Tuesday, April 23, 2024
Blockchain

Ether.fi (ETHFI) Initiates Season 2 StakeRank with Enhanced Loyalty Rewards

Ether.fi launches Season 2 StakeRank, offering boosted loyalty points for staking, with a 5% ETHFI token supply allocation and new conditions for participants.

The decentralized finance platform, Ether.fi, has officially rolled out Season 2 of its StakeRank program, ushering in a new era for ETH stakers. The initiative, which commenced on March 25, 2024, follows the successful completion of Season 1, and is set to run until June 30, 2024.

StakeRank is designed to incentivize users to stake their ETH for longer durations with Ether.fi by offering them loyalty points that boost their overall rewards. A notable 5% of the total ETHFI token supply has been allocated to this season’s participants, marking a significant commitment to the platform’s users.

Revamped Level System and Loyalty Boosts

The program introduces a tiered level system comprising 8 ranks. Users climb one rank level for every 100 hours they stake their ETH with Ether.fi. Each rank confers a progressively increasing loyalty points rate boost, encouraging sustained participation.

To be eligible for advancing ranks, a user’s staking balance must remain above 0.1 eETH. Season 1 participants have a head start in Season 2, as they begin at Rank II. Additionally, holders of Ether.Fan NFTs are automatically advanced to Rank III, a benefit applied only once per NFT holder.

Adjustments for Season 1 Participants and New Stakers

Addressing the transition from Season 1 to Season 2, Ether.fi has implemented a 10x increase in the loyalty points accumulation rate to strike a balance between rewarding returning users and attracting new participants. While this adjustment dilutes the value of previously earned points, they will still count towards the new season’s rewards, albeit under specific conditions.

Eligibility Criteria Tightened to Maintain Fairness

Season 2 introduces new eligibility criteria for the airdrop. Users who withdrew their ETH or mostly withdrew their ETH will not be eligible for the Season 2 airdrop unless they stake additional ETH during the current season. Furthermore, users whose loyalty points are predominantly from Season 1 will not qualify for an airdrop, unless the new points acquired in Season 2 offset the balance.

Frequently Asked Questions Clarify User Concerns

Ether.fi has updated its FAQ section to address common queries. For example, positions in Pendle YT will continue to be recognized, and there will be no penalty for Pendle pools maturing on April 25. Additionally, users are reassured that DeFi protocols not currently tracked will have their points granted retroactively.

Looking Forward

In anticipation of the conclusion of Season 2, Ether.fi has made it clear that they will continue to monitor and potentially adjust StakeRank rules to ensure a fair and rewarding experience for all participants. This proactive approach demonstrates the platform’s commitment to its community and the evolving landscape of decentralized finance.

Image source: Shutterstock

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