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Critics question EtherFi platform airdrops

Etherfi's liquid refactoring platform, Etherfi, recently faced backlash over its airdrop after reports emerged that Justin Sun would receive a significant portion of the tokens.

On March 16, EtherFi revealed that the first phase of the airdrop would release 6% of the total token supply. The total supply of ETHFI will reach 1 billion tokens, with an initial circulating supply of 115.2 million tokens.

Critics hound EtherFi airdrops

Ether.Fi has outlined several criteria to determine airdrop eligibility, including holding eETH, referring friends to the protocol, or participating in an early adopter program. Upon closer inspection, community members quickly discovered that Justin Sunfounder of the TRON network, will receive approximately 3.5 million ETHFI, or 2% of the initial allocation of 60 million tokens.

Community members have speculated that these tokens could be worth as much as 20 million dollars. This customization will be a bonus Drop it The last one for 20 thousand ETH for the protocol. Some have criticized it, pointing to the possibility of whales exploiting it.

Critics say whales can reap large rewards by growing large quantities, leaving meager rewards for early contributors to the project.

“The airdrops are spread out, with 85% going to the top 500 wallets, while the remaining 15% goes to over 70,000 wallets (which we unfortunately all lump together in one place)... This points system is like a game for whales. Maybe on-chain quests will help "Or something like that. I'm not sure what happened here or why it happened, but other remastering platforms should definitely learn from this."

Read more: Airdrop Crypto: Your way to invest for free!

EtherFi airdrop
EtherFi token economics source: Ether Fi

However, proponents of the Ether.Fi distribution model argue that it encourages desirable behaviors, like betting big. They argue that protocols have the right to encourage participation as they see fit, with betting being crucial in this scenario. They also point out that Justin Sun's significant stake will likely result in significant revenue for the protocol.

However, the debate continues, with some pointing out the flaws in all airdrop distribution models. While some favor active participation, others prefer liquidity. In the case of EtherFi, proponents argue that their model promotes transparency by preventing participants from gaming the system with multiple addresses.

In response to community concerns, Mike Silagadze, founder of Ether.Fi, was quoted as saying that the project would review token distribution to better serve the community. The founder also stressed the importance of respecting established rules while expressing gratitude for the support of major donors like Sun.

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Ether.Fi is the largest liquid transmission protocol. Alright then For the data DeFillama, the total value of the protocol's assets is around $3 billion.

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