1. According to Spot On Chain, ETHFI has introduced a leading staking narrative following recent price performance.
2. The newly launched token surged nearly 3,000% in less than two weeks.
3. Users believe that Ether.fi is an ideal protocol that can democratize the staking process of Ethereum.
According to on-chain data analysis platform Spot On Chain, ETHFI surged nearly 30% in 24 hours, hitting an all-time high (ATH). In a recent article by X, the analytics platform noted that the rally introduced a leading staking narrative for the relatively new Ethereum staking protocol.
Meanwhile, Spot On Chain highlighted some of the important transactions in the ETHFI ecosystem. According to the analysis platform, four out of five top non-team/CEX holders withdrew 1.036 million ETHFI from Binance and KuCoin, equivalent to $5.4 million. Holders withdrew their assets about 22 hours before Spot On Chain posted, and ETHFI was trading at around $5.208.
The analytics platform shared more details about major holders, showing that as of posting time, four identified wallets hold 12.2 million ETHFI, equivalent to $76.6 million, or 10.6% of the digital asset’s circulating supply.
ETHFI is the governance token that powers the Ether.fi network, a decentralized, non-custodial, delegated Ethereum staking protocol. It is one of the lesser-known cryptocurrencies that has performed well recently.
According to TradingView, the staking protocol launched in mid-March and has risen nearly 3,000% from its opening price of $0.23 to $6.438 in less than two weeks. As of writing, ETHFI is trading at $6.056, slightly down from the ATH reported earlier by Spot On Chain.
Many members of the Ethereum community predict that the newly launched governance token will have high sales. They believe that Ether.fi is an ideal protocol to democratize the Ethereum staking process, lower the threshold and allow more users to participate in ETH staking. However, cryptocurrency predictions are still a guessing game, as several factors can influence the development of cryptocurrency prices.
