I am pleased to share the latest progress of the stablecoin project supported by Filecoin, along with the strategic marketing efforts undertaken. The project is currently in the Beta testing phase on the Filecoin calibration test network. Highlights of this week include enhanced contract reliability, UI updates based on community feedback, and preparations for the new year.
Latest Progress: - Smart Contracts: Initiated external security audits to ensure the integrity of the contracts and compliance with industry standards. Supporting pFIL as collateral to prepare for integration into the lending market.
- Frontend Development:
Incorporate community feedback into ongoing UI updates, including optimizing bridging functions and enhancing recovery mode diagrams. - Documentation: Released articles on ltayose and Auto-roll, which contain comprehensive step-by-step guides to support users in using the protocol.
- Community Engagement:
Masa accepted an interview with Web3 FM (JPN) explaining the role of USDFC in the FIL economy, emphasizing its importance for ecosystem development. Future focus: - Complete and implement UI updates based on community feedback for a better user experience. - Continue to advance external security audit processes.
- Enhanced Points System,
To enhance user participation and reward mechanisms. - Use pFIL as collateral for the lending market. USDFC stablecoin injects new vitality into the Filecoin ecosystem, opening a new chapter. Today, we will delve into the mysteries of USDFC.
I. The 'Stable Cornerstone' of the Filecoin Ecosystem. With the surging tide of the digital age, data volume is exploding. As a leader in the field of distributed storage, Filecoin shoulders the 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 Filecoin holders and diligent storage providers, daily operating costs are mostly settled in dollars. On one hand, holders are holding FIL, watching its price fluctuate, wanting to preserve the potential for asset appreciation while needing to cope with real funding demands; on the other hand, storage providers are continuously contributing storage power to the network but find themselves in a dilemma during cash flow—selling FIL may miss out on future appreciation, while not selling makes it difficult to sustain. At this time, the absence of stablecoins is like a foundation missing from the ecological tower, urgently needing to be filled.
II. USDFC Emerges: The Breakthrough Player. The Secured Finance team keenly identified this dilemma and carefully crafted USDFC ('the dollar of the Filecoin community' or 'USDF coin'). It serves as a precise key specifically designed to unlock the capital 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 only need to pledge their FIL to easily obtain liquidity in stablecoins without having to painfully sell their valuable FIL assets. In this way, both the potential value of FIL is preserved and the current funding needs are met, paving a broad road for both borrowers and lenders.
III. Detailed Usage Guide for USDFC.
(I) Minting Stablecoins: Opening the door to wealth transformation. Acquiring USDFC is very convenient. Just log into the stablecoin application (https://usdfc.secured.finance), deposit your FIL into the designated location, and instantly mint the desired USDFC. Imagine having dormant FIL assets in hand, instantly transformed into flexible and deployable stable funds—isn't it magical?
(II) Instant Payments: Enjoy a convenient transaction experience with USDFC as an ERC-20 token, highly compatible. Whether it's commonly used mobile blockchain wallets, the well-known MetaMask, or even hardware wallets, it adapts seamlessly. When you are shopping online, paying service fees, or settling with other ecosystem partners, just a click, and USDFC can complete the payment like lightning, quickly and efficiently.
(III) Receiving Funds: Easily Open the Payment Channel. For merchant friends, receiving USDFC is equally effortless. Just share your wallet address via QR code or simple text, and the USDFC paid by customers will be securely credited. No complicated procedures are needed; whether on online e-commerce platforms or offline physical stores, this trendy payment method can be easily integrated.
(IV) Quick Conversion: Opening Up Diverse 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.
(V) Earning Returns: Let Funds Appreciate 'In Their Sleep'. Idle funds cannot be wasted! Deposit USDFC into Secured Finance's fixed-income lending application, connect your wallet, and select the Filecoin mainnet, and you can enjoy stable returns. While the Filecoin network is thriving, your wallet can quietly grow, why not?
IV. The Grand Blueprint of USDFC:
A promising future.
(I) Cross-Chain Transactions: Weaving a network of interconnectivity in the crypto universe. Looking ahead, USDFC aims to break the 'dimensional wall' between cryptocurrencies. It plans to achieve free exchanges with mainstream cryptocurrencies like FIL, ETH, USDC, and USDT, allowing you to navigate easily between different blockchain ecosystems, allocate assets effortlessly, and enjoy the charm of diversified investments.
(II) Ecosystem Cooperation:
Creating a unified payment tool for the Filecoin ecosystem. To make USDFC a well-known payment method in the Filecoin ecosystem, the team is actively establishing close partnerships with various parties. Whether it's data storage, content distribution, or emerging Web 3.0 applications, USDFC will be everywhere, providing a solid financial link for the prosperous development of the entire ecosystem.
(III) Real-World Payment Integration:
Building a 'Payment Bridge' between the virtual and the real world. Even more exciting is that USDFC is also looking towards the real world. It is striving to collaborate with major payment gateways. Imagine, in the near future, you could use USDFC to shop at supermarkets and pay bills at restaurants, just as conveniently as using regular dollars, truly realizing the real-world value of virtual currency.
(IV) Yield Function Upgrade:
Unlocking Dual Yield 'Treasure Door'. The 'Earning' feature will also be gloriously upgraded. 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.
V. Focus on FIL Single Collateral:
Wisdom in Seeking Progress with Stability. Some may ask why USDFC focuses on FIL as the sole collateral? In fact, there is profound wisdom behind this. The use of a single asset approach can effectively maintain market stability and liquidity. In the 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 advancement and jointly moving towards a more glorious future.
Today, USDFC has already taken solid steps, with various tasks progressing in an orderly manner: smart contracts are undergoing external security audits to ensure everything is foolproof; frontend development is actively incorporating community feedback to optimize user experience; documentation is detailed and rich, providing users with comprehensive guidance; community interactions are frequent, continuously expanding influence. With the support of USDFC, the Filecoin ecosystem is radiating new vitality and vigor. Let's pay attention to this cutting-edge dynamic, seize the opportunities presented by the times, and ride the waves in the crypto world to embark on our own wealth journey.