FILLiquid Introduces FIG Staking for Revenue Sharing in FIL

[PRESS RELEASE – Berlin, Germany, October 14th, 2024]

FILLiquid, a rising Filecoin-based platform for leasing and borrowing, has introduced FIG Staking, a new feature that enables users to earn yield by staking the platform’s governance token, FIG. This initiative utilizes a revenue-sharing model to enhance the FIG token’s utility and allow token holders to claim a portion of the platform’s transaction fees.

Since the launch of FILLiquid’s FIL liquidity protocol in late August 2024, it has rapidly garnered over $2.5 million in Total Value Locked (TVL), highlighting its expanding role in Filecoin-based borrowing. The recent debut of FIG Staking witnessed nearly 1 million $FIG staked within just two hours, reflecting the enthusiasm of token holders for greater engagement with the protocol.

FIG Staking expands the uses of the FIG token beyond governance by giving stakers the opportunity to access a share of revenue generated from transactions. Through this product, FILLiquid aims to empower token holders to engage more proactively in the protocol’s development, aligning their rewards with platform activity.

“The FILLiquid community has been looking forward to the launch of FIG Staking, which presents new yield-generating possibilities,” stated Arthur Tan, CEO of FILLiquid. “This innovation enables our community to integrate more closely with the protocol, offering them a distinct ownership opportunity within the platform.”

To take part in FIG Staking, users must deposit FIG into the staking product and let rewards accumulate as more transactions and loans are executed on the platform. Stakers are required to select a deposit period, with longer durations yielding greater rewards.

Dividends are distributed based on the user’s staking duration and the staked amount, calculated using a weighted formula. Rewards are activated when the FIL in the reward pool reaches a specific threshold. The first three dividends will be manually triggered on October 17th, October 24th, and October 31st, providing ample opportunity for FIG holders to begin staking.

With over $2.5 million in TVL, FILLiquid has quickly established itself as a vital player in the Filecoin ecosystem. The liquidity pool aims to enhance FIL liquidity for storage providers, enabling sustainable storage power growth and optimizing capital efficiency by leveraging locked liquidity to secure loans.

FIG Staking boosts the functionality of the FIG token beyond governance by granting stakers access to transaction-based revenue. FILLiquid aspires to encourage token holders to play a more active role in the protocol’s evolution, ensuring rewards are tied to platform usage.

About FILLiquid

FILLiquid is a $FIL lending protocol designed to enhance liquidity for Storage Providers (SPs), helping them maintain steady storage power growth while allowing token holders to lease their assets. The protocol addresses the challenge faced by SPs that necessitates continual $FIL pledges to increase storage capacity within the Filecoin network by unlocking liquidity in the SPs’ nodes. FILLiquid employs an algorithmic interest rate model determined by the utilization rate in the liquidity pool.

The native token $FIG grants governance voting rights and enables holders to participate in revenue-sharing when staked, and it features deflationary attributes through token burning.

The FILLiquid team brings significant expertise in the crypto industry, amassing over seven years of experience. The product designer is a CFA-certified economist with a background as a researcher at the IMF and World Bank Group, lending credibility to the initiative. Notably, FILLiquid achieved victory at the Ethereum and Filecoin DeFi Hackathon in 2023, highlighting their innovative contributions to DeFi solutions.

To find out more and stay updated, users can visit FILLiquid’s official website and whitepaper, along with their Telegram, X, Medium, and Discord channels.