Ether.fi will support Omni Network! $600 million in ETH available

Ether.fi announced its cooperation with Omni Network and will provide ETH worth $600 million as a node to maintain network security after EigenLayer opens external projects to join. It is expected that more new teams will seek support from the LRD project in the future, which will help promote the development of the liquidity re-hypothecation protocol.

Ether.fi will support Omni Network

• Ether.fi as an active verification service provider for Omni Network

Liquidity Re-staking protocol Ether.fi just received $27 million in investment last month. Yesterday, the protocol announced that it will commit to using pledged ETH to maintain Omni Network's network consensus security after the third phase of EigenLayer's products is launched.

In the future, nodes running through Ether.fi will become Omni Network’s Active Verification Service Providers (AVS). These nodes will use pledged ETH as security to run Omni Network nodes and obtain network rewards.

• Provide US$600 million in ETH

In this cooperation, Ether.fi stated that it will use US$600 million worth of ETH for Operating Omni Network nodes represents approximately one-third of the current assets of the protocol.

What is Omni Network

Omni Network is a decentralized network that provides high performance with a parallel consensus design, and also provides fast communication functions across Rollups. The project has received $18 million in financing.

Omni Network Parallel Consensus Mechanism

Ether.fi may launch tokens in the near future

On the other hand, today the Ether.fi team also The further token distribution plan was revealed. If the amount of eETH accumulated in the agreement increases before March 15th, the community distribution ratio of tokens can be increased, hoping to maximize the marketing value of the tokens.

For every 50,000 eETH accumulated in pledge, the protocol can increase the token community allocation by 0.25%, up to a maximum of 2% of the total allocation, which will then be divided equally between new pledgers and existing pledgers.

There will be more LRD cooperation cases in the future

As EigenLayer continues to develop, it will advance to the third phase in the future, allowing new external projects to be built on EigenLayer, by seeking AVS's Support to reduce project cold start barriers.

The largest AVS at present undoubtedly includes liquidity re-pledge projects (LRD) such as Ether.fi, Puffer Finance, Kelp DAO, etc. Therefore, we can expect to see more emerging teams taking the initiative to LRD projects in the future. Extend an olive branch.

It may even happen that multiple projects compete with each other for support. For example, the scale of rewards issued to Ether.fi is used as a measure of cooperation, and then there will be another wave of bonuses for stakers. If you think about it from this perspective, in the long run, the biggest winner of this cooperation is Omni Network, which has occupied a large piece of the pie.

On the other hand, since Ether.fi’s governance module has not yet been launched, the cooperation is only decided by the team. Such actions will have an impact on the rights and interests of eETH holders and should be improved in the future. governance process.

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