Over 3,000 users have flooded the FILLiquid testnet to farm its $FIG airdrop in its first week, demonstrating the building hype behind the $FIL borrowing and lending protocol.
FILLiquid intends to deepen $FIL liquidity by allowing token holders to earn interest and storage providers to use pledged $FIL as collateral to secure loans.
The FILLiquid team has allocated an enormous 3 million $FIG airdrop distribution for this testnet phase. It provides an adequate incentive to test its four DeFi products for free to earn an airdrop when it launches its mainnet.
What you'll learn 👉
FILLiquid Sees Impressive Growth After Testnet Phase Two Launch
🎉 The #FILLiquid Testnet Phase 2 on @zealy_io is LIVE!
— FILLiquid (@FILLiquid) April 10, 2024
🚀 Join us for another groundbreaking journey into Staking, Borrowing, and Farming within the @Filecoin ecosystem. 🌐 @FilFoundation
🏆 Up for grabs: 3,000,000 $FIG tokens & a $2000 USDT prize pool for the top 20… pic.twitter.com/fI1GMnNErE
FILLiquid launched the second phase of its testnet on April 8th and has seen impressive growth figures in just a week since opening.
A total of 3,000 unique wallets have rushed to the testnet to participate in the testing, allowing them to be eligible to receive the free $FIG airdrop distribution once the protocol launches.
The second phase of the testnet is designed to test the upgraded features implemented following the data received from the first phase of the testnet.
FILLiquid implemented changes to its UX and improved its $FIG Farming product emission schedule to ensure longevity for its utility token when the project launches its mainnet.
In addition, the project’s developers have implemented a new DeFi product: $FIG Staking. This new product pushes $FIG beyond the scope of governance, allowing holders to earn a share of the revenues generated on the protocol.
Farming $FIG: Why Are So Many Users Rushing to the Free Testnet?
Users rush to the free testnet, where they can receive a free $FIG airdrop reward once the mainnet is activated.
After the snapshot is taken, everyone participating in the second phase of the testnet will receive a share of the 3 million $FIG airdrop.
The team is incredibly transparent, releasing detailed outlines surrounding the breakdown of the airdrop distribution.
Users who wish to acquire the most $FIG in the airdrop must join its Discord server to paste their participation wallet address and achieve a Level 5 community Discord level on the server.
The first testnet was an incredible success, with over 10,000 wallets participating. At the current rate, the second phase of the testnet is expected to be bigger, with more users flooding into the testing to receive the $FIG airdrop.
FILLiquid: Opening Up Liquidity For Filecoin Storage Power Growth
FILLiquid is a decentralized Filecoin borrowing and lending solution that aims to improve the liquidity problem experienced on the Filecoin network.
Currently, storage providers must pledge $FIL to the Filecoin network to onboard new clients and increase their storage capacity.
Unfortunately, the pledging protocol places financial burdens on storage providers, who must dig into their pockets to secure $FIL to increase their storage provision business.
FILLiquid allows storage providers to secure $FIL loans without increasing their financial burdens. Instead, they can secure loans using the $FIL already pledged in their service node and binding it to the FILLiquid liquidity pool.
The service nodes contain adequate collateral to protect lenders, while borrowers can acquire $FIL without reaching into their pockets.
Earn Rewards: Participate in Receiving a free $FIG Airdrop distribution.
Participating in the testnet is free as it’s facilitated through the official Filecoin Calibration testnet network.
Users must point their wallets to the testnet network and load them with free testnet tokens. Once prepared, they will be free to participate in testing the four DeFi products and become eligible to receive the free $FIG airdrop distribution.
The team has released three detailed guides (Part 1, Part 2, Part 3) that outline the testing procedures.
Overall, the first week’s stats from the FILLiquid testnet show the increasing popularity of this newly emerging $FIL liquidity solution.
About FILLiquid
FILLiquid is a lending platform that bridges $FIL token holders with Storage Providers that won the Ethereum and Filecoin DeFi hackathon in 2023. The platform allows $FIL holders to earn a passive income through lending, while Storage Providers can access $FIL liquidity at market-based rates to expand their storage provisions.
The protocol intends to help the continued expansion of storage power on Filecoin without increasing financial burdens for Storage Providers, as they don’t have to deposit crypto or fiat as collateral. Instead, FILLiquid allows them to secure $FIL loans using their Beneficiary Address as collateral, setting itself apart from other industry-centralized and decentralized lending platforms.
Website – Twitter – Discord – GitHub – Telegram
Media contact:
Isaac Essuman
media@fliquid.io
Marketing Manager
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