Ether.Fi's Token Sees 20% Drop Post-Launch Amid High Trading Volume

According to CoinDesk: Ether.Fi, the largest liquid restaking protocol, saw its governance token (ETHFI) decline more than 20% in value following its debut. Launched at $4.13 after a distribution through an airdrop and a Binance Launchpad round, the ETHFI token is now trading at around $3.60 on Binance with recorded trading volume crossing $118 million within the initial 45 minutes of trading. The token's fully diluted value (FDV) — the market value of a token if the whole supply goes into circulation — is currently at $3.6 billion. Amid this, Binance Launchpad saw over $2 billion worth of the FDUSD stablecoin and 17.3 million BNB ($10 billion) staked. The relative allocation of ETHFI is awarded to stakers based on the amount they staked. Comparably, other tokens released through Binance Launchpad have also seen a similar trend, with ARKM and PORTAL experiencing significant drops shortly after their issuance. Out of ETHFI's maximum supply of one billion, 20 million tokens were allocated to Binance Launchpad, with an additional 60 million set aside for the first airdrop session which ended on March 15. A further 50 million tokens will be distributed after "season two." Over a two-year vesting schedule, investors will receive 32.5% of the total token supply, with core contributors getting 23.26% over a three-year period. The initial circulating supply rounds off at 115.2 million tokens. In the recent last 30 days, Ether.Fi's total value locked (TVL) spiked by 117%, with total deposits nearing $3 billion, per DefiLlama data. The liquid restaking protocol indicates that stakers of Ether can gain additional yield via loyalty points convertible into token airdrops.

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