FILLiquid Announces CertiK Audit Complete as Testnet Hits 15,000 Wallets

FILLiquid now has the stamp of approval from a high-profile crypto-based cybersecurity firm, which says its smart contracts meet the highest security standards in the crypto industry.

Recently, FILLiquid, a Filecoin borrowing and lending platform, announced that it has restarted its incentivized testnet to introduce two new DeFi products.

The platform has also announced that it has received the report for its official high-profile third-party audits through CertiK and Salus and is ready to open-source its codebase to promote transparency.

The completion of the audit marks a milestone moment for FILLiquid, demonstrating that the project values security for its users as one of its top priorities with the decentralized $FIL liquidity pool now running the second phase of its testnet.

The second phase of testing has now witnessed over 15,000 wallets participating, demonstrating the building hype behind the project.

With the testnet ongoing, everybody participating in the testnet is eligible to receive a free $FIG airdrop.

FILLiquid now has the stamp of approval from a high-profile crypto-based cybersecurity firm, which says its smart contracts meet the highest security standards in the crypto industry.

The audit was one of the final hurdles for FILLiquid before being able to launch its decentralized borrowing and lending platform on the mainnet.

With the audit completed, FILLiquid is now focused on testing its new DeFi products on the testnet during its final weeks of testing before launching the hugely anticipated $FIL liquidity pool on the main net.

FILLiquid recently announced that it had restarted its testnet, allowing it to introduce some new features.

Furthermore, the project also revealed that it's open-sourcing its code in the coming weeks. Open-sourcing code allows experts in the community to comb the code line-by-line to provide assurance that the liquidity pool functions as expected without any risk to those utilizing the platform.

In addition to open-sourcing the code, FILLiquid stated that it would introduce two new DeFi products to the testnet, the first of which is already live.

The two new products - $FIG Governance and $FIG Staking - bring the FILLiquid protocol into the modern era of DeFI.

The FILLiquid Governance dashboard is now live, allowing the community to create and vote on proposals for the protocol's future direction.

The $FIG Staking product will be available shortly. It takes the native token beyond governance and into revenue-sharing territory. It will allow $FIG token holders to stake their tokens to receive a slice of the fees generated on the platform, effectively turning them into decentralized owners.

Furthermore, the $FIG Staking product also introduces a buy-back-and-burn mechanism that will use some revenues to buy $FIG tokens from the open market to be removed from circulation through burning, turning $FIG into a deflationary token that becomes scarce over time.

These two DeFi products are designed to push FILLiquid into a new era of DeFi, allowing it to keep pace with modern advancements in the crypto industry.

FILLiquid will restart the testnet network to introduce these new products next week.

The testnet provides the opportunity for users to position themselves in the $FIG token through a free airdrop.

The team has set aside 3 million $FIG to be distributed amongst everybody participating in the testing procedure and has released a detailed outline of the distribution categories.

Testing is entirely free and runs through the official Filecoin Calibration testnet network.

Users will be required to point their wallets to the testnet network and load their wallets with $FIL testnet tokens before connecting to the FILLiquid testnet dashboard and trying the five DeFi products. This guide covers this procedure.

Currently, users can trial $FIL Staking and $FIG Farming, and the team has released detailed guides here and here to outline the procedure. Storage providers on Filecoin can also trial the $FIL borrowing platform.

Following the testnet restart, users can also test the new $FIG Governance protocol, with $FIG Staking coming shortly.

Overall, FILLiquid is setting the foundation for an extraordinary mainnet launch in the coming weeks. The sheer momentum behind the testnet demonstrates the building hype behind this Filecoin lending protocol that expands Storage Power for the network and provides $FIL holders with a source of passive income.

About FILLiquid

FILLiquid is a lending platform that bridges $FIL token holders with Storage Providers that won the Ethereum and Filecoin DeFi hackathon in 2023. The platform allows $FIL holders to earn a passive income through lending, while Storage Providers can access $FIL liquidity at market-based rates to expand their storage provisions.

The protocol intends to help the continued expansion of storage power on Filecoin without increasing financial burdens for Storage Providers, as they don't have to deposit crypto or fiat as collateral. Instead, FILLiquid allows them to secure $FIL loans using their Beneficiary Address as collateral, setting itself apart from other industry-centralized and decentralized lending platforms.