Side Door Ventures is excited to announce our investment in EtherFi. Founded by Mike Silagadze, and built by an incredible team with a shared belief in the power of decentralized finance, EtherFi is a new liquidity-staking platform that allows investors to maintain custody over their crypto and yet still earn rewards. This is a milestone for the staking market and one that we believe will enable greater institutional adoption and help build a more robust web3 ecosystem.
We believe that the platform’s non-custodial staking solution effectively addresses many of the top concerns of centralization and custody in the ETH staking arena and does so while driving down user costs.
We were also impressed by EtherFi’s innovative approach to minting an NFT for every validator generated through its protocol. This feature allows for metadata storage and has the potential to lead to new creations in the staking space. Furthermore, the NFTs represent one validator and can be fractionalized once its eETH Liquid Staking Derivative token, liquidity pool, and protocol treasury management contracts are launched. While other staking solutions are available, EtherFi stands out for its innovative approach to proof-of-stake, which eliminates the need for energy-intensive proof-of-work mining previously required to create Ethereum tokens.
The platform is scheduled to launch on March 4th, 2023, during the ETH Denver, with the ambitious goal to make its initial mark in the staking universe by onboarding 100K ETH to the platform by mid-2023.
Furthermore, the launch will align with the Shanghai upgrade on the Mainnet in March, allowing ETH stakers to withdraw their staked coins and rewards.
Our team is thrilled to support EtherFi and support its journey to becoming a major player in the staking industry alongside North Island Ventures, Chapter One, and lead investor Node Capital.
If you want to learn more, please join the Etherfi community below!
ETHDenver-EtherFi Launch Party
Website
EtherFi Discord
Twitter