ETHFI, the governance token of the liquid restaking protocol Ether.Fi, has experienced a sharp decline of nearly 30% just hours after its market debut. This token, which is listed on major exchanges like Binance and OKX, initially reached highs of $5.32 before dropping to lows of $3.30 due to profit taking.
According to CoinGecko, Ether.Fi currently has a market cap of $394 million and a fully diluted valuation of $3.4 billion. The token’s circulation supply is 115.2 million ETHFI, with a total supply of 1 billion ETHFI. It has seen trading volumes of $250 million and a total value locked of $2.97 billion, slightly down from its peak of $3.13 billion on March 15, 2024.
Ether.Fi is a prominent protocol in the liquid restaking space and has garnered significant interest and hype. Its launch on the Binance Launchpool was one of the biggest listings in recent times. The project’s tokenomics include a 6% airdrop of the total supply in season 1, with an additional 5% to be introduced in season 2. The window for claiming the season 1 airdrop will remain open for 90 days.
While many analysts are bullish on the future of Ether.Fi as a project, the tokenomics may cause concern for holders. Out of the 1 billion tokens, 55.76% will go to private investors and core contributors, with 32.5% allocated to private investors and 23.26% to core team members.
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