EtherFi Foundation Buys ETHFI, Passes Major Staking Proposal On Ethereum Mainnet

Ether.Fi Foundation on Monday announced that it has purchased ETHFI worth 46 ETH as part of a proposal passed earlier by the community. In addition, the EtherFi liquid restaking platform team will also start working on deploying a staking contract for ETHFI on Ethereum mainnet, bolstering utility by linking rewards to governance participation and effective balances in the ecosystem.

Ether.Fi Foundation Declares ETHFI Tokens Purchase

Ether.Fi Foundation took to X platform on July 8 to reveal that it has purchased ETHFI tokens worth 46 ETH. The purchase came in response to a proposal passed by the community on ETHFI buyback and liquidity pool seeding. ETHFI purchased by the foundation was deposited into a weETH/ETHFI curve pool. This amount accounts for 5% of the protocol revenue in June.

As per the proposal, EtherFi Foundation will purchase ETHFI with up to 50% of protocol revenue, with the initial 5% initiated by the foundation. Notably, the further purchases of monthly revenue will be put to a community vote.

Meanwhile, the community also passed ETHFI DAO proposal for staking contract implementation on Ethereum mainnet. It aims to provide utility by linking rewards to governance participation and balances in the ecosystem. The ETHFI staking contract will also offer incentives and voting capabilities to staked token holders.

“By allowing users to stake ETHFI tokens, we create an additional layer of engagement within the ecosystem. This encourages token holders to actively participate rather than passively holding their tokens.”

The proposal received 99.5% votes in favor, indicating massive support for deploying a staking contract for ETHFI on Ethereum mainnet. Users will earn reward points by staking ETHFI on the Ethereum mainnet once it goes live.

Also Read: Japan’s Metaplanet Buys Another Bitcoin Dip, Will The Stock Rally Continue?

EtherFi Price Performance

EtherFi price has been mostly trading sideways in the last few days after a 40% drop in a week amid panic selling in the broader crypto market.

ETHFI price jumped 1% in the past 24 hours, with the price currently trading at $1.91. The 24-hour low and high are $1.83 and $1.99, respectively. Furthermore, the trading volume has increased by 7% in the last 24 hours, indicating a rise in interest among traders.

Also Read: Spot Ethereum ETF S-1 Amendments Due Today, Will the SEC Approve This Time?

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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