Arthur Hayes-Backed Ether.fi Launches Ether.fan Minting Series

Ether.fi, a new non-custodial ETH liquid staking protocol backed by Arthur Hayes, has successfully launched its eagerly awaited Ether.fan minting series, marking a notable milestone in the NFT/ETH staking arena. Remarkably, within the span of just two and a half hours, all 1000 ether.fan NFTs were snatched up, resulting in a significant total yield of 1700 ETH, equivalent to roughly $3.2 million. This launch drew in prominent figures like Arthur Hayes, his family office Maelstrom, and TechCrunch founder Michael Arrington.

Ether.fan stands as the pioneer NFT collection supported by staked ETH. By making a minimum payment of 0.1 ETH, stakers are eligible to mint an NFT “fan” furnished with a staked ETH deposit. The value and functionality of these NFTs extend beyond mere price speculation, as they are designed to accumulate staking rewards based on the deposit size, positioning them as the first NFT batch that pays back to its holders. This innovative strategy essentially spearheads a new Web3 category, branded NFTFi.

Moreover, these NFTs play a critical role in the Ether.fi membership loyalty program, offering stakers enhanced staking rewards, access to exclusive events, and a plethora of other benefits depending on the duration and amount staked with the protocol. In due course, NFT holders will be offered opportunities to partake in diverse activities and games using their NFTs.

The current Ethereum ecosystem exhibits a staking conundrum. A select few providers dominate the major share of the 21 million ETH staked on the network. To maintain the credibility, neutrality, and resilience of Ethereum, it is imperative to promote decentralization, thereby spreading the responsibility of staking ETH across multiple staking protocols and solo stakers.

A case in point is ether.fan, a platform strongly advocating decentralization and self-custody. The platform stands out from other LSPs as the first non-custodial, decentralized liquid staking protocol permitting users to maintain control over their keys. Ether.fan offers users a unique approach to generate yield, fortify the network, and earn extra staking rewards.

Initiated in April 2023, Operation Solo Staker focuses on equipping individuals worldwide with the necessary hardware and technical guidance to operate validators on behalf of the network, thereby assisting Ethereum to become less concentrated and more diversified. As part of this initiative, all ETH staked through ether.fan is allocated to node operators.

The journey of ether.fi and ether.fan is just commencing, with various incentives and projects lined up, including a potential governance role in an ether.fi DAO. The emphasis is on launching initiatives supporting Ethereum development while remaining steadfast on decentralization. The future holds immense promise for ether.fans, who will have multiple opportunities to participate in a range of games and activities.