fi launches StakeRank for Season 2, offering increased loyalty points for staking, with a 5% ETHFI token allocation and new terms for participants.
Decentralized financial platform, Ether.fi, has officially launched Season 2 of its StakeRank program, ushering in a new era for ETH stakers. The initiative, which began on March 25, 2024, follows the successful completion of Season 1 and is set to run until June 30, 2024.
StakeRank is designed to incentivize users to stake their ETH for longer periods with Ether.fi by offering them loyalty points that increase their total rewards. A remarkable 5% of the total ETHFI token supply has been allocated to participants this season, marking a significant commitment to the users of the platform.
Revamped level system and loyalty boost
The program introduces a multi-level system of levels consisting of 8 ranks. Users climb one rank level for every 100 hours they stake their ETH with Ether.fi. Each rank provides a progressively increasing percentage of loyalty points, encouraging continued participation.
To be eligible to advance through the ranks, a user’s stake balance must remain above 0.1 eETH. Season 1 contestants have a head start in Season 2 as they start at Rank II. In addition, Ether.Fan NFT holders are automatically promoted to Rank III, a benefit applied only once per NFT holder.
Corrections for Season 1 players and new bettors
Paying attention to the transition from Season 1 to Season 2, Ether.fi introduced a 10-fold increase in the loyalty point accumulation rate to strike a balance between rewarding returning users and attracting new participants. Although this adjustment reduces the value of previously earned points, they will still count towards rewards for the new season, albeit under certain conditions.
Eligibility criteria are tightened to maintain fairness
Season 2 introduces new airdrop eligibility criteria. Users who have withdrawn their ETH or have mostly withdrawn their ETH will not be eligible for the Season 2 airdrop unless they stake additional ETH during the current season. Additionally, users whose Loyalty Points are mostly from Season 1 will not qualify for the airdrop unless new points earned in Season 2 make up the balance.
Frequently Asked Questions Clarify user concerns
Ether.fi has updated its FAQ section to answer common queries. For example, Pendle YT positions will continue to be recognized and there will be no penalty for Pendle pools maturing on April 25th. In addition, users are assured that DeFi protocols that are not currently tracked will receive their points retroactively.
I expect
In anticipation of the conclusion of Season 2, Ether.fi has made it clear that they will continue to monitor and possibly adjust the StakeRank rules to ensure a fair and rewarding experience for all participants. This proactive approach demonstrates the platform’s commitment to its community and the evolving landscape of decentralized finance.
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