Airdrop: Season 2 Activities

Photo - Airdrop: Season 2 Activities
Since the ETHFI listing in March 2024, which reached a high of $8.6, the token has seen some volatility. Despite this, many investors remain bullish, actively seeking potential purchase opportunities. But did you know you can get ETHFI without directly purchasing it? is enhancing the utility of ETH by enabling its simultaneous use in staking and DeFi protocols. According to the analytics platform DefiLlama, has a total value locked (TVL) of $3.9 billion, making it the leading protocol in liquid restaking.
Comparison of TVL in Liquid Restaking Protocols. Source:

Comparison of TVL in Liquid Restaking Protocols. Source:

For more detailed information on, check out this article.

On March 16, 2024, the Foundation announced the airdrop of its native token, ETHFI, with an average reward size of 575 ETHFI, valued at $3,200 as of April.

The airdrop is divided into two seasons: Season 1 was allocated 6% of the total ETHFI supply, while Season 2 received 5%. The second season kicked off on March 15, and ten days later, the project introduced StakeRank—a loyalty program aimed at enhancing user engagement, running until June 30, 2024.


StakeRank is an eight-tiered system designed to encourage the long-term holding of ETH on by using a multiplier that increases the number of loyalty points awarded as users progress from one rank to another (from x1 to x2).
StakeRank’s Loyalty Point Boost Levels. Source:

StakeRank’s Loyalty Point Boost Levels. Source:

Season 1 participants start directly at the second rank, which means the loyalty points they earn at this level are increased by a factor of 1.1. A similar advantage is retained for holders of NFTs, who start at the third rank, earning loyalty points at a rate 1.2 times higher.

Additional rules of StakeRank:

  • Users ascend to a new level every 100 hours of staking ETH on;
  • A minimum of 0.1 ETH must be staked to participate in StakeRank;
  • All eETH and weETH, regardless of their placement—whether in standard staking, DeFi protocols, or the Liquid product—will accrue loyalty points;
  • Participants who exit staking within five days before the end of Sason 2 will not qualify for the airdrop.

If Season 1 participants withdraw their ETH, their points from that season will not count. However, this rule is nullified if new ETH is staked during Season 2, provided that the points from Season 1 are less than 70% of the total.

To keep the airdrop appealing to new users while recognizing Season 1 participants, will increase the rate at which loyalty points are earned in Season 2 by tenfold. Without this increase, newcomers would find it unattractive to accumulate points, as established members would significantly outpace them in loyalty points. 


Staking is the primary method to accumulate loyalty points on Each ETH staked earns the user 1,000 points daily. Therefore, staking one ETH for a week results in a total of 7,000 points.

The formula for calculating points: Loyalty points = Number of ETH staked x 1,000 x Number of days staked.

To stake ETH, follow these steps:

  • Navigate to the official website.
  • Connect your cryptocurrency wallet by clicking “Connect Wallet.”
  • Enter the amount of ETH you wish to stake in the “Stake” field.
  • Click “Stake,” then authorize the transaction in your wallet.

The “Portfolio” tab allows you to monitor essential details such as your current balances of eETH and weETH, your accumulated and EigenLayer loyalty points, and your current StakeRank multiplier level.
Portfolio Interface. Source:

Portfolio Interface. Source: also features a referral program. Both the referrer and the referee receive a one-time bonus of 100 points for every 0.1 ETH staked.


For every ETH placed in staking on, users are awarded an equivalent number of eETH, which are’s tokens for liquid staking. This asset can then be used across various DeFi protocols to generate additional rewards. has streamlined this approach by developing a solution called Liquid.

Liquid is an automated system designed to delegate eETH, weETH, or WETH. After a user deposits one of these assets, the system automatically allocates them to one or more supported DeFi protocols:

  • Pendle;
  • Curve;
  • Aave, and four other projects.

Using Liquid offers a 22% annual percentage yield (APY) and also awards points. These points will be credited after the second season concludes, with the amount dependent on the proportion of eETH, weETH, or WETH in the Liquid pool.

DeFi Protocols

Although Liquid makes interacting with DeFi protocols easier, it also introduces potential risks. If anything were to go wrong with Liquid, such as a smart contract hack, users could face the loss of their funds.

An alternative is to interact directly with DeFi protocols, which often results in a higher accumulation of loyalty points. The loyalty points multiplier depends on the protocol but generally averages x2.

Supported DeFi protocols include:

  • Gravita;
  • Maverick;
  • Prisma, and 21 other projects.

Activities vary with each protocol, reflecting the unique features of each platform. Nevertheless, involvement with any protocol requires one of three assets: eETH, weETH, or WETH.

eETH is generated when ETH is staked on, and wrapped eETH (or weETH) is available through the platform’s “Wrap” tab. Some users choose to skip the staking process by directly exchanging ETH for eETH, weETH, or WETH via decentralized exchanges like Uniswap.

Does the Season 2 Airdrop Worth Your Attention? is quickly becoming a heavyweight in the liquid restaking domain, much like Celestia leads in modular blockchains, Filecoin in DePIN, and Jeo Boden in PolitiFi. Currently, holds a 38% share of this market.

Additionally, the platform ranks among the Top 10 protocols by TVL. To outpace EigenLayer, which is in second place, needs to triple its TVL. To overtake the leading protocol, Lido, would need to increase its TVL by thirtyfold. Hence, if this sector’s popularity continues to surge, could potentially experience substantial growth.
Top 10 DeFi Protocols by TVL. Source:

Top 10 DeFi Protocols by TVL. Source:

Further incentives to join in the Season 2 airdrop include:

  • EigenLayer Loyalty Points: Users earn points from the largest restaking protocol when they add ETH to
  • DeFi Integration: DeFi protocols like Balancer and Curve facilitate trading of weETH (wrapped eETH), and initiatives like Prisma Finance use the asset for their restaking solutions. This trend enhances the liquidity of eETH, fostering the growth of

Remember, the future is uncertain, and all forecasts about projects are speculative. It’s wise to avoid the traps of airdrop hunting, carefully assess the risks, and conduct thorough research before making investment decisions.

Vlad Vovk
Writes about DeFi and cryptocurrencies from a technological perspective.