As an experienced analyst, I view this latest development from Ether.Fi Foundation as a positive step towards enhancing user engagement and increasing utility within their ecosystem. The foundation’s purchase of ETHFI tokens using 5% of the protocol revenue is in line with the community proposal, which aims to boost liquidity and support the price of the token. Furthermore, the upcoming staking contract deployment on Ethereum mainnet is a significant move that will incentivize active participation from token holders.
As a crypto investor, I’m excited to share that the Ether.Fi Foundation made an important purchase this week. They announced the acquisition of 46 ETH worth of ETHFI tokens as part of a community-approved proposal. Furthermore, the EtherFi team is now working diligently on deploying a staking contract for ETHFI directly onto the Ethereum mainnet. This development will significantly enhance utility by connecting rewards to active governance participation and maintaining effective balances within the ecosystem.
Ether.Fi Foundation Declares ETHFI Tokens Purchase
On July 8, the Ether.Fi Foundation announced via X platform that they had acquired ETHFI tokens valued at 46 Ether in accordance with a community-approved proposal. The funds were allocated towards ETHFI buybacks and seeding the liquidity pool. Subsequently, the obtained ETHFI tokens were added to the weETH/ETHFI curve pool, which represents approximately 5% of the protocol’s revenue during June.
According to the plan, EtherFi Foundation can buy up to half of the protocol’s earnings in ETHFI tokens. The process starts with an initial purchase of 5% made by the foundation itself. Importantly, the foundation will seek community approval for each subsequent monthly purchase.
At the same time, the community successfully put forth a proposal for the Ethereum mainnet implementation of the ETHFI DAO’s staking contract. This initiative aims to enhance functionality by connecting rewards to engagement in governance and maintaining balances within the ecosystem. The upcoming ETHFI staking contract will grant incentives and voting privileges to token holders who choose to stake their tokens.
As a researcher exploring the potential of our platform, I would express it this way: “Granting users the ability to stake ETHFI tokens instills an extra level of involvement in our ecosystem. It motivates token owners not just to hold onto their assets idly but to actively participate and contribute.”
With a stunning 99.5% approval rate, the proposition to introduce a staking contract for ETHFI on Ethereum’s primary network is met with overwhelming enthusiasm. Once activated, users can look forward to accruing reward points by committing their ETHFI to this network.
EtherFi Price Performance
The price of EtherFi has mainly held steady in recent days following a significant decrease of approximately 40% over the past week due to widespread selling in the larger cryptocurrency market.
In the previous 24 hours, the ETHFI price experienced a growth of 1%, reaching a current value of $1.91. The lowest and highest prices within this timeframe were recorded as $1.83 and $1.99 respectively. Additionally, there has been a noteworthy uptick in trading volume by approximately 7%, suggesting heightened attention from investors.
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2024-07-08 10:30