Governance token Ether.fi (ETHFI) hit a record high of $7.2 on Wednesday, thanks to growing interest in a shakeup in crypto investments. The rise was up to 50% in the last 24 hours, outperforming Ethereum, Bitcoin and the CoinDesk 20 index.

After the March 18 airdrop, when ETHFI first rose to $5 on Binance, then dropped below $3, the token regained its value.

Protocols like Ether.Fi have become one of the hottest new sectors in decentralized finance (DeFi). Ether.fi's total value locked (TVL) has risen from $100 million to over $3 billion since the start of the year.

ETHFI's strong price performance could strengthen the valuations of other liquid swap tokens (LRTs) that will be airdropped in the future, noted prominent DeFi analyst Ignas.