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Home»NFT»Ether.fan uses NFTs to boost strikers
NFT

Ether.fan uses NFTs to boost strikers

2023-07-11No Comments3 Mins Read
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Ether.fi is a self-proclaimed non-custodial ETH staking platform that allows users to distribute their staked ETH to node operators for rewards without having to reveal their private key information.

This is achieved by using a shared validation key that uses an integrated encryption scheme (ECIES). Strikers generate encrypted validation keys associated with a winning bid generated by a node operator public key. This then sends information back to the node operator who can decrypt the information using a registered private key.

Source: Ether.fi

This is different from staking Lido, or centralized node operators, Mike Silagadze, the CEO of Ether.fi, told Blockworks.

“The way it works is you send them your ETH and they generate the private keys that control the keys,” Silagadze said. “There is an assumption of trust that they will return their ETH to you.”

Ether.fi, on the other hand, allows strikers to generate their own private keys – strikers only share an encrypted copy of their key with validators.

This does not mean that a staker’s ETH is safe from cutting conditions, as their ETH is still used to operate the nodes.

So what is Ether.fan?

Ether.fan is Ether.fi’s membership loyalty program built on top of its liquid staking token eETH.

EETH – like most liquid staking derivatives (LSTs) – allows users to participate in securing the Ethereum network while also actively participating in DeFi activities without having to lock up 32 ETH.

Ether.fan allows users to wager ETH and hit a fan NFT. The process involves converting the user’s ETH into eETH, which is then packaged into an NFT. This NFT not only represents ownership, but also includes rewards and membership points for the user.

See also  ArbitrumDAO discusses reputation NFTs, here are criteria

“It’s designed for people who have smaller amounts of ETH,” Silagadze said. “We want a product that is usable by the average person rather than limited to institutions.”

Essentially, this means that a fan NFT is simply a packaged ETH that collects rewards over time. The longer a user holds the NFT, the more loyalty points they get. The higher the loyalty points, the greater the revenue and rewards the user receives.

There are 4 membership levels: bronze, silver, gold and platinum. Different levels have different rewards.

“We basically copied the aviation model,” Silagadze said. “The model is you collect airplane points and you cash them in or sell them.”

If a user withdraws ETH, their membership status will be lowered, Silagadze notes. If a user plans to withdraw more than 50% of their ETH, the platform will burn their NFT.

“It makes more sense to sell the NFT [on] like OpenSea or something so you can grab the bounty,” Silagadze said.

Ether.fan NFTs will also play a role in management, allowing users to participate in the management of Ether.fi without the protocol having to issue its own native token.

Any ETH going through Ether.fan also goes to solo strikers, Silagadze notes.

“It’s about launching Ethereum nodes in different geographies because Ethereum is actually pretty centralized right now when it comes to where the nodes are located,” he said. “We have launched the first node in Guatemala and more are lined up.”

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