ether.fi (ETHFI) has sparked significant interest in the crypto community. But what exactly is ether.fi, and how does it function? This article explores ether.fi and how to acquire ETHFI tokens in India.

About ether.fi (ETHFI)

ether.fi is a decentralized, non-custodial delegated staking protocol that presents a novel approach to Ethereum staking. By introducing a Liquid Staking Derivative (LSD) token, ether.fi allows users to stake Ethereum in an adaptable and secure manner. This advancement democratizes staking rewards and upholds Ethereum’s decentralized principles.

By enabling stakers to retain control over their keys, ether.fi ensures that users maintain full custody of their assets, a crucial aspect of trust and security in the DeFi ecosystem.

How Does ether.fi Work?

ether.fi empowers users to stake their Ethereum (ETH) holdings while maintaining control over their private keys. Here’s an overview of its functionality:

• Staking: Users stake their ETH via the ether.fi protocol, receiving equivalent liquid tokens like eETH in return.
• Liquid Staking: ether.fi employs a liquid staking mechanism, allowing users to stake their ETH without prolonged lock-up periods. This enhances flexibility and liquidity compared to conventional staking methods.
• Native Restaking: ether.fi features native restaking, automatically compounding staking rewards for enhanced returns over time. This streamlined process maximizes earnings without manual intervention.
• Security: Prioritizing security, ether.fi enables users to retain control over their private keys. Operating on the Ethereum blockchain, it leverages its security features and decentralized nature.

About ETHFI Token

ETHFI functions as the governance token propelling the ether.fi network, a decentralized, non-custodial Ethereum staking protocol. With ETHFI, community participants acquire the capacity to oversee vital protocol elements and impact the growth strategy of weETH, the wrapped non-rebasing edition of ether.fi’s Liquid Restaking token eETH. As the governance token for holders of both eETH and weETH, ETHFI enables users to steer the direction of the protocol.

ETHFI Tokenomics

Token Name: ether.fi (ETHFI)

Maximum Token Supply: 1,000,000,000 ETHFI

Initial Circulating Supply: 115,200,000 ETHFI (11.52% of the maximum token supply)

Token Distribution

Binance Launchpool: 2%

Airdrop: 11%

Investors & Advisors: 32.5%

Team: 23.26%

Protocol Guild: 1%

DAO Treasury: 27.24%

Liquidity: 3%

Buying ether.fi (ETHFI) in India

Below are a few simple steps you can follow and buy the ETHFI token in India with WazirX, India’s most trusted and widely used crypto exchange.

The best way to buy ETHFI tokens is by depositing INR in your WazirX wallet. Alternatively, you can also buy ETHFI using P2P trade; to get answers to all your queries related to the P2P trade, click here!

Step 1 – Sign-Up on the WazirX platform

To begin buying and selling ETHFI, you must sign up for an account on the WazirX platform. If you already have an account, you can log in directly.

For your reference, here’s how you can open an account on WazirX.

Step 2 – Set up your account security by verifying your email address.

This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.

Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.

Step 3 – Complete the KYC process.

After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.

Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.

Step 4 – Add funds to your WazirX wallet.

To add funds, simply go to your account on the WazirX app or web. Click on “Funds” and then on “Deposit INR.”

You can deposit INR using any mode (NEFT/ RTGS/ IMPS).

You can also buy ETHFI through P2P to the WazirX wallet. The ETHFI will act as funds to help you buy your favorite cryptos.

Step 5 – Finally, buy ETHFI on WazirX.

You can now easily purchase ETHFI tokens using INR Deposits. In the case of P2P trade, check ETHFI to USDT here.

After logging in to your WazirX account, you can choose INR from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.

Click “Buy” after entering the amount and checking the total INR amount to be paid.

Your order will be placed according to the price you have input. And, in the case of P2P trade, a seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.

The order might take a few minutes to complete, but as soon as it is executed, you will receive the ETHFI Tokens you purchased in your WazirX wallet.

Happy Trading!