2-Month Milestone Update — $2.5 Million TVL
Since its launch on July 24th, 2024, just two months ago, FILLiquid’s FIL-based borrowing and leasing protocol has seen astonishing growth, attracting a staggering $2.6 million in TVL. This rapid rise in popularity is a testament to the promising future of the FIL-based ecosystem.
FILLiquid designed a unique liquidity pool that allows FIL holders to deposit tokens to earn interest and SPs to secure loans using locked liquidity in their miner nodes for the specific purpose of storage power expansion.
After just two months, FILLiquid has already secured its position as one of the leading FIL lending platforms. It ranks ninth in terms of TVL within the Filecoin ecosystem. Let’s take a look at why FIL holders and SPs are flocking to the FILLiquid liquidity pool.
What is FILLiquid?
FILLiquid is not just another borrowing and lending platform. It’s a unique Filecoin-based leasing platform that acts as a bridge between FIL holders and Storage Providers. The FILLiquid liquidity pool offers FIL holders the opportunity to deposit tokens and lend to Storage Providers, who can then secure loans to expand their storage capacity.
FILLiquid stands apart from other borrowing platforms in the space as it aims to promote sustainable storage power growth on the Filecoin network by reducing the financial burdens of SPs looking to expand their storage service.
Filecoin requires SPs to pledge FIL to the network every time they seal sectors on their HDD for the Filecoin network. While the FIL pledge serves as a method to keep SPs honest, it also places significant financial burdens on SPs every time they want to expand their services.
FILLiquid is a game-changer for SPs. It allows them to use the locked FIL in their miner nodes as collateral to secure loans. This means that SPs can now expand their services without the significant financial burdens that come with pledging FIL to the network every time they seal sectors on their HDD for the Filecoin network.
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As a result, FILLiquid has changed the game for SPs by providing a route to sustainable storage power expansion and capital efficiency.
Why Are FIL Holders Rushing to Deposit?
By entering the top-ten-ranked Filecoin ecosystem projects by TVL in just two months, FILLiquid is proving itself as a true contender in the Filecoin leasing space. With over 400,000 FIL already deposited into the liquidity pool, FIL holders are rushing to start earning interest through leasing.
In addition to the yield generated through leasing, FIL stakers also earn from FIG mining rewards. The protocol has allocated 2 billion FIG tokens to reward early adopters of its protocol, with 60% expected to be produced through contracts. Of this, 24% is allocated as lending rewards and 36% through farming.
As a result, FIL stakers on FILLiquid earn through leasing and farming, making it the perfect place to park FIL tokens — especially during the protocol’s early stages. According to the on-chain data, 3,400 unique FIL holders have deposited tokens into the liquidity pool, allowing it to reach the current 418,000 FIL deposit value.
How to Farm FIG
To farm FIG through FIL staking, follow these steps:
- Connect your wallet to the FILLiquid dashboard.
- Deposit FIL into the protocol. Upon deposit, you will receive FIT (an LST), which serves as proof of stake in the protocol and a vehicle of dividend allocation.
- Deposit FIT into the Farming product to start generating FIG rewards. You can choose to lock your tokens for a set amount of time, with more extended periods (and higher deposit values) generating more FIG emissions.
Overall, FILLiquid is making its presence felt in the Filecoin ecosystem as it continues to gain traction at an impressive rate, helping bring sustainable storage power growth to the FIlecoin network.
