# Welcome to Filliquid Docs #### FILLiquid is a fully open-source, algorithm-based [Filecoin](https://filecoin.io/) liquidity pool built on the FVM ([Filecoin Virtual Machine](https://fvm.filecoin.io/)). Our goal is to solve the inefficiencies of Filecoin assets, providing abundant and secure liquidity to storage providers worldwide. This enables Filecoin holders to safely utilize their assets, ultimately accelerating the infrastructure within the Filecoin ecosystem. \ \ Through our decentralized and efficient pool, FILLiquid helps Storage Providers operate the Filecoin network more effectively, contributing to the creation of a decentralized storage network based on Filecoin and realizing a strengthened IPFS-based open internet. {% embed url="" %} How Filliquid Makes the Filecoin Ecosystem Better {% endembed %} ## Quick Guide ▼


If you hold FIL tokens and want to earn rewards, start here.	Staking User Guide	제목을 입력해주세요_-005 (2).png
Learn more if you are a Storage Provider and want to borrow FIL, and discover what makes Filliquid unique and advantageous.	Storage Provider GUIDE	제목을 입력해주세요_-006.png
Get quick answers in the FAQ for FIL token holders (Liquidity Providers) and Storage Providers	FAQ	제목을 입력해주세요_-009 (1).png
What is a FIG Token?	FIG Token	제목을-입력해주세요_-007 (5).png
What is a FIT Token?	FIT Token	제목을-입력해주세요_-008 (5).png
How Filliquid works?	How it works	제목을 입력해주세요_-010.png
Review Our Audits	Audits	제목을 입력해주세요_-011.png
Filliquid evolves and grows through its community.	Roadmap	제목을 입력해주세요_-013 (1).png
Stay informed with updates on our official SNS.		제목을 입력해주세요_-012 (1).png

