The post EtherFi Foundation Buys ETHFI, Passes Major Staking Proposal On Ethereum Mainnet appeared on BitcoinEthereumNews.com.

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…

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Filed under: News - @ July 8, 2024 7:20 am