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EtherFi Alters Token Allocation After Community Criticism

EtherFi Alters Token Allocation After Community Criticism

With an initial circulation of 115.2 million tokens out of a total supply of 1 billion, EtherFi announces the issuance of its governance token, ETHFI.
Holding eETH, introducing new users, and participating in the Early Adopter Program are requirements for eligibility for the airdrop.
Token distribution was modified in response to community feedback concerning well-known investors like Justin Sun.

The most liquid staking protocol on the Ethereum network, Ether Fi, just disclosed how it plans to distribute its ETHFI governance tokens. During the first phase, EtherFi will distribute 115.2 million tokens out of a maximum supply of 1 billion. This initiative forms part of a broader program to foster participation within the Etherfi ecosystem and decentralize governance. The airdrop has two main phases: Season 1 sends out 6% of the overall supply, and Season 2 sends out an additional 5%. These phases aim to pay back users who have used the platform between now and March 15.

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The eligibility for the airdrop considers several factors, including owning eETH, introducing new users, and participating in the Early Adopter Program. Additionally, Ether Fi has implemented a three-month claim delay for large investors and instant access for tiny accounts to balance distribution. Such a systematic approach demonstrates Ether Fi’s commitment to equitable participation and the long-term viability of the ecosystem.

Reactions from the Community and Changes to the Token Allocation

Following the airdrop announcement, the community offered input on distributing tokens to well-known investors, such as Justin Sun. The Sun’s acquisition of roughly 3.5 million tokens, which required a sizable payment, became a hot topic of discussion among Ether fi users. Mike Silagadze, the founder of Ether Net, actively participated in the user conversation when the community commented and announced their plans to increase the proportion of tokens allocated to the community. Silagadze’s second main objective was to honor the original guidelines and express gratitude for all assistance, including that from Sun, one of the main contributors.

This modification of the token distribution in response to community feedback demonstrates Ether Fi’s proactive approach to making adjustments as necessary. This enhanced token accessibility to the broader community will contribute to Ether Fi’s democratic and inclusive nature. Since the protocol aims to be as transparent as possible and is an interactive means of communication with its audience, specifics of these improvements are still to be announced.

Etherfi market position and future directions

In the Ethereum ecosystem, ether is strong and has one of the most considerable total value locked (TVLs) at over $3 billion. With this figure, Ether Fi is well ahead of its competitors in the liquid reflection space. A recent $27 million venture fundraising round indicates investor trust in the protocol’s strategic vision and operational strategy, further demonstrating its success.

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