Original - Odaily

Author - Nan Zhi

Last night, Binance issued an announcement announcing the launch of the 49th phase of new coin mining project.ether.fi(ETHFI), this project is the first project in the Restaking track to log on to Binance. Odaily will introduce the main business and features of ether.fi, Launchpool information and token price prediction in this article.

Project Introduction

The concept of Restaking was proposed by Eigenlayer founder Sreeram Kannan. Its core mechanism allows pledged ETH (including various types of LST) to be pledged again on other protocols and DApps and participate in their verification process. EigenLayer directly connects the security and liquidity of Ethereum through Actively Validated Services (AVS), allowing it to enjoy the security of Ethereum without the need to establish a separate economic and verification system. In a nutshell, EigenLayer provides aToken Economic Security(cryptoeconomic security) rental market.

andether.fi is the number one TVL-ranked protocol in this track, currently has 619,000 ETH staked, worth $2.46 billion. In addition, ether.fi supports a wide variety of assets, including ETH, stETH, RS-stETH, cbETH, RS-cbETH, wBETH, and RS-wBETH.

ether.fi is currently the only protocol that LRT can exit directly, other protocols exit through LP pool exchange (such as Curve, Balancer, etc.), but it should be noted that the withdrawal time changes according to the liquidity reserve. When liquidity is insufficient, you need to complete the validator exit and EigenLayer Pod process before exiting.

The picture below shows a comparison of Restaking projects produced by Odaily two weeks ago, for readers to refer to the differences in project mechanisms.

Financing situation

ether.fi has conducted two rounds of financing, the latest at the end of February this year.ether.fi Announced completion of US$27 million in financing, this round of financing was led by Bullish and CoinFund, and this round of financing was supported by more than 95 investors.

In an earlier round completed in February 2023, ether.Fi announced the completion of US$5.3 million in financing, led by North Island Ventures, Chapter One and Node Capital, with participation from BitMex founder Arthur Hayes.

Launchpool Terms and Conditions

• Mining start time: 08:00 on March 14, 2024 (UTC+ 8), lasting 4 days;

• Transaction start time: 20:00 on March 18, 2024 (UTC+ 8)

• Maximum supply of tokens: 1, 000, 000, 000 ETHFI;

• Initial circulation: 115, 200, 000 ETHFI (11.52% of the maximum supply of the token);

• Total mining amount: 20, 000, 000 ETHFI (2% of the maximum supply of the token);

• Mining pool: The BNB mining pool can mine a total of 16,000,000 ETHFI (80%), and the FDUSD mining pool can mine a total of 4,000,000 ETHFI (20%).

price estimate

Based on calculations based on past BNB pools, the average annualized rate of return for the first eight periods is 135% (AEVO is not included when it is not online). Assume that the annualized rate of return for this mining is also 135%, calculated based on 4 days of mining. , then the price of the token is 8.66 USDT. Calculated based on AI’s minimum return rate of 70%, the guaranteed price is 4.5 USDT.

The total amount of ETHFI is 1 billion, and the initial circulation is 115 million. ThereforeCalculated at a reasonable price of 8.66 USDT, the initial circulating market value of ETHFI is US$1 billion and FDV is US$8.66 billion.; Calculated based on the guaranteed price, the initial circulation market value of ETHFI is US$518 million and FDV is US$4.5 billion. The initial circulating market value and FDV are among the highest in Binance’s recent Launchpool projects, and since it is the first Restaking project to log into Binance, there may be drastic price fluctuations. Readers are advised to invest with caution.

In addition, the current ether.fi loyalty points are 35.07 billion points, and there are not many remaining pending orders in the Whales Market’s points market. The current lowest price among the remaining orders is 0.00241 USDT/point, and the corresponding points are worth US$84.5 million. Additionally, its EigenLayer has an estimated value of approximately $86.6 million. Since Binance has not yet disclosed detailed allocation and airdrop data, readers can calculate the market value accordingly based on the ratio to determine the reasonable price of the token.