Binance announces the upcoming launch of Ether.fi (ETHFI) on its Launchpool platform, which allows users to generate ETHFI tokens by staking BNB and FDUSD. The decentralized staking protocol will be the 49th project featured in the Binance Launchpool.
Binance, the world’s leading cryptocurrency exchange, has revealed that Ether.fi (ETHFI), a decentralized non-custodial staking protocol, will be the 49th project launched on its popular Launchpool platform. The announcement, made on March 12, 2024, caused considerable excitement in the crypto community as users eagerly await the opportunity to farm ETHFI tokens by staking their BNB and FDUSD holdings.
Ether.fi aims to provide a seamless and secure betting experience for users, allowing them to participate in the management of the platform and earn rewards for their contributions. The protocol’s native token, ETHFI, will serve as the primary means of driving user participation and driving ecosystem growth.
According to Binance, the ETHFI Launchpool will start on March 14, 2024 at 00:00 UTC and will continue 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 generate ETHFI tokens. The total token rewards allocated to Launchpool amounts to 20,000,000 ETHFI, which represents 2% of the maximum token supply of 1,000,000,000 ETHFI.
Launchpool will be divided into two main pools: BNB pool and 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 only be able to stake their tokens in one pool at a time, but can choose to spread their assets between the two pools as they see fit.
To ensure a fair distribution and prevent any individual user from dominating the Launchpool, Binance has implemented a hard hourly limit per user. In the BNB pool, each user can process a maximum of 16,666.66 ETHFI per hour, while in the FDUSD pool, the hourly hard limit 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 initial token 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 review the terms and conditions carefully before participating in the Launchpool.
The launch of Ether.fi on the Binance Launchpool marks another 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 featured on the Launchpool platform, Ether.fi joins a growing list of promising blockchain projects that have leveraged Binance’s vast user base and liquidity to fuel their success.
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