The newly emerging $FIL borrowing and lending solution FILLiquid has announced the launch of its second testnet phase. This phase will allow participants to share the 3 million $FIG tokens allocated for the free airdrop distribution.
The second testnet phase follows the success of the first, in which over 10,000 wallets participated, sharing a hefty 5 million $FIG reward.
Phase two of the newly launched testnet will showcase FILLiquid’s improvements from the first
testnet alongside a new exciting DeFi product to add to its decentralized Filecoin borrowing and lending solution.
What you'll learn 👉
Huge Airdrop Opportunity: FILLiquid Launches Second Phase Of Testnet
FILLiquid launched the second phase of its testnet today, providing a huge airdrop opportunity for those participating in its free testing.
The second phase of the testnet marks the final steps required for FILLiquid before it can officially bring its Filecoin lending and borrowing solution to life and launch it on the mainnet.
All wallets participating in the second phase of the testnet from today will be included in the upcoming snapshot, allowing participants to receive their share of the free 3 million $FIG token distribution allocated for this testing phase.
The second phase introduces enhanced UI/UX features, a new $FIG farming emission schedule, and a newly launched DeFi product.
Modern-Era DeFi: What Products Are Available to Test?
FILLiquid now has four DeFi products as part of its project, which include the following:
- $FIL Staking
- $FIL Borrowing
- $FIG Farming
- $FIG Staking
$FIL Staking forms the lending side of the protocol, allowing $FIL holders to deposit their idle $FIL tokens to earn a passive income through lending.
Once deposited, $FIT tokens will be minted for the staker, which acts as a liquid staking derivative and a form of dividend allocation in the pool to earn interest.
The $FIL Borrowing product is specifically designed for storage providers who provide storage services on the Filecoin network. Storage providers can bind their miner nodes to the FILLiquid smart contract and use their previously pledged $FIL tokens to the Filecoin network as collateral to secure $FIL loans.
All $FIL borrowed on FILLiquid can only be used to pledge $FIL to the Filecoin network to expand storage capacity. The borrowed $FIL cannot be used outside of the Filecoin pledging protocol, protecting all depositors.
$FIG Farming allows users to deposit the $FIT token minted to farm $FIG, the utility token for FILLiquid.
Users will lock their $FIT into the protocol to earn a range of APY returns over different staking periods.
Finally, the newly introduced $FIG Staking allows $FIG holders to earn a share of the protocol’s revenue. Those locking their $FIG tokens in $FIG Staking will earn a share of the revenues generated through fees on the network.
The $FIG Staking feature will also introduce elements of $FIG token burning, which will introduce deflation into the ecosystem.
$FIG Staking will be introduced to the protocol a few days into the testnet.
Entirely Free: How to Participate?
Participating in the testnet and receiving a free $FIG airdrop distribution is entirely free.
Users must connect their wallets to the Filecoin Calibration testnet and load them with free testnet tokens. This guide covers all the details surrounding this procedure.
Once connected, users are free to test the four products in the FILLiquid DeFi suite.
Although most experienced DeFi users will have no problem testing the protocol, FILLiquid has released a series of guides (Part 2, Part 3) to outline the testing procedure for those who might need some more clarification.
Everybody testing the features will have their wallets included in the upcoming snapshot, entitling them to receive the free $FIG airdrop distribution once FILLiquid launches on the mainnet.
Remember, this is expected to be the final testnet phase before the official mainnet launch, meaning this is your last opportunity to participate to receive the free $FIG airdrop distribution.
If you’ve been waiting to start testing, the time is now. Be sure to follow FILLiquid on X.com and join its Discord community to be notified when the $FIG Staking product 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.
Website – Twitter – Discord – GitHub – Telegram
Media contact:
Isaac Essuman
media@fliquid.io
Marketing Manager
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