ETHFI once soared past a new high of $8.6! Clear away the haze of plummeting after airdrops

As the re-pledge craze continues to heat up and is favored by cryptocurrency investors, the liquidity re-pledge protocol Ether.fi governance token (ETHFI) soared to a new high this morning (28), reaching a maximum of $8.66, sweeping away airdrops Plunging haze.

As the re-pledge craze continues to heat up and is favored by cryptocurrency investors, the liquidity re-pledge protocol Ether.fi governance token (ETHFI) soared to a new high this morning (28), reaching a maximum of $8.66, sweeping away airdrops Plunging haze.

According to OKX quotations, although ETHFi has fallen back to $7.46, its 24-hour increase is still more than 28%, which is better than Bitcoin and Ethereum, which fell slightly today.

Liquidity re-pledge protocols such as Ether.Fi have become a popular new favorite in the field of decentralized finance (DeFi), allowing pledged Ethereum to be pledged again on other protocols and DApps and participate in their verification process.

DefiLlama data shows that Ether.fi is currently the leader in liquidity re-hypothecation, with total value locked (TVL) having surged from $100 million to over $3 billion since the beginning of the year. In addition, competitors such as Kelp DAO, Puffer Finance, Renzo, and Swell have also attracted significant inflows of funds, ranging from hundreds of millions of dollars to over $1 billion.

The first wave of ETHFI airdrops officially started on March 18, and immediately rose to $5 on Binance. However, the increase was weak and fell below $3 a few days later.

Now, as ETHFI recovers from its plunge, well-known DeFi analyst Ignas pointed out that ETHFI’s strong performance may boost the valuation of other Liquidity Re-pledge Tokens (LRT) that are about to be airdropped. Ignas said in the post: The higher the price of ETHFI, the higher the relative valuation of all other LRT governance tokens will be. The higher the ETHFI, the easier it will be to release the airdrop bonuses of Swell, Renzo, Puffer, Kelp and EigenLayer.