Restaking Sector Makes Debut on Binance New Coin Mining: Analyzing ether.fi with Nearly $10 Billion FDV
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Restaking Sector Makes Debut on Binance New Coin Mining: Analyzing ether.fi with Nearly $10 Billion FDV
The reasonable price range is 4.5 USDT to 8.66 USDT, corresponding to a circulating market cap of $518 million to $1 billion.
Navigating Web3 tides with focused insightsAuthor: Nan Zhi, Odaily Planet Daily
Last night, Binance announced the launch of the 49th new coin mining project, ether.fi (ETHFI), marking it as the first Restaking sector project to debut on Binance. This article by Odaily Planet Daily will introduce ether.fi's core business and features, Launchpool details, and token price forecasts.
Project Overview
The concept of Restaking was introduced by EigenLayer founder Sreeram Kannan. Its core mechanism allows ETH that has already been staked (including various LSTs) to be restaked onto other protocols and DApps, participating in their validation processes. EigenLayer directly leverages Ethereum’s security and liquidity through Actively Validated Services (AVS), enabling these services to inherit Ethereum’s security without having to establish a separate economic or validator system. In short, EigenLayer provides a marketplace for renting cryptoeconomic security.
ether.fi is currently the leading protocol in the Restaking sector by TVL, with 619,000 ETH staked—worth $2.46 billion. Additionally, ether.fi supports a wide range of assets, including ETH, stETH, RS-stETH, cbETH, RS-cbETH, wBETH, and RS-wBETH.
ether.fi is currently the only protocol offering direct withdrawal of Liquid Restaking Tokens (LRT). Other protocols require exiting via LP pools (e.g., Curve, Balancer). However, it should be noted that withdrawal times vary based on liquidity reserves; when liquidity is insufficient, users must complete validator exit procedures and the EigenLayer Pod process before withdrawing.
The image below, created by Odaily two weeks ago, compares major Restaking projects and illustrates key differences in their mechanisms for reference.
Funding History
ether.fi has completed two funding rounds. The most recent, announced at the end of February this year, raised $27 million, led by Bullish and CoinFund, with support from over 95 investors.
An earlier round took place in February 2023, when ether.fi raised $5.3 million, led by North Island Ventures, Chapter One, and Node Capital, with participation from Arthur Hayes, co-founder of BitMEX.
Launchpool Details
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Mining Start Time: March 14, 2024, 08:00 (UTC+8), lasting 4 days;
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Trading Start Time: March 18, 2024, 20:00 (UTC+8);
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Maximum Token Supply: 1,000,000,000 ETHFI;
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Initial Circulating Supply: 115,200,000 ETHFI (11.52% of total supply);
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Total Mining Allocation: 20,000,000 ETHFI (2% of total supply);
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Mining Pools: The BNB pool will distribute 16,000,000 ETHFI (80%), while the FDUSD pool will distribute 4,000,000 ETHFI (20%).
Price Estimation
Based on historical returns from previous BNB pools, the average annualized yield for the past eight projects was 135% (excluding AEVO, which has not yet launched). Assuming a similar 135% annualized return for this mining event over the 4-day period, the estimated token price would be 8.66 USDT. Using AI’s minimum estimated yield of 70%, the floor price would be 4.5 USDT.
ETHFI has a total supply of 1 billion tokens, with an initial circulating supply of 115 million. At the estimated fair price of 8.66 USDT, the initial market cap would be $1 billion, and the fully diluted valuation (FDV) would reach $8.66 billion. At the floor price of 4.5 USDT, the initial market cap would be $518 million, with an FDV of $4.5 billion. These figures place ETHFI among the highest-valued Binance Launchpool debuts recently. As the first Restaking project on Binance, significant price volatility is expected—readers are advised to exercise caution when investing.
Additionally, current ether.fi loyalty points stand at 35.07 billion. Listings on Whales Market’s point trading platform are limited, with the lowest available asking price at 0.00241 USDT per point, implying a total value of $84.5 million for existing orders. The estimated value of its EigenLayer points is approximately $86.6 million. Since Binance has not yet disclosed detailed allocation or airdrop data, readers may later use proportional calculations to estimate valuations and assess fair token pricing accordingly.
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