The token, which represents voting power in the protocol's decision-making process, surged as much as 50% in the past 24 hours to $7.2. It outperformed etherare distributions of free tokens, usually to early investors, users and adopters, which protocols leverage as incentives to bootstrap demand for their services.
"The higher the ETHFI price, the higher relative valuations of all other LRT governance tokens will be," Ignas said in an X post."Our Swell, Renzo, Puffer, Kelp, and obviously EigenLayer airdrops will get juicier the higher ETHFI goes."in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.