Ether.fi Launches Season 2 StakeRank Program

The decentralized finance platform, Ether.fi, has officially rolled out Season 2 of its StakeRank program, offering boosted loyalty points for staking ETH. This initiative, which began on March 25, 2024, follows the success of Season 1 and will continue until June 30, 2024.

Boosted Loyalty Points and Token Allocation

StakeRank is designed to incentivize users to stake their ETH for longer periods by providing them with loyalty points that enhance their overall rewards. This season, 5% of the total ETHFI token supply has been allocated to participants, emphasizing Ether.fi’s commitment to its users.

Revamped Level System and Loyalty Boosts

Season 2 introduces a tiered level system with 8 ranks. Users progress through ranks by staking their ETH with Ether.fi for at least 100 hours. Each rank offers an increasing loyalty points rate boost, encouraging sustained engagement. To advance in ranks, users must maintain a staking balance above 0.1 eETH.

Adjustments for Season 1 Participants and New Stakers

To ensure a balance between rewarding returning users and attracting new participants, Ether.fi has increased the loyalty points accumulation rate by 10x for Season 2. While this adjustment dilutes previously earned points, they will still contribute to the new season’s rewards under specific conditions.

New Eligibility Criteria

Season 2 introduces new criteria for the airdrop. Users who withdrew their ETH or mostly withdrew their ETH will not be eligible for the Season 2 airdrop unless they stake additional ETH during the current season. Additionally, users with loyalty points mainly from Season 1 will need to earn new points in Season 2 to qualify for rewards.

FAQs Address User Concerns

Ether.fi has updated its FAQ section to clarify common questions. It has been confirmed that positions in Pendle YT will be recognized, and there will be no penalty for Pendle pools maturing on April 25. Users can also expect retroactive points for DeFi protocols not currently tracked by the platform.

Looking Forward

As Season 2 progresses, Ether.fi remains committed to monitoring and potentially adjusting StakeRank rules to ensure fairness and reward for all participants. This proactive approach highlights the platform’s dedication to its community and the evolving decentralized finance landscape.