In a move that has captured the attention of cryptocurrency enthusiasts, the ETHFI governance token of the Ether.fi protocol has reached a new historic high, highlighting the growing interest in the liquid reestablishment sector.
During the last 24 hours, ETHFI saw its value soar by up to 50%, reaching the $7,40 mark, a performance that puts it ahead of ether (ETH) and bitcoin (BTC). At the time of publication, the price of ETHFI was quoted at US$7,25 with an increase of 45% in the last 24 hours and 90% in the last 7 days.
This notable advance comes after ETHFI recovered from a drop subsequent to its March 18 airdrop. Initially, the token had reached US$5,30 on Binance, but suffered a reduction, reaching less than US$2,80. The practice of airdrops, consisting of the free distribution of tokens, is a strategy adopted by several protocols to encourage adoption and demand for their services, especially among early supporters and users.
Ether.fi stands out in the decentralized finance (DeFi) scene as a pioneer in the concept of liquid reestablishment, leveraging the blockchain Ethereum proof-of-stake platform to power other networks through its original platform, EigenLayer.
With a total value locked (TVL) that has jumped from US$100 million to more than US$3 billion since the beginning of the year, according to data from DefiLlama, Ether.fi solidifies its leadership position in the sector. Competing platforms such as Kelp DAO, Puffer Finance, Renzo, and Swell have also been attracting significant volumes of deposits, indicating a growing interest in this area of DeFi.
ETHFI's success not only reflects the vitality of the Ether.fi protocol but could also positively influence valuations of future airdrop-linked governance tokens.
