The FILLiquid testnet is in its last 24 hours, presenting the final chance to get positioned in its free $FIG airdrop distribution.
The Filecoin-based lending platform is gaining traction following the sudden $FIL price surge, with investors scrambling to become early adopters in different protocols built on top of the decentralized data-sharing infrastructure.
FILLiquid is leading the way as it attempts to deepen $FIL liquidity for Storage Providers, allowing them to continue their storage expansion without experiencing additional financial responsibilities.
At the same time, FILLiquid presents a unique route to earning a passive income for $FIL holders through lending.
With just 24 hours in its first testnet phase, this is the last opportunity to participate in this magnificent airdrop.
What you'll learn 👉
FILLiquid Testnet Phase One Enters Final 24 Hours of Operation – Final Chance For Airdrop
The first phase of the FILLiquid testnet is now in its final 24 hours of operation, meaning this is the last chance to position yourself in its free airdrop distribution.
FILLiquid is a newly emerging Filecoin-based lending platform that seeks to provide $FIL holders with a passive income and Storage Providers better access to $FIL liquidity for storage expansion.
The protocol intends to enable the sustainable storage growth of the Filecoin network by making it easier for Storage Providers to expand without facing additional financial burdens.
Storage Providers are the miners that provide storage services for users looking to store data on the Filecoin network. However, whenever a Storage Provider intends to increase its storage capacity, it must pledge $FIL to the network.
The $FIL pledge serves as a mechanism to keep Storage Providers honest, ensuring they reliably store the data and make it available for retrieval over time. However, it also presents a unique opportunity cost as the expense of acquiring more $FIL for pledging could be put to better use – such as buying more hardware.
FILLiquid intends to change this through its unique liquidity pool that allows Storage Providers to bind their nodes to its smart contract to serve as collateral to secure a $FIL loan. The miner’s node contains all the $FIL previously pledged to the network, and it also receives future $FIL rewards from storage mining, providing adequate collateral to keep $FIL lenders safe.
How to Participate?
Participating in the FILLiquid testnet is free and straightforward for everybody with or without prior DeFi experience.
The team has created in-depth guides to help users along each step of the way, which can be accessed through this testnet overview.
The first step is to point your wallet to the Filecoin Calibration testnet network and load your wallet with free $tFIL tokens.
Then, users can start the testing by trialing the Staking (lending) or Farming products on FILLiquid. There’s also a Borrowing product, which is primarily geared toward Storage Providers.
The Staking (lending) platform allows users to deposit $FIL ($tFIL in the testnet) to earn a passive income through lending. After depositing $FIL, the smart contract will mint $FIT, a liquid staking derivative token.
$FIT serves as proof of stake and a vehicle of dividend allocation, allowing depositors to earn an income through lending. It can also be used in the farming protocol to farm $FIG.
Look at this guide for a complete guide on how to lend on FILLiquid.
The Farming protocol allows users to deposit the $FIT liquid staking derivative token into the protocol to farm $FIG – the protocol’s governance token. Users must choose the period they wish to deposit their $FIT, with more extended periods providing higher $FIG rewards.
Look at this guide to learn how to use the FILLiquid Farming protocol.
What’s Coming Next?
With just 24 hours remaining in the first phase of the testnet, the opportunity to receive a free $FIG airdrop is quickly running out.
The team will take a snapshot of the testnet blockchain on March 18th at 10:00 (GMT +8). Every wallet in the snapshot is eligible to receive a free $FIG airdrop distribution once the token launches on the mainnet.
Following the closure of the first phase of the testnet, the protocol will remain open for testing, but users won’t be eligible for an airdrop.
However, FILLiquid does intend to launch a shorter second phase of the testnet for another airdrop round in the coming weeks before its mainnet launch – albeit with smaller rewards.
In the meantime, the smart contracts for FILLiquid are undergoing a rigorous audit from a high-profile security firm. The results are expected to be released within a fortnight. The security firm’s stamp of approval will be the final step before the protocol is ready for its highly anticipated mainnet launch.
Suppose you’ve been putting off testing the FILLiquid protocol. In that case, this weekend presents the final opportunity to get involved and receive a free airdrop distribution of what could become Filecoin’s most important supporting project.
Visit the free FILLiquid testnet.
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