Berlin, Germany, July 24, 2024, Chainwire
FILLiquid, the open-source, decentralized lending platform powered by Filecoin, is excited to announce the official launch of its mainnet with the successful completion of its Token Generation Event (TGE). With this milestone, FILLiquid unveils its liquidity pool, marking a significant advancement in the development of Filecoin’s storage power, enabling $FIL holders to deposit tokens to earn interest and Storage Providers (SPs) to secure loans.
After months of exacting testing across multiple phases of an incentivized testnet, FILLiquid has successfully completed the Token Generation Event (TGE). The testnet saw over 20,000 unique wallets participate, indicating a huge buzz around the Filecoin leasing tool. The community behind FILLiquid is also growing, with over 32,000 Twitter (X) followers and 22,000 Discord members.
FILLiquid has prioritized security by conducting comprehensive audits of its intelligent contracts from Salus and CertiK, complemented by an in-house DeFi security team (who assist with code reviews). There is also a proactive “Bug Bounty Program” that helps ensure the safety of user funds and the integrity of the platform. The intelligent contract code is fully open-source and its ownership is disclaimed, meaning it has no owner and cannot be modified by anyone – in line with the principle of “Code is Law.”
Arthur Tan, CEO of FILLiquid, said: “The team is excited to leverage the platform to bridge the gap between Filecoin holders and storage providers. FILLiquid is not only focused on increasing liquidity, but also empowering users with solid security measures and governance capabilities.”
“FILLiquid is proud to be the first open source contract project in the Filecoin ecosystem. We are leaders in giving our users full rights through our Governance model,” said Arthur Tan. This model allows $FIL holders to participate in key decisions about the future of the platform, such as protocol parameter changes or crowdfunding allocation. “Our mission is to provide robust financial tools that empower both Filecoin holders and storage providers, enabling sustainable growth and innovation.”
Through the lending and crediting platform, $FIL holders can deposit tokens into the pool to start earning interest via $FIT, a liquid derivative of Filecoin. Depositors can deposit $FIT to farm $FIG, the platform’s governance token that can be used in governance procedures and fee sharing. $FIG also has a deflationary mechanism through token buybacks and burns.
In the coming weeks, FILLiquid plans to deliver a community airdrop, introduce a $FIG Staking product to enable reward sharing, provide cross-chain compatibility, and announce further partnerships in the Filecoin ecosystem.
About FILLiquid
FILLiquid is a $FIL lending protocol designed to enhance liquidity for storage providers (SPs), helping them achieve steady growth in storage capacity while allowing token holders to lease their assets. The protocol aims to solve the SP dilemma that requires SPs to make steady commitments of $FIL to add more storage capacity to the Filecoin network by unlocking liquidity on the SP node. FILLiquid uses an algorithmic interest rate model dictated by the utilization rate in the liquidity pool.
$FIG, FILLiquid’s native token, provides voting rights in governance and allows holders to participate in revenue sharing after staking. It also has deflationary properties via burn.
The FILLiquid team members are very well-versed in the cryptocurrency space, with over seven years of experience. The product designer is a CFA-certified economist who previously worked as a researcher at the IMF and World Bank Group, which provides credibility to the project. In terms of achievements, FILLiquid has already won the Filecoin Defy Hackathon in 2023, an event showcasing their innovation in DeFi solutions.
For more information and regular updates, users can visit the official website and FILLiquid whitepaper, as well as the Telegram, X, GitHub, Medium, Discord, and YouTube channels.
contactFILLiquid Mediamedia@fliquid.io