# About FILLIQUID

## What is FILLiquid FILLiquid is a fully open-source, algorithm-based [Filecoin](https://filecoin.io/) liquidity pool built on the FVM ([Filecoin Virtual Machine](https://fvm.filecoin.io/)). Our goal is to solve the inefficiencies of Filecoin assets, providing abundant and secure liquidity to storage providers worldwide. This enables Filecoin holders to safely utilize their assets, ultimately accelerating the decentralized data storage infrastructure within the Filecoin ecosystem. \ \ Through our decentralized and efficient pool, FILLiquid helps Storage Providers operate the Filecoin network more effectively, contributing to the creation of a decentralized storage network based on Filecoin and realizing a strengthened [IPFS](https://ipfs.tech/)-based open internet. ## Key Features ### **Our top priority is the safety of our customers' assets.** We have implemented a decentralized protocol using advanced blockchain technology and cryptography. And the protocol will continue to evolve through ongoing contributions from the community. * FILLiquid is the first fully open-source smart contract project in the [Filecoin ecosystem](https://fil.org/ecosystem-explorer/filliquid). * FILLiquid is the first platform that gives full control back to its users. * Only user can withdraw user's funds—your asset, your control. Since there is no owner of the smart contract, the core code remains immutable in FILLIQUID v1. This means the project cannot manipulate the pool arbitrarily, ensuring a secure pool with no backdoors. *** ### Accelerating Filecoin's vision with sustainable solutions. * FILLIQUID provides efficient, transparent, and fair Filecoin lending services to Storage Providers, who serve as node validators within the Filecoin ecosystem. It has earned the trust of leading SP leaders in the industry. * The staking interest rates for Filecoin and the borrowing interest rates for Storage Providers (SPs) are automatically adjusted in real-time based on pool utilization, driven by advanced algorithms. This offers a significant advantage as a decentralized protocol, setting it apart from other centralized platforms. * FILLiquid achieved outstanding results at a hackathon hosted by Ethereum and Protocol Labs, earning the[ Filecoin & IPFS DeFi Rocket prize](https://ethglobal.com/showcase/fill-liquidity-pool-for-storage-providers-m3fs3) in the ETH Global FVM Space Warp competition. ## DePIN + DeFi FILLiquid is a unique DeFi protocol within the Filecoin ecosystem, combining Liquid Staking with DePIN. Through the introduction of cross-chain integration, FILLIQUID interacts with public blockchains beyond Filecoin. We are continuously researching and innovating to provide the community with a more convenient user experience. ## Problem statement #### **Understanding the Challenges in the Filecoin Ecosystem** The **Filecoin network** is a decentralized storage marketplace built on **IPFS technology**, using blockchain to create a **decentralized consensus layer**. This system allows anyone to offer storage services and trade storage space. Through **Proof-of-Replication** and **Proof-of-Spacetime**, Filecoin ensures data security and verification without relying on a centralized authority. *** #### **The Role and Challenges of Storage Providers (SPs)** **Storage Providers (SPs)** are the backbone of the Filecoin network, maintaining the system by committing their storage capacity. In return, they are compensated through **block rewards**, **network fees**, and **income from storage mining**. However, several mechanisms designed to maintain network integrity also create **financial strain** on SPs: 1. **Initial Pledge Collateral:**\ SPs must deposit **Initial Pledge Collaterals** to participate in storage mining. While this ensures accountability and secures the network, it imposes **heavy capital requirements**. In many cases, the **pledged capital exceeds the cost of hardware**, creating unnecessary financial burdens that can slow down the growth of the entire network. 2. **Delayed Reward Distribution:**\ SPs receive only **25% of their block rewards immediately**, while the remaining **75% is distributed linearly over 180 days**. This delay means that a large portion of their rewards cannot be reinvested promptly, limiting their ability to expand storage capacity. *** #### **Current Options for SPs to Acquire FIL** To meet the capital requirements for storage expansion, SPs typically rely on three options to acquire FIL tokens. However, **each comes with significant drawbacks**: 1. **Using FIL Rewards from Storage Deals:**\ While reinvesting FIL from storage deals would ideally support sustainable growth, the **delayed release** of rewards makes this impractical. With most of the block reward locked up, SPs cannot access enough liquidity to scale their operations effectively. 2. **Buying FIL from the Open Market:**\ Purchasing FIL from exchanges exposes SPs to **market volatility** and additional financial risks. The funds used for buying FIL could be better spent on **hardware upgrades** to increase storage capacity, making this option inefficient for long-term growth. 3. **Borrowing FIL from Centralized Markets:**\ Centralized lending platforms typically require **over-collateralization of 150% or more** to secure loans. This means SPs must deposit significantly more capital than they borrow, increasing their financial burden. Furthermore, trusting centralized entities with large deposits poses **security risks**, and **high-interest rates** often do not reflect real-time market conditions, making borrowing expensive and risky. *** ## Solution #### **The Need for a Decentralized Solution** The current options are **inefficient** and **financially burdensome**, slowing down the growth of both **SP operations** and the **Filecoin network**. SPs need a more **flexible, cost-effective, and decentralized** way to access FIL for expanding their storage capacity. Simultaneously, many **FIL holders** are eager to **earn passive income** by lending their tokens. However, **centralized service providers** dominate the current lending market, capturing most of the profits and leaving FIL holders with **minimal returns**. *** #### **Why a Trustless FIL Lending Protocol is Essential** The Filecoin ecosystem urgently needs a **decentralized, trustless lending protocol** that: * **Balances interests** between FIL lenders and SP borrowers. * Provides **fair interest rates** reflecting real-time market conditions. * Eliminates the need for **centralized intermediaries**, reducing risks and increasing transparency. * **Lowers capital requirements** for SPs, enabling them to expand storage capacity without heavy financial burdens. By addressing these issues, a decentralized lending protocol can **unlock new growth opportunities** for the entire Filecoin ecosystem, ensuring **sustainable expansion** and **greater participation** from both **SPs** and **FIL holders**. ## How Does FILLiquid work?

