February 20th, 2024—FILLiquid, the pioneering decentralized lending platform, has officially launched its highly anticipated incentivized testnet today. FILLiquid is a liquidity pool and borrowing platform for Filecoin that connects $FIL holders and Storage Providers. The protocol allows $FIL holders to earn a passive income through liquid staking, while Storage Providers can borrow $FIL without depositing crypto or fiat as collateral.
Beginning today, any Filecoin aficionado can interact with the FILLiquid protocol and start earning rewards for their contributions. Participants will earn $FIG rewards – the protocol’s governance token – for testing the functions of the testnet, with rewards being airdropped following its mainnet launch.
The testnet is a critical step toward the official launch of the FILLiquid mainnet protocol, enabling Storage Providers to offer consistent power growth for the Filecoin network through deeper $FIL liquidity.
Key Features To Explore During the Incentivized Testnet
Participants will be required to connect their wallets to the Filecoin Calibration testnet network and load their tokens with $TFIL to interact with the testnet. Once connected, users can test the three products FILLiquid offers: Staking, Borrowing, and Farming.
Staking allows holders to deposit $FIL into the liquidity pool to earn interest through lending. Stakers receive $FIT as a liquid staking derivative to act as a proof-of-stake in the protocol, which rises relative to $FIL as borrowers pay interest.
The borrowing feature allows Storage Providers to bind their miners to the testnet and start borrowing $FIL on the testnet to experience how borrowing without collateral works. Miners must pledge their Beneficiary Addresses to the protocol to act as collateral to secure the loan.
Finally, the farming product allows users to Farming $FIG – Deposit $FIT tokens to earn rewards in the protocol’s governance token, $FIG. Borrowers can also farm $FIG through the Debt Farming section.
Together, these products form the lending and borrowing protocol that aligns with Filecoin’s overall goal of reducing the cost of storage power growth by increasing $FIL liquidity. Joining the testnet allows you to be part of a pioneering movement that pushes Filecoin liquidity into a new realm, ensuring long-term sustainable power growth for the overall network while earning $FIG airdrop rewards at the same time.
The Incentivized Testnet: The First Stop Before Mainnet Success
The recently launched testnet is an opportunity for FILLiquid to showcase its product while serving as an opportunity to stress test the liquidity pool in a live environment.
FILLiquid also intends to utilize the testnet to build its community, provide additional rewards through a bug bounty and referral program, and receive valuable feedback from users to help elevate the dashboard and user experience.
Once the testing phase is complete, FILLiquid will have the smart contracts externally audited to ensure security before launching its mainnet.
About FILLiquid
FILLiquid is a decentralized $FIL liquidity pool and borrowing platform that allows $FIL holders to deposit tokens for lending. At the same time, Storage Providers can borrow $FIL without depositing fiat or crypto liquidity.
The protocol is designed to help facilitate the continued storage power growth on Filecoin. With Storage Providers having to pledge $FIL every time they offer storage services, they’re struggling to allocate $FIL efficiently. Currently, their only options to acquire $FIL are to buy it on the open market, use previous earnings from providing storage services, or borrow at high-interest rates from centralized platforms.
FILLiquid intends to deepen the $FIL liquidity available for Storage Providers to borrow without increasing their financial burden. Instead, they can pledge their Beneficiary Address to the protocol to secure the loan, allowing them to deploy capital more efficiently. Simultaneously, $FIL holders can earn a passive income by lending $FIL to the liquidity pool.
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
[email protected]
Marketing Manager
