EtherFi, the leading liquid restaking protocol, has announced that its highly-anticipated airdrop will take place on March 18.

On March 16, the project announced that eETH users, EtherFi points holders, EtherFans NFT holders, and solo Ethereum stakers will be able to claim a portion of 6% of ETHFI’s total supply from March 18, with claims closing 90 days later. EtherFi’s total supply is capped at one billion tokens.

The launch of EtherFi’s token and DAO will coincide with the asset debuting on the Binance centralized exchange, with Binance Launchpool farmers also receiving 2% of ETHFI’s supply. Roughly 11.5% of the token’s total supply is set to enter supply at launch.

“The EtherFi Foundation is thrilled to announce the launch of the ETHFI token, signaling the next major step in decentralization of the EtherFi protocol,” the project tweeted. “ETHFI token allocations aim to promote long-term, deep engagement in key governance decisions toward the continued success of the EtherFi protocol.”

The team added that a second airdrop season will distribute 5% of the token to users at a later date. EtherFi will add any unclaimed tokens from the first drop to the second season’s allocation.

EtherFi is the leading liquid restaking token (LRT) provider, currently boasting a total value locked of $2.9 billion and ranking as the 11th-largest DeFi protocol overall, according to DeFi Llama.

EtherFi currently holds more than 800,000 ETH, with roughly 250,000 wallets staking Ethereum via its protocol.

EtherFi said its token will accrue value in addition to facilitating governance participation. The project set to launch its first governance proposal outlining plans for a value accrual mechanism soon.

EtherFi also revealed its tokenomics for the first time, with 11% earmarked for user airdrops, 32.5% going to investors, 23.26% allocated to core contributors, EtherFi’s treasury taking 27.24%, and EtherFi Foundation partners set to receive 6%.

Investors’ tokens are subject to a two-year vesting schedule, while 1% of the Treasury allocation will go to the Ethereum Protocol Guild — a collective of core Ethereum developers. EtherFi will distribute the entire supply for its token before the end of 2030.

The majority of tokens earmarked for foundation partners will enter circulation alongside the season one airdrop allocation at launch.