How To Farm EtherFi StakeEarn And Qualify For Other Airdrops

Season 1 ended and $ETHFI dropped 18 March.

Typical in most airdrops, the initial selling pressure took the price down to around $3 but the token has performed well since, rallying to a new ATH of $5.

Season 2 started on 25 March and launches the “StakeEarn” Program, let’s have a deep dive into whether you should participate.

The What, TL;DR:

• StakeRank has 10 levels
• Based on how long you’ve been staking
• Each level grants you a multiplier boost to the loyalty points you earn per ETH Staked
• After 1 week of staking eETH (including deploying eETH in DeFi) you unlock the next Rank
• You can only unlock if your eETH balance didn’t go down
• To claim a rank levl costs 5 $ETHFI
• If you claimed ETHFI in Season 1, you automatically start at Rank 2

For details, refer to its GitBook: https://etherfi.gitbook.io/etherfi/season-2-stakerank

Why you should participate:

• 5% FDV to be airdropped so the amount will be comparable to Season 1
• According to DeFiLlama, Ether Fi currently has 3.1B+ TVL out of a total of 7.628B TVL in the Liquid Restaking (LRT) space or 40% market share, double that of Renzo in 2nd place (so it’s not even close) and currently ranked 11th in TVL for all protocols in DeFi.
• Its TVL is expected to continue to grow due to its deep integration in DeFi. Many lending protocols has already whitelisted eETH as collateral meaning it will become as liquid as ETH itself over time.
• IMO, EtherFi is on a trajectory to become the Lido of LRT, which commands 60% market share in Liquid Staking space. “The trend is your friend” and think “Winners take all”
• Its recent price action is indication that the market agrees with the above thesis.
• Due to the design of the StakeEarn program, and how it benefits existing stakers, there is almost no reason why you shouldn’t to continue to participate
• With Eigen Layer not yet dropped its token, and deposits are closed, the only way to continue accruing EL points is by engaging with LRTs, and Ether Fi is clearly the dominant leader as illustrated above.

How you should participate:

Obviously you can participate by simply holding eETH in your wallet, but there are a number of ways to degen into supported DeFi protocols to maximize your earnings and/or airdrops.

Over the course of this week, we will explore and compare the different ways to participate in Ether Fi StakeEarn while qualifying for multiple other airdrops as well, here’s a teaser:

• Everybody knows about the Pendle, Balancer and Curver LP plays
• but what is the EtherFi’s new “Liquid” product?
• GearBox is full so what are other ways to leverage your eETH to earn many times more in loyalty points and EL points?
• Hitting other airdrops at once such as Gravita which has a new season of the Ascent program
• Hate paying high gas fees on Ethereum Mainnet? What are farming opportunities on L2 such as Zircuit, Manta and Mode?

Stay tuned as we’ll cover all this in the coming days.

In the meantime, if you want access to all the hottest airdrops in DeFi, check out the Airdrop Tracker by One Click Crypto.

Disclaimer: This article, including insights on EtherFi, staking and restaking, and other DeFi strategies, is for informational purposes only and should not be considered as financial advice, investment recommendations, or an endorsement of any particular investment or strategy. The cryptocurrency and DeFi markets are highly volatile and unpredictable. Past performance is not indicative of future results. The author makes no representations or warranties regarding the accuracy, completeness, or timeliness of the information provided. Readers should conduct their own research and consult with independent financial advisors before making any investment decisions. By using this information, you agree that the author is not liable for any losses or damages arising from your investment choices.