The liquid restaking protocol is now starting the third phase of its campaign to distribute $ETHFI to users.
Ether.Fi, the largest liquid restaking protocol by total-value locked (TVL), is beginning the third phase of its airdrop, after claims went live for its Season 2.
The token increased by 2% in the hours after the airdrop claim went live, before giving up its gains and dropping 4.6%. $ETHFI is down 71% from its launch day on March 18, after falling 21% over the last week, and now sits at a fully diluted value (FDV) of $2.2 billion.
Seasons 1 and 2 account for 11% of the total token supply Ether.fi plans to distribute to users. Eligible airdrop users include holders of eETH or weETH, and holders of the ether.fan NFT.
Season 3 will run from July 1 to Sept 14, and will distribute an additional 2.5% of the token supply. The new season will also incorporate “Perks Passport,” which allows stakers to earn dual rewards through Ether.Fi’s partner protocols.
Ether.Fi is a liquid restaking protocol, where users stake ETH and receive natively restaked eETH in return, which can be used in compatible protocols in decentralized finance (DeFi). Those who utilize liquid staking protocols earn yield on their capital while accruing points, in the case of protocols who are running incentive programs, without sacrificing liquidity.
The protocol also features liquid vaults for eETH, ETH, and USDC to aggregate yields from partner protocols, as well its upcoming Ether.fi Cash feature, where users can load their Ether.fi balances onto a Visa card for in-store purchases.
Ether.fi currently holds $6.65 billion in TVL, making it the fifth largest protocol in all of DeFi according to DeFiLlama.