EtherFi Foundation Buys ETHFI Tokens for Ethereum Mainnet Staking Contract

• An intriguing development has surfaced in the crypto space as the EtherFi Foundation undertakes strategic moves.
• Notably, the community’s recent proposal for a staking contract implementation has garnered significant attention.
• An impressive detail includes the EtherFi Foundation’s purchase of ETHFI tokens worth 46 ETH, sparking a 1% price jump.

EtherFi Foundation makes substantial ETHFI purchase amid community-driven staking proposal, causing a 1% price increase.

EtherFi Foundation Announces Strategic ETHFI Acquisition

The EtherFi Foundation recently made a public announcement regarding the acquisition of ETHFI tokens valued at 46 ETH. This purchase was part of a community-endorsed proposal aimed at enhancing the liquidity and utility of the ETHFI token. The acquired ETHFI was deposited into a weETH/ETHFI curve pool, reflecting 5% of the foundation’s protocol revenue for June.

Community Backs Staking Contract on Ethereum Mainnet

Following the acquisition, the EtherFi community successfully passed a proposal to deploy a staking contract for ETHFI on the Ethereum mainnet. This strategic initiative aims to drive utility by linking staking rewards to governance participation and effective balances within the ecosystem. The deployment is expected to motivate token holders to engage actively in the ecosystem through staking, thereby earning rewards and gaining voting capabilities.

EtherFi Price Shows Positive Momentum

The price of ETHFI saw a notable 1% increase over the past 24 hours, trading at $1.91. This price rise follows a period of sideways trading and a previous 40% decline attributed to market-wide panic selling. The increased trading volume, which rose by 7%, suggests renewed interest and confidence among traders in the potential of ETHFI.

Community Support and Future Prospects

The proposal to deploy the staking contract received overwhelming support, with 99.5% of votes cast in favor. This high level of community backing underscores the strong belief in the potential benefits of the staking contract. By integrating staking capabilities, ETHFI aims to enhance its ecosystem, providing both utility and rewards to its participants.

Conclusion

In summary, the EtherFi Foundation’s strategic acquisition of ETHFI tokens and the community’s backing of the staking contract proposal mark significant milestones. These developments not only enhance liquidity and utility but also foster deeper engagement within the EtherFi ecosystem. As the staking contract on Ethereum mainnet goes live, participants can look forward to an enriched experience involving rewards and governance participation.