FILLiquid Approaches 15,000 Wallets in Incentivized Testnet After CEO Announces New Features
The FILLiquid testnet is rapidly approaching the milestone of 15,000 wallet participation as users line up to test its unique Filecoin-based lending product.
FILLiquid is creating a decentralized liquidity pool that allows $FIL holders to earn interest and allows Filecoin storage providers to obtain $FIL loans.
In a recent interaction with the community, FILLiquid CEO Arthur Tan unveiled a slew of new DeFi products that will soon be integrated into the testnet, sparking user anticipation.
As the testnet enters its final weeks of operation, momentum continues to build. Post-launch, active testers will be rewarded with a $FIG airdrop, underscoring the protocol’s commitment to its early supporters.
FILLiquid Testnet Approaches 15,000 Wallet Participation Milestone
The FILLiquid testnet continues to attract attention from the crypto space as it quickly approaches the 15,000 participating wallets milestone this week.
The testnet is currently in its second phase and over 14,800 wallets have already tested its DeFi offerings, demonstrating the overwhelming hype around the protocol.
FILLiquid is a $FIL lending protocol designed to deepen Filecoin liquidity and provide a path for storage providers to achieve continued storage capacity expansion without increasing financial burden.
The testnet allows users to test its three current DeFi products, including $FIL Staking, $FIL Borrowing, and $FIG Farming.
$FIL Staking DeFi products facilitate the lending aspect of the protocol, allowing $FIL holders to deposit tokens and earn interest.
$FIL The Borrowing DeFi product is aimed at storage providers, allowing them to use $FIL staked in miner nodes as collateral to secure $FIL loans to expand storage capacity. Finally, $FIG Farming allows users to farm the protocol's native token - $FIG by depositing liquidity staking tokens $FIT, which are minted when $FIL is lent to liquidity pools.
FILLiquid CEO announces new product features during Epic CEO speech
Because the FILLiquid testnet attracted so much attention, the protocol’s CEO, Arthur Tan, recently hosted a CEO talk with the FILLiquid community.
In his speech, the respected CEO outlined FILLiquid’s progress to date and the next steps ahead of mainnet launch.
In addition to announcing that the protocol had successfully completed an external audit with CertiK and saying the code would be open source in the coming weeks, Tan also announced two exciting new DeFi products designed to take the FILLiquid Protocol to the next level.
One of the products announced is the FILLiquid governance dashboard, which allows all $FIG holders to propose and vote on adjustments to the lending protocol parameters and future direction.
The second product announced is $FIG Staking, which will allow $FIG holders to stake their tokens and earn passive income through revenue generated on the platform. Additionally, $FIG Staking will introduce token destruction through buybacks and burns, turning $FIG into a deflationary asset.
Both products will be introduced to testnet in the coming weeks.
Why are testnets getting so much attention?
Over the past few weeks, the FILLiquid testnet has quickly become one of the most anticipated projects on the Filecoin network.
FILLiquid aims to future-proof the Filecoin ecosystem by providing $FIL holders with the opportunity to earn income through lending and storage providers to obtain $FIL loans without using additional collateral - all within a decentralized, open-source ecosystem.
Prior to launch, FILLiquid allowed everyone in the testnet to receive a free $FIG airdrop by testing its protocol.
The team released three tutorials (Part 1, Part 2, Part 3) to guide everyone through the testing process, and fully outlined the distribution criteria in the testnet airdrop in detail.
Overall, FILLiquid is positioning itself as one of the most important projects on the Filecoin network. It has the potential to help ensure sustainable energy storage growth and provide passive income opportunities.
About FILLiquid
FILLiquid is a lending platform that connects $FIL token holders with storage providers who won the Ethereum and Filecoin DeFi hackathon in 2023. The platform allows $FIL holders to earn passive income through lending, while storage providers can access $FIL liquidity at market-based rates to expand their storage supply.
The protocol is designed to help Filecoin's storage capacity continue to expand without increasing the financial burden on storage providers, as they do not have to deposit cryptocurrency or fiat currency as collateral. Instead, FILLiquid allows them to use their recipient addresses as collateral to obtain $FIL loans, distinguishing itself from other industry centralized and decentralized lending platforms. #FILUSDT
