We’re excited to share the latest on the Filecoin-powered stablecoin project, as we continue our strategic marketing efforts. The project has been in beta testing on the Filecoin Calibration testnet since its launch. Highlights this week include enhanced contract reliability, UI updates based on community feedback, and a new year in the works.
Latest developments:
-Smart Contracts: Launch external security audits to ensure the integrity of contracts and compliance with industry standards. Support pFIL as collateral to prepare for lending market integration.
- Front-end development: Incorporating community feedback into ongoing U updates, including optimizations to bridge functionality and enhancements to recovery mode maps.
- Documentation: Released articles on ltayose and Auto-roll, including comprehensive step-by-step guides to support users in using this protocol.
- Community participation: Masa accepted an interview with Web3 FM (JPN) explaining the role of USDFC in the FIL economy and emphasizing its importance to the development of the ecosystem.
Future Focus:
- Completed and implemented UI updates based on community feedback to achieve a better user experience.
- Continue to promote the external security audit process.
- Enhanced points system to improve user engagement and rewards mechanism.
- Using pFIL as collateral in the lending market.
The USDFC stablecoin injects new vitality into the Filecoin ecosystem, opening a new chapter. Today, let's delve into the secrets of USDFC.
1. The demand for a 'stable cornerstone' in the Filecoin ecosystem.
With the surging tide of the digital age, the volume of data is exploding. As a leader in the field of distributed storage, Filecoin carries the heavy responsibility of storing and retrieving massive amounts of data. However, its ecosystem faces a tricky problem: the lack of mature stablecoin options like USDC and USDT.
For holders of Filecoin and diligent storage providers, daily operating costs are mostly settled in dollars. On one hand, holders grasp FIL, watching its price fluctuations, wanting to preserve asset appreciation potential while needing to respond to real capital demands; on the other hand, storage providers continuously contribute storage power to the network but find themselves in a dilemma during capital turnover—selling FIL risks missing out on subsequent appreciation, while not selling makes it hard to sustain. At this time, the absence of stablecoins is like a foundational void in the ecological tower, urgently needing to be filled.
2. USDFC emerges: The breakthrough player has arrived.
The Secured Finance team keenly observed this predicament and carefully crafted USDFC (‘the dollar of the Filecoin community’ or ‘USDF coin’). It is like a precise key, specially designed to unlock the financial shackles of the Filecoin ecosystem.
Essentially, USDFC is a stablecoin based on the CDP (Collateralized Debt Position) mechanism, fully supported by FIL. What does this mean? Holders can easily obtain stablecoin liquidity by collateralizing their FIL without having to painfully sell their valuable FIL assets. This way, they can preserve the potential value of FIL while meeting the current capital needs, opening a wide avenue for both borrowers and lenders.
3. Detailed usage guide for USDFC.
(1) Minting stablecoins: Opening the door to wealth transformation.
Getting USDFC is very convenient. Just log into the stablecoin application (https://usdfc.secured.finance), deposit your FIL into the designated position, and instantly mint the desired USDFC. Imagine, your dormant FIL assets instantly transformed into flexible stable cash flow, isn't that magical?
(2) Instant payment: Enjoy a convenient trading experience.
As an ERC-20 token, USDFC has strong compatibility. Whether it's commonly used mobile blockchain wallets, well-known MetaMask, or even hardware wallets, it can seamlessly adapt. When you make online purchases, pay service fees, or settle with other ecosystem partners, just a simple click, and USDFC can complete the payment lightning-fast, efficiently.
(3) Receiving funds: Easily starting a payment channel.
For merchant friends, receiving USDFC is just as easy. Simply share your wallet address through a QR code or simple text, and the USDFC paid by customers will be securely credited. No complicated procedures are required, whether in online e-commerce platforms or offline physical stores, this trending payment method can be easily integrated.
(4) Quick conversion: Opening multiple asset channels.
Sometimes, you may need to convert USDFC into other tokens to meet different investment or trading needs. Don't worry, using SushiSwap or cross-chain bridge technology, you can easily achieve this goal. Transfer the converted tokens to an exchange in your jurisdiction, and you can smoothly exchange them for local fiat currency, allowing your assets to freely traverse different fields.
(5) Earning income: Letting funds appreciate while 'asleep'.
Idle funds should not be wasted! Deposit USDFC into the fixed income lending application of Secured Finance, connect your wallet, and after selecting the Filecoin mainnet, you can enjoy stable returns. As the Filecoin network thrives, your wallet can quietly swell, why not?
4. The grand blueprint of USDFC: The future is promising.
(1) Cross-chain transactions: Weaving a network of interconnectivity in the crypto universe.
Looking to the future, USDFC aims to break the 'dimensional wall' between cryptocurrencies. It plans to achieve free conversion with mainstream cryptocurrencies such as FIL, ETH, USDC, and USDT, allowing you to navigate seamlessly between different blockchain ecosystems, easily allocate assets, and fully enjoy the charm of diversified investments.
(2) Ecosystem cooperation: Forging a unified payment tool for the Filecoin ecosystem.
To make USDFC a well-known payment method in the Filecoin ecosystem, the team is actively working to establish close partnerships with various parties. Whether it's data storage, content distribution, or emerging Web 3.0 applications, USDFC will be omnipresent, providing a solid financial link for the prosperity of the entire ecosystem.
(3) Real-world payment integration: Bridging the 'payment bridge' between virtual and reality.
Even more excitingly, USDFC is also looking towards the real world. It is working hard with major payment gateways; imagine that in the near future, you can use USDFC to shop in supermarkets or settle restaurant bills as conveniently as using regular dollars, truly realizing the practical value of virtual currency.
(4) Income feature upgrade: Opening the dual income 'treasure door'.
The “earning” feature will undergo a magnificent upgrade. Users can not only lock USDFC to generate income through delta-neutral strategies but also provide storage services on the Filecoin network simultaneously. One investment, two returns, further tapping into the wealth potential of the Filecoin ecosystem.
5. Focusing on FIL as a single collateral: Wisdom in seeking stability while progressing.
Some may wonder why USDFC focuses on FIL as a single collateral? In fact, there is profound wisdom behind this. By adopting a single asset approach, it can effectively maintain market stability and liquidity. In the current thriving Filecoin ecosystem, FIL, as a core asset, has a solid value foundation. Using it as collateral ensures the stable issuance of USDFC while closely linking with the Filecoin ecosystem, promoting mutual growth and stepping towards a brighter future together.
Now, USDFC has taken solid steps, with various tasks progressing in an orderly manner: smart contracts are undergoing external security audits to ensure everything is foolproof; front-end development is actively incorporating community feedback to optimize user experience; documentation is comprehensive and rich, providing users with all-around guidance; community interactions are frequent, continuously expanding influence.
With the help of USDFC, the Filecoin ecosystem is radiating new vitality and energy. Let us pay attention to this cutting-edge dynamic, seize the opportunities given by the times, and ride the waves in the crypto world to embark on our own wealth journey. Remember to keep following me for more exciting content that you won't want to miss!
