FILLiquid, the DeFi project building a decentralized Filecoin ($FIL) borrowing and lending platform, was featured in the FIL Hong Kong 2024 event this week.
Representatives of the upcoming $FIL liquidity pool made two speeches during the event, unveiling the highly anticipated phase two of its testnet. In addition, FILLiquid was also one of its official sponsors, with the project being displayed among other prominent sponsors of FIL Hong Kong 2024.
During the event, FILLiquid announced the second phase of its testnet, scheduled to begin on April 10th. The second testnet phase presents another opportunity to test its protocol and receive a free $FIG airdrop distribution when FILLiquid goes live.
What you'll learn 👉
FILLiquid Featured at FIL Hong Kong 2024
The FIL Hong Kong event occurred this week as projects in the Filecoin ecosystem gathered to showcase their latest products at FIL Hong Kong Network Based (April 5th to 7th) and the FIL Hong Kong stage at Web3 Festival (April 8th).
The events featured storage-provider-focused talks, workshops, and discussions that helped break down the latest developments in the extended Filecoin ecosystem.
Prominent projects in the Filecoin ecosystem, such as GLIF, CrossFi, and Greater Heat attended the event. In addition, figureheads from the Filecoin Foundation and Protocol Labs also hosted speeches.
Another project featured at the event was FILLiquid, the newly emerging Filecoin borrowing and lending platform.
FILLiquid is on a mission to help deepen $FIL liquidity available to storage providers through its liquidity pool.
It allows $FIL holders to deposit their assets into the pool for lending, providing them with a passive income stream through lending.
Storage providers can then secure loans using the previously pledged $FIL in their nodes, allowing them to use the $FIL loans to expand their storage capacity.
FILLiquid Unveils Testnet Phase 2 With New DeFi Features
During the event, FILLiquid’s Business Development Director, Wayne Tang, took to the stage for a talk titled “Creating Lending on FVM Filecoin.”
The talk outlined the future direction of the FILLiquid protocol and unveiled the second phase of its highly anticipated testnet.
The testnet allows users to test its four DeFi products in a live environment while becoming eligible to receive a share of its free $FIG airdrop distribution.
The first phase of the testnet was highly successful, with over 10,000 wallets participating in the testing.
The second phase is scheduled to start on April 10th and will introduce the new features and product improvements implemented from the data received through the first testnet.
The second phase of the testnet will showcase the upgrades to its previous three DeFi products: $FIL Staking (lending), $FIL Borrowing, and $FIG Farming.
In addition, the team announced its fourth DeFi product: $FIG Staking.
$FIG Staking intends to push FILLiquid into the modern era of DeFi by introducing unique features such as revenue-sharing and token burning.
Everybody depositing $FIG tokens into the protocol will receive a proportional share of the revenues generated on FILLiquid through the platform’s fees.
In addition, the smart contracts will use part of this revenue to buy back and burn $FIG tokens from the open market, turning the utility token into a deflationary asset.
Airdrop Opportunity: Everybody Participating Receives Free $FIG Airdrop Distribution
The second phase of the testnet presents the final airdrop opportunity for those who missed out on the distribution from phase one.
Those participating in the second testing phase will be eligible to receive a free $FIG airdrop from the 3 million $FIG tokens allocated for this round of testing.
Testing is entirely free. Users are required to point their wallets to the free Filecoin Calibration testnet network and load their wallets with $tFIL tokens from the faucet.
Once ready, users can test the four DeFi products in the FILLiquid protocol and become eligible to receive the $FIG airdrop distribution.
The team has released a series of tutorials (Part 1, Part 2, Part 3) to guide users through the entire process. For more information, users can also join the Discord channel and follow FILLiquid on X.com.
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.
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Media contact:
Isaac Essuman
media@fliquid.io
Marketing Manager
