ETH Fan Token (EFT): Features, Price, Tokenomics $ v2 Migration
ETH Fan Token Ecosystem
ETH fan token (EFT) is the official cryptocurrency of the ETH fan club. Cryptocurrency fan tokens are not strange in the crypto space, and the Ethereum network is not left out. This fan club is made up of a large group of people who are enthusiastic about Ethereum, its official token, Ether, and the future of cryptocurrency as a whole.
The club was founded early in 2021 by a team of people who claim to have recorded numerous achievements in previous investments. The project is said to provide the crypto community with a safe and secure haven designed to make investors more open to investing their funds in its Ethereum fan token. However, it’s important to note that the founders haven’t revealed their identities, so there is an increased threat of foul play.
The ETH fan token ecosystem is supposed to be unique because the ETH fan token pays dividends to its users. These dividends are usually in the form of Binance-supported ETH. It is quite a curious twist to run the Ethereum fan token on a different blockchain than Ethereum. Also, the white paper doesn’t clearly specify where the dividends come from, which is another red flag to consider.
Further, a prerequisite must be fulfilled before one can earn dividends. This prerequisite is having up to (or over) 200,000 EFT in your wallet. Having this amount makes you eligible to earn dividends regularly.
Also, the more tokens you have, the more dividends are allocated to you. This incentive encourages enthusiasts to buy more ETH fan tokens to increase their earnings. But should they?
What Is ETH Fan Token?
The Ethereum fan token is a BEP-20 token fully supported by the Binance Smart Chain. According to the founding team, the reason for using the BSC is to ease the fear of investors who are skeptical about investing in projects because of the limitation of the Ethereum blockchain, some of which include the hefty gas fees — it seems like they’re not such big fans of Ethereum after all.
The EFT team clarified that both big and small-time investors are welcome on board, which might be quite counter-intuitive considering they applied a minimum threshold for investors to earn dividends.
Furthermore, the ETH fan token crypto team has mentioned several benefits attached to the token being pegged to the BSC. Some of these benefits include a drastic reduction in gas fees compared to the exorbitant price paid by their ERC-20 counterparts. However, the Ethereum move to proof of stake, Ethereum 2.0, would see a lowered gas fee. As you certainly noticed by now, EFT seems to have no fundamentals but repeats the advantages tied to the underlying blockchain, which somehow isn’t Ethereum but BSC.
Maybe the only reasonable thing coming from the Ethereum fan token team is their call upon investors to conduct their research before investing in the token.
This cryptocurrency fan token is wholly run by smart contracts that have been supposedly tested, tried, and audited. The ETH fan club had also earlier disclosed a roadmap of the ongoing and future plans for the network. The implementation, which kicked off in the last quarter of 2021, is set to run into the second quarter of 2022.
Key Features
The peculiarity of the project is that it is fully community-driven and major decisions are made through voting.
Also, the ETH Fan Token smart contract is equipped with an anti-kit mechanism to avoid huge drops. The maximum transaction size and maximum wallet size are set at 1% of the total token supply. More than that, the project's smart contract operate with Anti Bot features, protecting it from sniper bots.
Tokenomics
According to the project’s white paper, the ETH Fan Token smart contract will tax transactions at different rates for buyers and sellers. Buyers will only be taxed at the 10% rate, and sellers — an additional 4%. Collected funds are used for ETH rewards, marketing and promotion, and community development. The initial distribution of tokens is as follows:
ETH Fan Token Price
At the time of writing, ETH Fan Token is trading at $$0.00000000249. The total market capitalization stands at $1,199M, which ranks at #6090 on the crypto market. The EFT circulating supply is 481,340.70B and the maximum supply is 1 quadrillion. The token can be purchased and traded on decentralized exchanges, such as PancakeSwap.
ETH Fan Token Ecosystem to USD Chart
Here is the price chart of the EFT token for the past year:
EFT Price Prediction and Price Movement
ETH Fan Token Ecosystem is down 6.41% in the last 24 hours and down 20% over the month. Starting from December 19, 2021, when the token started trading, until the end of November 2022 the token’s price increased by 8.8%.
