The future leading decentralized Filecoin ($FIL) lending and borrowing platform, FILLiquid, recently announced a new series of products designed to bring the $FIL liquidity pool into a new era.
After conducting the first phase of its testnet, FILLiquid is using the data from 10,000 wallet participants to improve its protocol, with its next product to implement being $FIG Staking.
The new $FIG Staking product will introduce new features, such as revenue-sharing and token burning, bringing the FILLiquid protocol into the modern era of DeFi.
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FILLiquid Announces $FIG Staking, Bringing in Revenue-Sharing and Token Burning.
FILLiquid has announced that it’s introducing a new feature into its protocol for the second phase of its testnet: $FIG Staking.
The new feature allows $FIG token holders, the platform’s native token, to stake their $FIG into the protocol and earn a return on their holdings.
The innovative product pushes FILLiquid into the cutting-edge boundaries of DeFi, turning the initially planned governance token into a utility token.
With DeFi making monumental leaps every quarter, FILLiquid hopes to bring its protocol into the modern era of DeFi by introducing revenue sharing and token burning into the protocol.
Those staking the $FIG token will be entitled to earn a portion of the revenues generated on the platform through transaction fees when borrowers and lenders deposit or withdraw $FIL from the liquidity pool.
As a result, $FIG holders will become actual owners of the protocol, allowing them to share its profits and continue making decisions on the project’s future direction through governance.
In addition to revenue sharing, FILLiquid intends to implement a token-burning feature through the $FIG Staking product.
The token burning will remove tokens from the open market through buybacks and burns, turning $FIG into a deflationary asset and reducing its supply over time.
Together, these features are expected to turn FILLiquid into the latest version of DeFI.
FILLiquid: Designed to Bring a New Era of Liquidity to Filecoin Storage Providers
FILLiquid is a decentralized lending and borrowing platform for $FIL, allowing holders to earn a passive income and storage providers (SPs) to secure $FIL loans to expand storage capacity on the Filecoin Network.
The entire idea behind FILLiquid is to bring a new era of liquidity to storage miners, who are required to pledge $FIL to the Filecoin Network to onboard more storage capacity.
The $FIL pledges are designed to keep the Filecoin network secure, ensuring storage providers store data correctly and make it available for retrieval over long periods of time.
However, the pledges also place significant financial burdens on the network. SPs usually have to use their funds to acquire the $FIL to pledge when upgrading their storage capacity.
FILLiquid intends to change this by allowing SPs to secure loans using the $FIL previously pledged in their nodes as collateral.
SPs simply have to bind their miner wallets to the FILLiquid smart contract to secure loans.
The interest rates on the loan are market-based, meaning they increase as the liquidity pool utilization rises.
As a result, SPs can have instant access to $FIL without increasing their financial burdens, while Filecoin holders have a route to earning a passive income.
Testnet Phase 2 Coming Imminently – Another Chance for a $FIG Airdrop.
The $FIG Staking feature will be introduced during the second phase of the testnet, which is scheduled to start on April 10th, 2024.
The first phase of the FILLiquid testnet saw over 10,000 wallets participating, all of which are entitled to receive a free $FIG token airdrop distribution when the mainnet goes live.
The second phase of the testnet provides another opportunity to receive a free airdrop through testing.
Everybody participating in the second round of testing will have a share of a 3 million $FIG airdrop.
The testing process is entirely free and hosted on the official Filecoin Calibration testnet.
Users are required to connect their wallets to the network, load them with testnet tokens, and then start testing the four products on offer from FILLiquid: $FIL Staking (lending), $FIL Borrowing, $FIG Farming, and the new $FIG Staking.
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.
Website: https://filliquid.io/
Twitter: https://twitter.com/FILLiquid
Discord: https://discord.gg/xgFRn3x9CF
GitHub: https://github.com/FILL-Lab
Telegram: https://t.me/filliquidA
Media contact:
Isaac Essuman
media@fliquid.io
Marketing Manager
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