- After liquidity requirements are met, Coinbase will start trading Ether.fi on Feb 6, 2025.
- Ether.fi provides a decentralized staking protocol allowing users to stake ETH securely.
- The ETHFI token dropped 24.97% in the past week with a $258.5 million market cap.
Coinbase has revealed that it will launch Ether.fi, an ERC-20 token based on the Ethereum ecosystem. On Thursday, the trading will begin, if the token meets the required trade conditions. Once an adequate supply is established, the ETHFI-USD currency pair will be introduced. However, support for Ether.fi may be restricted in some jurisdictions where the asset is approved.
Ether.fi and Its Role in the Ethereum Network
The coin is an autonomous, non-custodial delegated collateral system based on the Ethereum blockchain, which allows consumers to profit from their coins while maintaining control over their private keys, ensuring security. Ether.fi presents eETH, an ownership derivative token, that enables individuals to get ETH safely and flexibly. The platform offers a transparent and secure staking mechanism for Ethereum holders.
Market Impact and Trading Activity
As of February 6, 2025, Ether.fi is trading at $1.17, marking a 24.97% decline over the past week. This drop follows a decrease in volume and market activity, with a 16.69% reduction in ETHFI traded over the previous day. According to Coinbase data, the total market capitalization of Ether.fi is $258.5 million, with a circulating supply of 219,353,625 ETHFI tokens. The trading volume for Ether.fi has been impacted, with $137.4M worth of tokens exchanged in the last 24 hours.
Source: Coinbase
The fluctuations in the price and trading volume suggest that the market is undergoing adjustments, influenced by various supply and demand factors. Despite this, Ether.fi continues to maintain a presence in the economy, driven by its innovative approach to distributed Ethereum staking.
Related: Coinbase Becomes UK’s Largest VASP After FCA Approval
The Commitment to a Fair Crypto Environment
Despite obstacles like a lawsuit from the U.S. Securities and Exchange Commission, Coinbase is still an advocate for a comprehensive regulatory approach. The organization emphasizes its dedication to working with authorities to create laws that promote progress and stability in the sector.
The exchange has also added other tokens, including TAO, to its trading roadmap, following a thorough evaluation of technical, legal, and compliance standards.
