EtherFi Foundation Allocates 5% of Revenue to ETHFI Buyback

IconCryptoNewsTerminal Staff01 Aug, 2024

cryptonews.jpg

EtherFi Foundation Allocates 5% of Revenue to ETHFI Buyback

The EtherFi Foundation, a driving force behind the Ethereum liquid staking platform EtherFi (ETHFI), recently announced an allocation of 5% of its July protocol revenue to an ETHFI buyback program. This decision stems from the platform's impressive performance in July, where it generated $2.58 million in revenue. The foundation plans to finalize the ETHFI buyback on the 15th of the month and will also allocate a portion of the revenue to liquidity provider seeding programs. The EtherFi Foundation's move to buy back ETHFI tokens demonstrates its commitment to the platform's growth and the long-term value of the token. By reducing the circulating supply, the foundation aims to stabilize the price and enhance its store of value. This buyback initiative is a testament to EtherFi's commitment to its users and the broader Ethereum ecosystem. It showcases the foundation's confidence in the platform's long-term potential and its dedication to creating a sustainable and thriving liquid staking environment.

Related News