Top 3 DeFi Protocol Ether.fi’s Token Doubles After Boosting Buybacks

A week after implementing plans to significantly expand the amount of tokens it buys back and distributes to stakers, Ether.fi ’s ETHFI token has almost doubled in value. On May 9, Ether.fi posted on X that it spent 137 ETH ($320,000) to buy back 437,000 ETHFI tokens. More than half of that, about 70 ETH, came from exit fees, which were newly added to the buyback pot. Since September 2024, Ether.fi has been using a portion of the protocol’s revenue to buy back ETHFI tokens and reward them to stakers, Ether.fi founder and CEO Mike Silagadze told The Defiant via email. Since then, it has returned “a few million” dollars worth of ETHFI to stakers, he added. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant