ETHFI Token Value Declines After Airdrop
The ETHFI token, the governance token of decentralized liquid staking protocol Ether.fi, debuted at $4.13 after its airdrop on March 18. However, since the airdrop, the value of ETHFI has dropped by over 35% and is currently trading at $3.05 according to CoinGecko data.
ETHFI Airdrop Attracts 20,000 Participants
The ETHFI airdrop saw approximately 20,000 participants claiming around 28% of the total supply of 16.8 million ETHFI tokens. The top wallets received a significant allocation of between 10,000 and 25,000 tokens, while most participants were allocated between 175 and 500 tokens.
- Approximately 67% of participants received a lower allocation of ETHFI tokens.
- 76% of claimers have transferred their ETHFI tokens to other wallets.
- 38% of token receivers are new wallets, indicating an expansion of the user base.
Ether.fi Witnesses Surge In Total Value Locked
Ether.fi has experienced substantial growth in net deposits and Total Value Locked (TVL). Net deposits over the past 30 days alone amounted to $2.99 billion, marking a growth rate of 136.9%. The TVL also reached $2.99 billion during the same period.
- Daily active users on Ether.fi have declined by 54.3% over the past month.
- Weekly active users have seen a more moderate decline of 3.5%.
- Monthly active users experienced the most significant drop at 68.9%.
Hot Take: ETHFI Token Value Drops After Airdrop, Ether.fi Witnesses Surge in Total Value Locked
The distribution of the ETHFI token through the airdrop attracted significant participation, but the token’s value has declined since its listing. Despite this, Ether.fi has seen notable growth in net deposits and TVL. While user engagement has fluctuated, a substantial portion of the user base remains actively involved with the protocol.
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