The all-time low was recorded on January 10, 2022, when EFT dropped by 93% from the initial 2021 value. Six days after, on January 16, 2022, EFT reached its all-time high with a 2341% increase. By the beginning of February, the token reversed to its 2021 values.
By the year 2023, the experts expect 148% growth of EFT, and by the year 2024 — 248%. However, the given predictions could change in the future. Please do your own research prior to making an investment.
ETF Fan Token Migration
Ethereum Fan Token migrated to the new contract in February 2022, according to the announcement on their official Twitter account:
Unique Features of The EFT
The ETH fan token, just like some crypto projects, employs the use of regularly audited smart contracts and novel tokenomics that aid the automatic generation and distribution of dividends to eligible token holders.
Audited Smart Contracts
The blockchain-supported smart contract of the ETH Fan Token is wholly tested and audited by three individual tech companies, including Certik and Interfi network, among others.
Locked Liquidity
The liquidity pool of the EFT is currently locked and will remain so for five years. The tokens locked include those of the team members that will stay locked for 180 days, referred to as vesting.
Community Inclined Governance
The EFT team claims to be fully committed to ensuring that power is not concentrated in the hands of a few people. Rather, the users are given the power and right to have a say in the governance of the network through a transparent voting process.
Bot Protection
The smart program used on this platform has features that protect the network from attacks by bots, especially Sniper bots.
Frequent Promotions
Various marketing plans and strategies have been put in place to increase the popularity of the token and attract more investors. The success of these promotions is expected to lead to a soar in the ETH fan token price. The Ethereum blockchain has always been in the spotlight, and with the Ethereum merge on the way, the network is expected to increase in popularity. But speaking of EFT, we see only strategies to “pump” its token price, seemingly with no added value.
Transaction Limit Mechanism
A whale prevention mechanism has been put in place on the smart contract. This limits the number of tokens that can be used for trading. The maximum amount a user can own is 1% of the total market capitalization (equivalent to 10 trillion).
The maximum amount that can be traded during a transaction is pegged at 0.1% of the market cap (equivalent to 1 trillion) per transaction.
Where To Buy ETH Fan Token?
ETF has not been listed yet on centralized exchanges, such as Redot. However, it can be purchased on decentralized exchanges (DEX). Most often, this will imply manually importing the token’s contract address on the exchange. Only investors experienced with cryptocurrencies are recommended to do that.
PancakeSwap
One of the exchanges supporting EFT is PancakeSwap. Its functionality is similar to a well-known Uniswap DEX. PancakeSwap currently supports BNB Chain, Ethereum, and Aptos networks.
Final Thoughts
The ETH Fan token doesn’t provide any clear edge rather than intentions to hype the ETH fan token price and pay out dividends, the attitude that resembles other infamous pump and dumps and Ponzi schemes in the crypto space.
We encourage investors to treat this project with great caution, especially since there are many other projects in the crypto niche providing cutting-edge solutions to real-life problems.
FAQ
Can I buy EFT with cash?
One way to purchase EFT with cash is to buy crypto with a bank card on Redot. Next, send the purchased crypto to an exchange supporting EFT.
Are There Any Quick Ways to Buy EFT in Europe?
Some DEX support various online payment solutions. However, it is important to make thorough research to choose a reliable DEX.
Are There Any Alternative Platforms to Buy EFT With Credit Cards?
There are peer-to-peer platforms where you could potentially find someone selling EFT for cash. However, EFT is not the most popular asset on the market and it might be not easy to find a seller.
*This communication is intended as strictly informational, and nothing herein constitutes an offer or a recommendation to buy, sell, or retain any specific product, security or investment, or to utilise or refrain from utilising any particular service. The use of the products and services referred to herein may be subject to certain limitations in specific jurisdictions. This communication does not constitute and shall under no circumstances be deemed to constitute investment advice. This communication is not intended to constitute a public offering of securities within the meaning of any applicable legislation.
