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ETHFI, the governance token of the decentralized liquid staking protocol Ether.fi, debuted for $4.13 following its distribution through its <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-open-interest-40-crash/" target="_blank" rel="noopener ">airdrop </a>on March 18.&nbsp; 
However, since the $210 million airdrop, the value of ETHFI has experienced a significant decline, plummeting over 35% to its current trading price of $3.05, according to CoinGecko <a href="https://www.coingecko.com/en/coins/ether-fi" target="_blank" rel="noopener nofollow">data</a>. 
<h2 id="ethfi-airdrop-attracts-20-000-participants">ETHFI Airdrop Attracts 20,000 Participants</h2> 
Market expert Tom Wan has provided a <a href="https://x.com/tomwanhh/status/1769706615744118948?s=20" target="_blank" rel="noopener nofollow">summary </a>of the ETHFI airdrop. Out of the total supply of 16.8 million ETHFI tokens, approximately 28% have been claimed by participants.&nbsp; 
The airdrop attracted around 20,000 claimers, showcasing considerable interest in the token distribution. Notably, the top wallets, accounting for 1.67% of the total distribution, have the potential to receive between 10,000 and 25,000 <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-price-soars-10-in-reaction-to-explosive-2367-shib-burn-surge/" target="_blank" rel="noopener ">ETHFI tokens</a>, reflecting substantial holdings. 
<img loading="lazy" decoding="async" class="wp-image-598577 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot_80.jpg?w=860&amp;resize=860%2C469" alt="Ether.fi " width="860" height="469" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot_80.jpg?w=876 876w, https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot_80.jpg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot_80.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot_80.jpg?w=860&amp;resize=860%2C469 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot_80.jpg?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Most claimers, comprising approximately 67% of participants, are expected to receive a lower allocation of ETHFI tokens, ranging from 175 to 500.&nbsp; 
This distribution strategy aims to ensure a broader and more equitable dispersion of the tokens among participants. However, an interesting observation is that 76% of claimers have transferred their ETHFI tokens to other wallets, indicating a potential desire for liquidity or <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-sentiment-cools-price-rebound-soon/" target="_blank" rel="noopener ">trading activities</a>. 
Furthermore, it is noteworthy that 38% of the token receivers are new wallets, suggesting an expansion of the ETHFI user base as of May 1, 2023. This influx of new participants showcases a growing interest in the governance and utility offered by Ether.Fi’s protocol. 
<h2 id="ether-fi-witnesses-surge-in-total-value-locked">Ether.fi Witnesses Surge In Total Value Locked</h2> 
Ether.fi has experienced notable growth in net deposits and Total Value Locked (TVL), as evidenced by <a href="https://tokenterminal.com/terminal/projects/etherfi" target="_blank" rel="noopener nofollow">data </a>provided by Token Terminal. However, the platform has faced fluctuations in its active user base.&nbsp; 
According to Token Terminal, net deposits on Ether.fi have significantly increased, reaching $2.99 billion over the past 30 days alone. This marks a significant growth rate of 136.9%. 
Simultaneously, the TVL on Ether.fi has mirrored the surge in <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-approaches-risky-territory-as-halving-event-draws-near/" target="_blank" rel="noopener ">net deposits</a>, which also amount to $2.99 billion over the same 30-day period. This metric represents the total value of assets, predominantly cryptocurrency, locked within the protocol.&nbsp; 
However, while Ether.fi has witnessed robust growth in net deposits and TVL, the platform has experienced fluctuations in its active user base. Daily active users have shown a considerable decline of 54.3% over the past 30 days, currently standing at 506.&nbsp; 
<img loading="lazy" decoding="async" class="wp-image-598578 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot_81.jpg?w=579&amp;resize=579%2C418" alt="Ether.fi " width="579" height="418" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot_81.jpg?w=579&amp;resize=579%2C418 579w, https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot_81.jpg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot_81.jpg?w=120 120w" sizes="(max-width: 579px) 100vw, 579px" data-recalc-dims="1"> 
Similarly, weekly active users have experienced a more moderate decline of 3.5%, currently standing at 5,780. This suggests that while there has been a slight reduction in user engagement every week, a significant portion of the user base remains actively involved with the protocol. 
The most substantial decline in user activity is observed in monthly active users, with a notable drop of 68.9% over the past 30 days. The figure currently stands at 14,740 users.&nbsp; 
Overall, the distribution of the ETHFI token through the airdrop has garnered significant attention and participation. At the same time, the <a href="https://www.newsbtc.com/news/bitcoin-threatens-to-retreat-to-60000-as-bulls-seek-solid-ground/" target="_blank" rel="noopener ">token’s value</a> has experienced a decline since its initial listing, the long-term potential and impact of ETHFI within the Ether.Fi ecosystems are yet to be fully realized. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/qFPEOMpM/" alt="Ether.fi " width="1814" height="858"> 
Featured image from Shutterstock, chart from TradingView.com

Ether.fi $210M Airdrop Sparks Market Turbulence, ETHFI Value Drops By 35%

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