Berlin, Germany, July 24, 2024, Chainwire
FILLiquid, the open-source decentralized lending platform based on Filecoin, is excited to announce the official launch of its mainnet alongside the successful completion of its TGE (Token Generation Event). With this milestone, FILLiquid unveils its liquidity pool, marking a significant step forward in growing Filecoin’s storage capacity by allowing $FIL holders to deposit tokens to earn interest and Storage Providers (SPs) to borrow.
After months of rigorous testing across multiple phases of an incentivized testnet, FILLiquid has successfully completed its token generation event (TGE). Over 20,000 unique wallets participated in the testnet, indicating the massive enthusiasm behind Filecoin’s leasing utility. The community behind FILLiquid is also growing, with over 32,000 followers on Twitter (X) and 22,000 members on its Discord server.
FILLiquid has prioritized security with thorough audits of its smart contracts by Salus and CertiK, complemented by an in-house DeFi security team (who help review the code). There is also a proactive “Bug Bounty Program” in place to help ensure the safety of user funds and the integrity of the platform. The smart contract code is completely open source and disclaims ownership, meaning it has no owner and cannot be modified by anyone, adhering to the principle that “code is law.”
Arthur Tan, CEO of FILLiquid, said: “The team is excited to use the platform to bridge the gap between Filecoin holders and storage providers. FILLiquid is not only focused on increasing liquidity but also on empowering users through strong security measures and governance capabilities.”
“FILLiquid is proud to be the first open-source contract project within the Filecoin ecosystem. We are pioneering by granting all rights to our users through our governance model,” said Arthur Tan. This model allows $FIL holders to participate in key decisions regarding the future of the platform, such as changes to protocol parameters or the allocation of community funds. “Our mission is to provide robust financial tools that empower both Filecoin holders and storage providers, enabling sustainable growth and innovation.”
Now that the lending and borrowing platform is live, $FIL holders can deposit tokens into the pool to start earning interest via $FIT, a liquid staking derivative of Filecoin. Depositors can stake $FIT to farm $FIG, the governance token behind the platform, which can be used in governance and fee sharing procedures. $FIG also has a deflationary mechanism through buybacks and token burns.
In the coming weeks, FILLiquid expects to offer its community airdrop, launch its $FIG Staking product to introduce reward sharing, incorporate cross-chain compatibility, and announce more partnerships within the Filecoin ecosystem.
About FILLiquid
FILLiquid is a $FIL lending protocol designed to increase liquidity for Storage Providers (SPS), helping them achieve steady storage capacity growth and allowing token holders to lease out their assets. The protocol aims to solve the Storage Providers' Dilemma, which requires storage providers to consistently pledge $FIL to add more storage capacity to the Filecoin network by unlocking liquidity on the Storage Providers' node. FILLiquid employs an algorithmic interest rate model dictated by the utilization rate in the liquidity pool.
$FIG, FILLiquid’s native token, provides governance voting rights and allows holders to participate in revenue distribution when staking. It also features deflationary properties through burning.
The team members behind FILLiquid are experts in the cryptocurrency field, with over seven years of experience. The product designer is a CFA-certified economist who previously worked as a researcher at the IMF and the World Bank Group, which gave the project credibility. In terms of achievements, FILLiquid has already won the Filecoin Defy Hackathon in 2023, an event that showcases its innovation in DeFi solutions.
For more information and regular updates, users can visit FILLiquid’s official website and whitepaper, as well as Telegram, X, GitHub, Medium, Discord, and YouTube channels.
ContactLiquid media[email protected]
This article was originally published on Chainwire