1. **FIL Staking:** Users stake Filecoin with FILLiquid. 2. **FIT (Filecoin Trust Token) Issuance:** In return, users receive Liquid Staking Token (LST) that represent proof of staked filecoin. 3. **Borrowing Filecoin:** Storage Providers (SPs) borrow Filecoin from FILLIQUID, which is then used in the Filecoin mining process by node validators. As the mined Filecoin is used to repay the loans, the value of FIT increases with each repayment. 4. **Rewards Distribution**: Staking rewards automatically get compounded to the FIT token. There's no need to manually claim and stake again. 5. **Extra Yields from DeFi asset backer**: FIT can be used in FILLiquid application, enabling users to earn FIG Token. 6. **Flexible Unstaking**: On FILLIQUID, Filecoin can be withdrawn flexibly at any time as long as the utilization rate is below 90%, with no waiting period required. ## Why FILLiquid? **Decentralized DeFi Protocol:**\ As the first fully decentralized DeFi protocol on the Filecoin Virtual Machine (FVM), FILLIQUID offers superior security and transparent staking rewards compared to centralized DeFi platforms. **Dual Yield Optimization:**\ FILLIQUID uniquely addresses the liquidity challenges of the Filecoin ecosystem by allowing users to earn both staking rewards and DeFi yields simultaneously. This dual approach maximizes returns while supporting the growth of decentralized storage infrastructure. **Proven Team Expertise:**\ Our team consists of early Filecoin developers, blockchain veterans, and financial experts from institutions like BlackRock, Franklin Templeton, and the World Bank. This experience is reflected in our success: * Established as the fastest-growing Filecoin DeFi protocol. * Secured [**Filecoin** **ecosystem grants**](https://fil-retropgf.notion.site/FIL-RetroPGF-1-Results-9ad30232b643460598353489d79b9628), with **100% allocated for user incentives and ecosystem growth** **Instant Withdrawals:**\ Unlike traditional Filecoin staking, which often involves long lock-up periods, FILLIQUID offers **instant withdrawals** through integrated DEXs. Users can flexibly access their funds anytime when the pool utilization is below 90%, with **no waiting period required**. **Strong Partnerships:**\ FILLIQUID collaborates with leading DeFi teams within the Filecoin ecosystem and maintains strategic partnerships, including an official collaboration with **Lighthouse** for secure, permanent data storage. This ensures wide compatibility and robust integration of our liquidity solutions. **Substantial Backing:**\ With **grants** and strong support from the Filecoin foundation, FILLIQUID is positioned to become the largest and most advanced DeFi protocol in the Filecoin ecosystem. Our audited smart contracts by **CertiK** and **Salus** further solidify our credibility and security. **Decentralized Control:**\ FILLIQUID is the only DeFi protocol in the Filecoin ecosystem where users have full control over their assets. The **immutable smart contract** in FILLIQUID v1 ensures that the project team cannot manipulate the pool, guaranteeing a **backdoor-free** and transparent platform. **Experienced Team with Industry Support:**\ Our team is backed by prominent players in the blockchain space, including engineers from major exchanges like **OKX** and **Bybit**. We have a proven track record of building scalable, community-driven projects with a focus on **decentralized governance** and **user engagement**. # Design Architecture The design architecture behind FILLiquid is facilitated through an audited smart contract that automatically executes transactions on the blockchain. The smart contract serves as both a liquidity pool and a lending market, with the capabilities of handling interest rate calculations, liquidity management, and clearing and settlement operations.\ The smart contract primarily interacts with two user groups: 1. Lenders (FIL Holders) 2. Borrowers (SPs) Lenders are typically FIL holders looking to earn interest on their idle assets by depositing their liquidity into the pool. Borrowers are typically SPs seeking FIL to meet their collateral requirements for expanding storage power. The following diagram illustrates an overview of our entire ecosystem:

