The newly emerging $FIL borrowing and lending platform FILLiquid is now gearing up for its final testnet phase, providing another opportunity to participate in the free testing to receive a $FIG airdrop distribution when the token launches its mainnet in the coming weeks.
The team has officially announced that 3 million $FIG tokens are available in the upcoming airdrop, providing the perfect incentive to participate in the free testing.
To participate, users must point their wallets to the Filecoin Calibration testnet, load their wallets with free testnet tokens, and start testing the four products FILLiquid offers.
With the testnet scheduled to get started on April 10th, 2024, let’s take a look at how you can contribute for free and earn a $FIG airdrop distribution for your effort.
What you'll learn 👉
FILLiquid Sees Huge Success in Testnet Phase One: Over 10,000 Wallets
The first phase of the FILLiquid testnet ended on March 18th and was an overwhelming success, with 10,829 wallets participating.
Once $FIG is launched on the mainnet, all wallets recorded in the March 18th snapshot will receive a free airdrop distribution.
The first testnet allowed users to test FILLiquid’s three DeFi products: $FIL Staking (lending), $FIL Borrowing, and $FIG Farming.
The staking side of the protocol allows $FIL holders to deposit Filecoin tokens into the lending pool to earn a passive income through lending. The borrowing side allows Storage Providers to secure $FIL loans using the collateral in their mining nodes, while the $FIG Farming product will enable users to farm $FIG tokens.
The majority of users participating in testnet phase one were from the United States, China, South Korea, and Indonesia.
FILLiquid has been analyzing the data obtained from the first testnet phase to upgrade its protocol, some of which bring FILLiquid into the modern era of DeFi.
Let’s look at the changes they’ve made for testnet phase two.
Testnet Phase 2 Upgrades: New Features, Improved $FIG Emissions, and Better UX
Using the data from the first phase, FILLiquid has introduced various changes to its protocol for the second phase of the testnet.
One of the most exciting changes for FILLiquid is the introduction of $FIG Staking, adding a new product to the three original DeFi products in the first phase of the testnet.
$FIG Staking is designed to bring FILLiquid into the modern era of DeFi, introducing new features such as revenue-sharing, $FIG burning, and marketing funding – pushing the token beyond the scope of governance.
Users must lock their $FIG tokens into the staking product to instantly earn a share of the revenues generated on the FILLiquid platform.
Another change being implemented for the second phase of the testnet concerns the $FIG emissions. Previously, when users farm $FIG, the entire APY reward is distributed immediately, while the $FIL staked in lending remains locked for the farming period.
Instead of providing the full reward in a transaction, FILLiquid is now implementing a change that will distribute the $FIG farmed linearly, rewarding users with $FIG every thirty seconds.
The change is designed to protect $FIG from being instantly dumped while incentivizing users to keep returning to the platform to see their accumulated earnings.
Finally, FILLiquid is also making cosmetic changes to the $FIG Farming page to help users understand the expected APY for different farming periods.
$FIG Airdrop Announced: How to Participate To Earn a Share of the 3 Million $FIG Airdrop?
With the second phase of the testnet coming next week, the team has announced that 3 million $FIG rewards will be airdropped.
As a result, the FILLiquid community is keen to get involved in the second phase to help increase their $FIG rewards from the first phase.
If you missed the first phase, the second testnet phase provides the perfect opportunity to get involved and receive your free $FIG airdrop distribution.
Participating is relatively easy for DeFi users, and FILLiquid has released a series of tutorials (Part 1, Part 2, Part 3) to guide you through the process.
In summary, users are required to connect to the Filecoin Calibration testnet network, load their tokens with $tFIL (the free Filecoin testnet token), and head to the FILLiquid dApps to start testing the products.
If you’re waiting to start testing, be sure to follow FILLiquid on X.com and join its Discord community to be notified when the second phase goes live.
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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