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The liquid restaking platform EtherFi recently faced backlash related to its airdrop event following news that Justin Sun would acquire a significant portion of the token supply. On March 16, EtherFi announced it would distribute 6% of the total token supply in the first phase of its airdrop event. EtherFi will have a total token supply of 1 billion, with an initial circulating supply of 115.2 million.
Controversy Surrounds Airdrop Event
EtherFi set various criteria to determine eligibility for the airdrop event, such as owning eETH, referring friends to the protocol, or participating in the Early Adopter program. Upon closer examination, community members quickly realized that Justin Sun, the founder of the TRON network, would receive approximately 3.5 million ETHFI, equivalent to 2% of the initial allocation of 60 million tokens.
Community members estimated that the value of these tokens could reach up to $20 million. This distribution will be given as a reward for the recent deposit of 20,000 ETH into the protocol. Some criticized this move, pointing out that it could lead to potential exploitation by whales, who could collect significant rewards by farming large amounts and leave early contributors with insufficient rewards. Noted airdrop hunter Abraham Chase shared his thoughts on the matter:
“While 85% of the airdrop event is allocated to the first 500 wallets, the remaining 15% goes to more than 70,000 wallets. This point system seems like a game for whales. Perhaps on-chain tasks or something else will help. I’m not sure what’s happening here or why, but other restaking platforms should definitely learn from this.”
EtherFi and the Airdrop Process
However, supporters of EtherFi’s distribution model argue that it encourages desired behavior such as significant staking. They claim that protocols have the privilege to incentivize participation in the manner they see fit, and in this scenario, staking is very important. They also note that Sun’s significant stake is likely to translate into substantial revenue for the protocol.
Nevertheless, the debate continues, and some argue that all airdrop distribution models have flaws. While some prioritize active participation, others prefer liquidity. In response to community concerns, EtherFi founder Mike Silagadze announced that the project would revise its token distribution to better serve the community. The founder also expressed gratitude for the support of large donors like Sun while emphasizing the importance of adhering to established rules. According to data from the blockchain data analysis platform DeFillama, the total value of assets in the protocol is approximately $3 billion.