Figure 1[1]: Relationship between lenders, borrowers and the liquidity pool

\[1]Icon image: Flaticon.com # Staking and Redemption by FIL Token Holders FIL holders can stake their idle assets into the liquidity pool to be lent to borrowers to earn interest. The permissionless FILLiquid open smart contract allows market participants to stake or redeem any amount of FIL assets directly into or from the contract at any time. When FIL Holders stake their tokens into the smart contract, they receive a Liquid Staking Derivative (LSD) token called FIT. It acts as a proof of stake and a vehicle of dividend allocation within the ecosystem. The number of LSD tokens received depends on various factors, such as the following: * The amount of liquidity provided. * The total amount of FIL tokens staked in the liquidity pool (deposits and interest payments from borrowers). * The pool’s utilization rate. Staking and redemption activities are always available and are safeguarded by mechanisms that prevent the depletion of FIL liquidity. For example, when liquidity becomes scarce and the utilization rate reaches a certain level, the number of LSD tokens received in exchange for each unit of staked FIL token increases exponentially, encouraging liquidity provision. Similarly, the cost of the LSD token FIT required to un-stake one unit of FIL token rises significantly, discouraging redemption activity. # Borrowing and Repayment by Storage Providers (SPs) How are the Filecoin staking interest rate and lending rate determined? \ The FILLiquid smart contract also handles borrowing and repayment requests from SPs with financing needs. SPs can acquire FIL tokens from the smart contract by pledging their account balance and future income to the smart contract through their Beneficiary Address. FILLiquid differs from traditional lending protocols as it doesn't require borrowers to overcollateralize their borrowing with mainstream cryptocurrencies, such as ETH, to secure a loan. Instead, FILLiquid adopts a unique risk management approach and takes the SPs' account balance and future income from storage mining as collateral. As a result, the maximum borrowing amount for an individual SP is determined based on their pledgeable account balance. The total pledgable account balance recognized by the FILLiquid smart contract includes the following: * PreCommit Deposits * Initial Pledge * Locked Funds * Available Balance Furthermore, the future rewards from storage miners also serve as additional collateral to mitigate default risks. Since miners do not have direct control over the beneficiary address once pledged to the smart contract, they cannot withdraw FIL from the available balance. As the FIL borrowed can only be used to increase storage power, it also enters the beneficiary address and can be considered collateral. This unique risk management approach allows FILLiquid to safely set the minimum collateralization ratio at 100% during its initiation phase. Once a borrowing request is received, the SP's Beneficiary Address starts transferring to the smart contract's address. From that point on, the account balance and all future earnings of the SP are pledged as collateral by the smart contract. Upon completing the pledging process, the SP receives the intended borrowed FIL tokens. The borrowing interest rates are algorithmically based, meaning they are automatically calculated by the smart contract and solely determined by the utilization rate. The utilization rate represents the total amount of FIL borrowed as a percentage of the total liquidity in the FIL lending pool at a specific time. You can see the borrowing rates at their corresponding utilization rates in the following table;

A high utilization rate indicates high demand in the liquidity pool, leading to a higher borrowing interest rate. Conversely, a low utilization rate suggests low demand, which results in a lower cost of capital to attract borrowers. The borrowing rate model allows for interest rate calibration at key points, and the parameters should be decided by the DAO (Decentralized Autonomous Organization). The loan interest is continuously compounded and accrued every epoch but is repaid along with the loan principal. When borrowers request to repay the loan, the principal and interest payments are made together through the smart contract. The following table shows the interest rate (in percent) for some simulations. For example, let's assume an SP borrows at a 50% utilization rate with an 8% nominal annual interest rate (table above) and plans to repay the loan over 36 months. In that case, they would have to pay 27.12% of the principal as interest.

