Etherfi (ETHFI), a pioneering protocol in the world of liquid restaking on the Ethereum Blockchain, addresses the liquidity needs among stakers who want to use their staked tokens for various purposes beyond traditional staking. By integrating with EigenLayer and offering native liquid restaking features, EtherFi has become the leading protocol in the ETH liquid restaking sub-sector, with its total value locked (TVL) reaching significant levels and providing users with enhanced earning opportunities. In this article, you can find answers to two frequently asked questions: What is Etherfi (ETHFI) and how to buy Etherfi (ETHFI) with TRY.
What is Etherfi (ETHFI)?
EtherFi is a protocol designed to facilitate liquid staking for Ethereum (ETH) holders, allowing them to stake their ETH liquid stake tokens (LSTs) and receive liquid receipt tokens in return. These tokens, known as eETH, represent users’ staked LSTs and automatically accrue rewards earned through restaking with EigenLayer. Users can also wrap their eETH as Wrapped eETH (weETH) to use the token in various DeFi applications.
EtherFi’s journey began with a focus on decentralizing the Ethereum validator scene and increasing accessibility to ETH staking. Initially, the protocol offered a non-custodial staking service that allowed users to stake ETH in increments of 32 while retaining control of their withdrawal keys. In August 2023, EtherFi advanced its mission by leveraging distributed validator technology (DVT) to distribute validator keys through an operator network, reducing entry barriers for node operation.
After integrating with EigenLayer as an ETH liquid restaking protocol, EtherFi saw significant growth in its TVL. This integration allowed depositors to stake their LSTs with EigenLayer and receive eETH tokens representing their positions. These eETH tokens are automatically restructured to accrue rewards from EigenLayer staking activities. Furthermore, users can wrap their eETH as weETH to enable broader usage in various DeFi applications.
weETH holders can use their tokens in a range of DeFi protocols, including liquidity pools, lending platforms, vault protocols, leverage protocols, and additional restaking applications. This versatility allows users to maximize their earning potential while continuing to gain exposure to ETH staking rewards and EigenLayer points, participating in a wide array of DeFi activities.
One of EtherFi’s most significant advantages is its native liquid restaking feature, which allows users to deposit their tokens directly into EigenLayer without waiting for unlock periods. This feature enables users to maximize their earnings from EigenLayer points and contributes to EtherFi’s status as a leading liquid restaking protocol in terms of TVL.
How to Buy Etherfi (ETHFI) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Etherfi (ETHFI). Over 100 cryptocurrencies, including ETHFI, can be traded on Binance TR, where accounts can be created quickly. Follow these steps to buy Etherfi (ETHFI) with TRY on Binance TR.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. You need to go to trbinance.com and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identification number.
After entering the requested information completely and accurately, email/SMS verification will be performed to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process either from your phone or through the official Binance TR website. Note that you will need your mobile phone for identity verification from the website as well.
On the Binance TR website, hover over the “Profile” option at the top right and click on “Identity Verification and Limits” from the drop-down menu, then click on “Verify.” After this step, you will need to scan the QR code that appears with your mobile phone camera and continue the process on your mobile phone. If you cannot scan the QR code, you can click on the “Copy URL” option to have the identity verification address sent to your mobile phone via SMS.
When you enter the address on your mobile phone or scan the QR code, a screen like the one below will open on your mobile phone. Continue by first tapping on the “Identity” option.
Then a screen like the one below will appear. To continue the verification process, first select the document type that suits you best.
After selecting the document type, continue by tapping on the “Upload front side” option. After taking a photo of the front side of the document according to the selected document type, tap on the “Upload back side” option and take a photo of the back side of the document and upload it. Ensure that the images are clear and the information in the photo is easily readable when taking photos of the front and back sides of your ID card or driver’s license.
Then continue by tapping on the “Selfie” option. At this point, your mobile phone’s front camera will open, and you will need to scan your face. Ensure that your face fills the camera area as much as possible once the camera opens.
After completing all these steps correctly and completely, your identity verification process will be completed in a short time.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 and make uninterrupted transactions from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits up to 50,000 TL can be made 24/7 with FAST from other banks. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com and hover over the “Wallet” option at the top left of the homepage and click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do now is use the information shown on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
After your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy ETHFI Coin with TL on Binance TR?
After the deposit process, you can proceed to the TL to ETHFI coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the following page will open. You can go to the TL to ETHFI purchase page by typing “ETHFI” in the search section on the right side of this page and clicking on the ETHFI/TRY option from the results.
Now the ETHFI trading page will open. On this page, in the red-marked area, you need to enter the price at which you want to buy ETHFI in the first box and the number of ETHFI you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy ETHFI” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR offers both fiat-to-crypto and crypto-to-crypto trading services by leveraging Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) through direct bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users are supported by Binance’s core functionalities with Binance TR, gaining access to market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls.
