FILLiquid Hits $1 Million FIL in Deposits In 21 Days

Berlin, Germany, August 14th, 2024, Chainwire

FILLiquid, the pioneering platform for Filecoin borrowing and leasing, has accomplished the achievement of attracting over $1 million in FIL deposits just 21 days after its mainnet launch.

This rapid growth not only highlights FILLiquid's potential but also underscores the opportunities it presents for FIL holders.

The Filecoin-based protocol offers four unique routes to potential earnings while allowing storage providers to unlock liquidity in their miner nodes to use as collateral to secure FIL loans for the purpose of storage power growth.

FILLiquid Sees $1 Million FIL Deposited In Just 21 DaysFILLiquid launched its mainnet on July 23, 2024, and has already witnessed $1 million worth of FIL assets deposited into its liquidity pool just three weeks after going live.

The rise to the $1 million milestone demonstrated a building hype behind their different solutions on the Filecoin network as FIL holders deposit tokens into the liquidity pool for leasing.

The platform underwent two rounds of an incentivized testnet before its mainnet launch and has already started distributing the FIG airdrop for those who participated.

FILLiquid presents multiple routes to potential earnings through leasing, staking, farming, and revenue-sharing. It also has an incoming burning mechanism that will turn FIG, the native token behind the platform, into a deflationary asset.

FILLiquid's PopularityFILLiquid's gaining popularity amongst FIL holders can be attributed to the open-sourced platform's unique offering of allowing FIL holders to generate potential earnings on their assets through leasing.

The open-sourced leasing protocol provides a dynamic interest rate for depositors, which increases as more loans are secured by storage providers on the platform.

While leasing FIL, depositors can also utilize the liquid staking derivative token, FIT, minted during the deposit process to farm FIG, the platform's native token. Furthermore, FIG holders can then stake their assets to potentially earn on the platform.

As a result of the $1 million worth of deposits in just under three weeks, FILLiquid has undergone two high-profile security audits from CertiK and Salus, providing reassurance and confidence to the community. It also hosts a Bug Bounty program for anybody who can find vulnerabilities in the smart contract, further ensuring the platform's security.

FILLiquid's DifferenceFILLiquid can stand apart from other FIL-based leasing solutions as the audited platform allows storage providers to utilize locked liquidity to secure loans.

The idea behind the FILLiquid protocol is to promote Filecoin storage power growth, helping the network's data storage capacity expand in a sustainable manner.

To achieve this, FILLiquid allows storage providers to bind their miner nodes to the smart contract, presenting the ability to utilize the locked FIL pledges in the node as collateral to secure FIL loans from the liquidity pool.

As a result, FILLiquid helps storage providers become more capital efficient by easing their financial burdens and allowing them to attain FIL for pledging purposes for storage power growth.

What's Next For FILLiquid?With the mainnet live and the FIG distribution underway, FILLiquid is gearing up to release its FIG Staking product, introducing revenue-sharing and a burning mechanism into the ecosystem.

Furthermore, FILLiquid intends to launch a private presale round for its FIG token and establish more partnerships with projects in the Filecoin ecosystem.

FILLiquid's achievements within such a short timeframe signify its potential to redefine the Filecoin landscape, offering unparalleled opportunities for crypto investors and FIL holders alike. As it continues to innovate and expand, FILLiquid remains committed to driving sustainable growth and unlocking new possibilities for the future of digital assets.

About FILLiquid

FILLiquid is a leasing 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 potentially earn through leasing, 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 leasing platforms.

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FILLiquid is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

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Source: Investing.com