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$ETHFI (ETHFI) is the governance token that drives the ether.fi network, a decentralized, non-custodial delegated staking protocol. $ETHFI will enable community members to manage critical aspects of the protocol and direct the growth strategy of weETH.
There main differentiators for this protocol are:
- Stakers hold their own staked ETH keys while delegating staking
- Withdrawals are enabled - you can always redeem eETH for 1 ETH
- Stakers maintain their token's composability for use in DeFi
ether.fi’s primary product is eETH, a rebasing ERC-20 liquid restaking token. ERC-20 eETH can be wrapped as weETH, a non-rebasing ERC-20 version of the token. $ETHFI is the governance token for eETH and weETH holders.
ether.fi was founded in 2022 by Mike Silagadze and Rok Kopp to build a non-custodial ETH staking protocol for liquid staking that “allows stakers to retain control of their keys while delegating validator operations to node operators.” The ether.fi Foundation team believes “decentralized, non-custodial staking is an essential and foundational good for Ethereum.”The primary use case of $ETHFI is to govern the protocol and its activities. In addition, Node Operators may stake $ETHFI as collateral against slashing risks, fundamentally securing the network.
- On May 3, 2023, ether.fi launched its mainnet, which included delegated staking of ETH to whitelisted validators.
- On November 15, 2023, eETH fully launched, allowing anyone to mint eETH for ETH at a 1:1 ratio.
- $ETHFI launched as the governance token to eETH and weETH holders, along with key community contributors in March 2024. The initial distribution mechanism for $ETHFI was an airdrop that occured at the token generation event (TGE).
