FILLiquid Testnet Phase Two Shatters Records, Fueling Anticipation for Game-Changing $FIL Lending Platform

FILLiquid, a Filecoin borrowing and lending protocol, launches the second phase of its testnet, attracting over 6,000 testers eager for its free $FIG airdrop. The protocol aims to enhance $FIL liquidity, enabling holders to earn interest while alleviating financial burdens for storage providers seeking to expand their services.

FILLiquid's Testnet Phase Two: A Resounding Success, Fueling the Hype for a Revolutionary $FIL Lending Solution

London, April 23rd, 2024 - FILLiquid, the emerging Filecoin lending platform, has ignited immense enthusiasm with the launch of phase two of its testnet. This highly anticipated phase has witnessed a remarkable influx of over 6,000 users eager to participate within its first week of availability.

Such overwhelming response is a testament to the growing excitement surrounding FILLiquid's innovative $FIL borrowing and lending protocol, designed to unlock liquidity for Filecoin and drive its relentless growth in storage capacity.

FILLiquid Unveils Testnet Phase Two: Earning Free $FIG Airdrop

On April 8th, FILLiquid commenced the second phase of its testnet, attracting a surge of over 6,000 users within a week. This phase presents a unique opportunity for participants to secure a share of the substantial 3 million $FIG airdrop allocation upon the protocol's mainnet launch.

$FIG, the native utility and governance token of FILLiquid, entitles holders to participate in the platform's revenue-sharing mechanism, granting them a portion of the protocol's transaction fees.

Testing the Protocol's Evolution and Revenue-Sharing Model

This second phase of the testnet serves a dual purpose. It enables FILLiquid to meticulously evaluate the improvements implemented since the first round of testing. It also tests the functionality of the platform's $FIG staking product, introducing revenue sharing and token burning to the ecosystem.

Crucially, participation in the testnet is entirely cost-free, as it leverages the Filecoin Calibration testnet network.

FILLiquid: Empowering Filecoin's Growth by Enhancing $FIL Liquidity

FILLiquid stands out as a decentralized lending and borrowing solution tailored specifically for the Filecoin ecosystem, with the primary goal of bolstering $FIL liquidity. The protocol allows $FIL holders to generate passive income by lending their idle assets, while storage providers can access $FIL liquidity from the platform's pool using the $FIL pledged in their miner nodes.

Currently, Filecoin storage providers face the challenge of pledging $FIL to expand their storage services. This requirement imposes a significant financial burden on these providers, who are essential to the network's operations.

FILLiquid's decentralized solution effectively addresses Filecoin's sustainable storage expansion dilemma, eliminating the need for storage providers to bear additional financial costs when scaling their operations or onboarding new clients.

Earning $FIG: Free Airdrop Rewards for Testnet Participation

The FILLiquid team has generously allocated 3 million $FIG tokens for the airdrop, ensuring that testnet participants are adequately incentivized.

To participate in the testing and secure a share of the airdrop rewards, users can follow the step-by-step guides provided by the FILLiquid team: Part 1, Part 2, Part 3.

These guides detail the process of connecting wallets to the Filecoin Calibration testnet and obtaining free testnet tokens from the Filecoin faucet.

Once the wallet is configured, users can proceed to test the four DeFi products offered by FILLiquid:

1. **$FIL Staking**: This product allows users to deposit $FIL into the liquidity pool, earning $FIT tokens in return. $FIT serves as a vehicle for dividend allocation.
2. **$FIL Borrowing**: Designed for storage providers, this product enables them to borrow $FIL from the liquidity pool, using their pledged $FIL as collateral.
3. **$FIG Farming**: Users can deposit their $FIT tokens to farm $FIG, the platform's utility token. To farm $FIG, users must lock their $FIT within the protocol for a predetermined period.
4. **$FIG Staking**: This product transforms FILLiquid into a revenue-sharing platform, distributing a portion of the protocol's transaction fees to depositors. Additionally, a percentage of the fees is allocated to burning $FIG tokens, introducing a deflationary mechanism into the ecosystem.

About FILLiquid

FILLiquid is a lending platform facilitating connections between $FIL token holders and storage providers. Having emerged victorious in the Ethereum and Filecoin DeFi hackathon in 2023, the platform empowers $FIL holders to generate passive income through lending. Simultaneously, storage providers can access $FIL liquidity at market-based rates, expanding their storage capacity.

FILLiquid's innovative approach enables the continued growth of Filecoin's storage capacity without imposing additional financial burdens on storage providers. Unlike centralized and decentralized lending platforms, FILLiquid allows storage providers to secure $FIL loans using their beneficiary addresses as collateral, setting it apart in the industry.

Media Contact:

Isaac Essuman
media@fliquid.io
Marketing Manager