Restaking section debuts on Binance new coin mining, interpreting the FDV of nearly 10 billion for ether.fi
The reasonable price range is 4.5 USDT to 8.66 USDT, corresponding to a circulating market value of 518 million dollars to 1 billion dollars.Original | Odaily Planet Daily
Author | Nan Zhi
On March 12, Binance announced the launch of the 49th new coin mining project ether.fi (ETHFI), which is the first project in the Restaking track to be listed on Binance. Odaily Planet Daily will introduce the main business and features of ether.fi, Launchpool information, and token price predictions in this article.
Project Introduction
The concept of Restaking was proposed by Eigenlayer founder Sreeram Kannan. Its core mechanism allows staked ETH (including various LSTs) to be restaked on other protocols and DApps, participating in their validation processes. EigenLayer directly connects to Ethereum's security and liquidity through Actively Validated Services (AVS), allowing it to enjoy Ethereum's security without the need to establish a separate economic and validation system. In short, EigenLayer provides a cryptoeconomic security rental market.
ether.fi is currently the protocol with the highest TVL in this track, having staked 619,000 ETH, worth $2.46 billion. Additionally, ether.fi supports a wide variety of assets, including ETH, stETH, RS-stETH, cbETH, RS-cbETH, wBETH, and RS-wBETH.
ether.fi is currently the only protocol where LRT can be directly exited; other protocols require redemption through LP pools (such as Curve, Balancer, etc.). However, it is important to note that withdrawal times vary based on liquidity reserves, and in cases of insufficient liquidity, one must complete the validator exit and EigenLayer Pod processes before exiting.
The following chart compares Restaking projects made by Odaily two weeks ago, providing readers with a reference for project mechanism differences.
Financing Situation
ether.fi has completed two rounds of financing, with the most recent one at the end of February this year, ether.fi announcing the completion of $27 million in financing. This round was led by Bullish and CoinFund, with support from over 95 investors.
An earlier round was completed in February 2023, where ether.fi announced the completion of $5.3 million in financing, led by North Island Ventures, Chapter One, and Node Capital, with participation from BitMex founder Arthur Hayes.
Launchpool Details
Mining start time: March 14, 2024, 08:00 (UTC+8), lasting for 4 days;
Trading start time: March 18, 2024, 20:00 (UTC+8)
Maximum token supply: 1,000,000,000 ETHFI;
Initial circulation: 115,200,000 ETHFI (11.52% of maximum token supply);
Total mining amount: 20,000,000 ETHFI (2% of maximum token supply);
Mining pools: The BNB mining pool can mine a total of 16,000,000 ETHFI (80%), and the FDUSD mining pool can mine a total of 4,000,000 ETHFI (20%).
Price Estimation
Based on previous BNB pool calculations, the average annualized return for the first eight rounds was 135% (AEVO not included). Assuming the annualized return for this mining round is also 135%, the token price would be $8.66 based on a 4-day mining period. According to AI's minimum return rate of 70%, the guaranteed price would be $4.5.
The total supply of ETHFI is 1 billion tokens, with an initial circulation of 115 million tokens. Therefore, based on a reasonable price of $8.66, the initial circulating market value of ETHFI would be $1 billion, and the FDV would be $8.66 billion; based on the guaranteed price, the initial circulating market value of ETHFI would be $518 million, and the FDV would be $4.5 billion. This initial circulating market value and FDV are among the highest in recent Binance Launchpool projects, and since it is the first Restaking project listed on Binance, there may be significant price volatility. Readers are advised to invest cautiously.
Additionally, the current loyalty points for ether.fi are 35.07 billion points, and there are not many remaining orders in the Whales Market points market. The lowest price among the remaining orders is currently $0.00241 USDT/point, corresponding to a value of $84.5 million. Furthermore, its estimated value in EigenLayer is approximately $86.6 million. As Binance has not yet disclosed detailed allocation and airdrop data, readers can subsequently calculate the market value based on the ratio to determine the reasonable price of the token.
