Even though the Mode TGE airdrop was disappointing to say at least, I'm still very active on that new L2. One of the reasons for this is the possibility of farming the Ether.fi season 2 airdrop. Yes, Ether.fi, the faithful one. The one that actually gave a small timer like me a very decent airdrop after season 1.
Since I started with Ether.fi there weren't many options to restake with different chains such as Mode or Base so the fees had to be paid on Ethereum mainnet and you all know how hard that is on our wallets..
So during this ongoing season, it's pretty great that I can farm those Ether.fi loyalty points (+ EigenLayer points) on Mode where fees are almost non-existent. This means it's easy and cheap to exist positions and re-allocate to new, more lucrative ones.
I mostly use Ionic & Kim Exchange for my activities. Besides Ether.fi & EL points, there comes the Mode S2 points(not holding my breath...), Ionic & Kim points, and Turtle points on top of everything. Yeah, I know. These probably aren't much individually, but they can make a nice extra income stream when combined.
Bullish On Ether.fi
After the first season, I sold all of my $ETHFI tokens, a thing I now regret a bit.
$ETHFI has done very well recently and is up almost 50% on the 7-day chart. This is probably mostly due to the ETH ETF hype but perhaps also because of Ether.fis ambitious plans.
Here is a screenshot of the top protocols by TVL to give an idea of how big Ether.fi actually is. Not very far from Uniswap for example...
Another very cool thing that they just announced is the Cash feature meaning the protocol users can apply for a physical Ether.fi credit card soon. This means you don't have to offramp your crypto when you want to use it for IRL stuff.
Even though I don't currently need a crypto credit card, I joined the waitlist as it gave me some points and I guess a card like that could come in handy in some special cases.
The main thing however is the fact that Ether.Fi is growing and looking beyond the restaking narrative. All this combined with the overall bullishness of Ethereum is definitely making me rethink selling my possible season 2 $ETHFI rewards.
Conclusion
Staking weETH (that earns etherfi & EL points) on Mode has so farm made eligible for 3 airdrops: Mode, Ionic, and Kim. So far all of those have been peanuts but I have re-invested each back to earn all sorts of benefits.
I'm also seeing some interest toward $ION, $KIM & $MODE native tokens so who knows, maybe one of them will rise and shine in the future. Besides, my main focus is on $ETHFI and $EIGEN so everything else is just extra.
After the ETH ETFs actually become tradable sometime in the near future, I suspect we might see a similar price movement with $ETH as we saw with $BTC after its ETFs were given the green light. This should then flow into the Ethereum beta, making staking & restaking platforms and their tokens surge.
Even though restaking carries extra layers of risks, I think when it comes to price, acquiring $ETH during this summer could be a pretty safe and solid play.
...One More Thing!
Forgot to say I'm also very bullish on Solana and Sanctum is just an awesome gamified way to hold $SOL! Not long ago I wrote an article about it so if you want to know about the latest Solana airdrop game, check it out here.
That's all for today, thank you for reading!
More Airdrops To Farm:
🔸 deBridge — easily bridge assets across Solana & EVMs for example while farming their airdrop!
🔸 MilkyWay - stake TIA farm MilkyWay airdrop
🔸 Grass - perhaps the easiest way to gain exposure for a potentially very big airdrop!
🔸 Archway - join the DropCamp airdrop waitlist. (invite code: 6k50F)
🔸 GRVT ZkSync Mystery Box - just log in and claim your first mystery box
🔸 Ether.fi - stake ETH for Points & EigenLayer points
🔸 Mode airdrop - bridge ETH to farm multiple airdrops (invite code: XGNHet)
🔸 Turtle - earn Turtle points by staking on many different platforms
🔸 Kim Exchange - provide liquidity to earn Mode, Ethfi, etc. points
🔸 Sanctum - an easy and safe way to hold $SOL while farming the airdrop
Disclaimers:
Thumbnail background image made with Canva, pictures are screenshots from Ether.fi
This article contains referral links - remember to DYOR, and double-check URLs!