Etherfi (ETHFI) is a groundbreaking protocol in the realm of liquid restaking on the Ethereum Blockchain, catering to the liquidity requirements of stakers looking to utilize their staked tokens for purposes beyond traditional staking. Through its integration with EigenLayer and provision of native liquid restaking features, EtherFi has emerged as the premier protocol in the ETH liquid restaking niche, boasting a substantial Total Value Locked (TVL) and offering users enhanced earning prospects. This article delves into two commonly asked questions: What is Etherfi (ETHFI) and how to purchase Etherfi (ETHFI) with TRY.
What is Etherfi (ETHFI)?
EtherFi is a protocol crafted to streamline liquid staking for Ethereum (ETH) holders, enabling them to stake their ETH liquid stake tokens (LSTs) and receive liquid receipt tokens in return, known as eETH. These eETH tokens represent users’ staked LSTs and automatically accumulate rewards obtained through restaking with EigenLayer. Additionally, users have the option to wrap their eETH as Wrapped eETH (weETH) for utilization in various DeFi applications. Access COINTURK FINANCE for the latest financial and business updates.
EtherFi embarked on its journey with a focus on decentralizing the Ethereum validator landscape and enhancing accessibility to ETH staking. Initially, the protocol provided a non-custodial staking service allowing users to stake ETH in increments of 32 while retaining control over their withdrawal keys. In August 2023, EtherFi expanded its mission by leveraging Distributed Validator Technology (DVT) to disseminate validator keys through an operator network, reducing entry barriers for node operation.
Following its integration with EigenLayer as an ETH liquid restaking protocol, EtherFi experienced significant growth in its TVL. This integration enabled depositors to stake their LSTs with EigenLayer and receive eETH tokens denoting their positions. These eETH tokens are automatically reconfigured to accumulate rewards from EigenLayer staking activities. Moreover, users can wrap their eETH as weETH to broaden its usage across various DeFi applications.
weETH holders can leverage their tokens in a multitude of DeFi protocols including liquidity pools, lending platforms, vault protocols, leverage protocols, and additional restaking applications. This versatility empowers users to maximize their earning potential while continuing to benefit from ETH staking rewards and EigenLayer points, engaging in a diverse array of DeFi ventures.
A standout feature of EtherFi is its native liquid restaking capability, enabling users to directly deposit their tokens into EigenLayer without waiting for unlock periods. This feature facilitates users in maximizing their earnings from EigenLayer points, contributing to EtherFi’s stature as a leading liquid restaking protocol in terms of TVL.
How to Buy Etherfi (ETHFI) with TRY?
Binance TR stands as the premier cryptocurrency exchange for investors in Turkey seeking to acquire Etherfi (ETHFI). With over 100 cryptocurrencies available for trading, including ETHFI, Binance TR offers quick account creation. Follow these steps to purchase Etherfi (ETHFI) with TRY on Binance TR.
How to Open an Account on Binance TR?
Opening an account on Binance TR is straightforward. Visit trbinance.com and proceed with the “Create Account” step. In the initial account creation phase, you will be prompted to input basic details such as email address, phone number, name, date of birth, nationality, and T.C. identification number.
After entering the required information accurately, an email/SMS verification will be conducted for confirmation. Subsequently, you will proceed to the identity verification (KYC) phase.
How to Verify an Account on Binance TR?
Identity verification on Binance TR is a crucial security step to be completed prior to engaging in cryptocurrency trading and account creation. This process safeguards both the user and the cryptocurrency exchange. Identity verification can be performed via phone or through the official Binance TR website, requiring the use of a mobile phone for verification from the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then select “Verify.” Following this, scan the QR code displayed using your mobile phone camera and continue the process on your mobile device. In case you are unable to scan the QR code, opt for the “Copy URL” option to have the identity verification address sent to your mobile phone via SMS.
Upon entering the address on your mobile device or scanning the QR code, a screen will appear on your mobile device. Proceed by selecting the document type that aligns with your identification.
After selecting the document type, continue by uploading photos of the front and back sides of your ID card or driver’s license as per the document type chosen. Ensure the images are clear and the information is easily readable. Subsequently, proceed with the “Selfie” option, scanning your face with your mobile phone’s front camera.
Following the correct completion of all steps, your identity verification process will be swiftly finalized.
How to Deposit TL on Binance TR?
Depositing TL into your Binance TR account from all banks is a seamless process. You can deposit TL round the clock and conduct uninterrupted transactions from various banks including Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans. Deposits up to 50,000 TL can be made 24/7 via FAST from other banks, while deposits exceeding 50,000 TL from other banks are processed during EFT hours.
To deposit funds into your Binance TR account, visit trbinance.com, hover over the “Wallet” option at the top left of the homepage, and select the “Deposit” option from the drop-down menu.
Subsequently, choose your preferred bank from the displayed page to continue the deposit process. If your preferred bank is not integrated with Binance TR yet, click on the “Other Banks” option to proceed.
For instance, if you choose Vakıfbank, you will be provided with an account name and IBAN address for transfer, EFT, or FAST. Utilize the provided information to transfer the desired amount into your Binance TR account via transfer, EFT, or FAST.
Following the completion of the transfer by your bank, the transferred funds will automatically reflect in your Binance TR account wallet.
How to Buy ETHFI Coin with TL on Binance TR?
After the deposit process, proceed to purchase ETHFI coin with TL by clicking on the “Buy-Sell” option on the top left menu of the Binance TR website.
Upon clicking this option, you will be directed to a page where you can search for “ETHFI” in the search section on the right side and select the ETHFI/TRY option from the results.
Next, the ETHFI trading page will open. Enter the desired price and quantity of ETHFI in the respective boxes in the red-marked area of the page. Complete the purchase by clicking the “Buy ETHFI” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, launched Binance TR in 2020 to cater to cryptocurrency investors in Turkey. Headquartered in Istanbul, the cryptocurrency exchange can be accessed at trbinance.com.
Binance TR offers fiat-to-crypto and crypto-to-crypto trading services utilizing Binance’s technology, security measures, and liquidity 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 benefit from Binance’s core functionalities on Binance TR, gaining access to market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls.
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Disclaimer:
The information provided in this article is not investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