The repayments, both principal and interest, are then returned to the liquidity pool and become available for other SPs to borrow, reducing the utilization rate pressure. # Transaction Fees FILLiquid employs two transaction fees on the protocol: 1. Storage Providers pay a 1% transaction fee when borrowing FIL from the FILLiquid liquidity pool 2. Staking users pay a 0.1% transaction fee when FIT is used to redeem/withdraw FIL from the ecosystem. All transaction fees are denominated in FIL. # Risk Management Mechanisms The liquidation mechanism is implemented to protect liquidity providers and the FILLiquid pool from potential losses. When the collateral value falls below a specified threshold for borrowers, the mechanism automatically triggers the sale of the collateral to repay the loans. To maintain responsible borrowing practices and prevent misuse, each miner is allocated five (5) loan slots, and it is mandatory for miners to repay at least one loan before borrowing a fourth. Furthermore, the total value of the three loans must remain within the miner's credit line (or family's credit line). This restriction ensures that malicious borrowers cannot continuously borrow without repayment or attempt to exploit the system by dividing a large loan into multiple smaller fractions to invalidate the ex-post utilization mechanism, as FILLiquid does not require borrowers to specify the borrowing term. Miners must borrow a minimum amount of 10 FIL, while the miner's credit line determines the maximum borrowing amount. Liquidity providers can stake any amount they desire, starting from as little as 1 FIL. This flexible staking range enables liquidity providers to participate according to their preferences and available resources. Introducing these mechanisms and the community's involvement in the governance process contribute to a robust risk management framework. The framework strengthens the network's security and integrity, ensuring that malicious actors are appropriately dealt with to maintain a safe and reliable ecosystem. # Staking Yield Allocation ## Design Rationale Lenders who contribute liquidity to FILLiquid will expect to be compensated for the opportunity cost of their capital through interest income or capital appreciation.The allocation of this compensation is distributed through the Liquid Staking Derivative (LSD) token FIT, which is minted and sent to lenders when they deposit Filecoin into the pool. To facilitate the distribution of stake benefits and determine the rate of return, an automated system has been designed with key factors that include, but are not limited to, the following: * **Filecoin Trust (FIT) Tokens:** The LSD tokens are minted and granted to lenders who deposit FIL into the liquidity pool. FIT serves as a proof of stake in the protocol and enables the allocation of returns. * **Open Staking and Withdrawal:** Stakes and withdrawals can be made at any time based on the prevailing exchange rate between FIT and FIL. * **Growing Value of FIT:** The value of FIT in terms of FIL is expected to naturally increase as more FIL is borrowed and returned with interest payments made to the liquidity pool. A portion of the interest borrowers pay is reflected in the value of the FIT token and distributed to lenders. * **Liquidity Protection:** The FIT/FIL exchange rate is dynamic and responsive to the utilization rate. This is aimed to discourage excessive redemptions and incentivize liquidity provision. Higher utilization rates cause FIT to depreciate relative to FIL, which makes staking more cost-effective and redemption less favorable economically. As mentioned in the last section, the determination of the exchange rate should apply the ex-post utilization rate to safeguard the system. * **Approximation of Utilization Rate at Redemption:** As determining the exact ex-post utilization rate at the time of redemption isn’t feasible, the system should adjust the current exchange rate to estimate the amount of FIL to be redeemed and approximate the utilization rate. ## Providing and Withdrawing FIL Liquidity When a lender (FIL token holder) contributes liquidity to the lending pool, they receive minted FIT tokens as proof of stake. The exchange rate between FIT and FIL is determined by dividing the total amount of FIT outstanding by the total amount of FIL staked in the liquidity pool. During the initial stages, when no interest income has been accrued, one unit of FIT is minted for each FIL deposited. As the lending pool is utilized, the borrowing interest is deposited back into the pool as borrowers make repayments and pay interest. As a result, the value of FIT in terms of FIL steadily increases, allowing the interest income to be distributed proportionally among lenders. When a lender requests redemption to withdraw their FIL deposits, the maximum amount of FIL they can redeem with FIT is limited to the FIL available in the liquidity pool. To approximate the amount of FIL to be redeemed, the current FIT/FIL exchange rate is divided by (1-U), where U represents the end point utilization rate. The actual FIT/FIL exchange rate after redemption is expected to be higher than the current one. The system will return an error message if the approximated withdrawal amount exceeds the available FIL. Conversely, if the approximated amount is lower than the available FIL, the ex-post utilization rate is calculated based on the approximated FIL amount to be withdrawn. A FIT/FIL exchange rate multiplier, denoted as Mu, is calculated to adjust the amount of FIT to be minted during staking and the amount of FIL to be withdrawn during redemption. The multiplier is a function of endpoint utilization rate U. When U surpasses the maximum borrowing Um, the protection mechanism is activated to incentivize liquidity provision and discourage FIL redemption. In essence, a higher utilization rate corresponds to a higher value of Mu, influencing the FIT/FIL exchange rate.

Figure 3 FIT/FIL Multiplier Model under Current Settings

# Benefits for Token Holders #### Benefits for Token Holders **Why FIL Token Holders Need to Use Filliquid to Earn Rewards** **Earn Rewards by Depositing Filecoin** Filecoin inflates over time, meaning FIL token holders are constantly being diluted by the new FIL tokens entering the Filecoin economy. Filliquid allows FIL token holders to protect themselves against network inflation. #### **Rapidly Growing Liquidity** Filliquid is one of the fastest-growing pools, allowing Filecoin holders to deposit and withdraw at any time or lockup periods. **Secure Pool Design** Filliquid’s top priority is the safety of Filecoin Staker and Storage Provider assets. Filliquid has been audited several times and employs conservative and algorithmic economic policies to minimize the risk of loss. **Earn Filliquid Governance Token (FIG)** As FIL Stakers Re-Stake FIT, they earn Filliquid Governance Token # FILLiquid Reward Mechanism -FIT #### **Filliquid Reward Mechanism - FIT** **Filecoin Stakers earn rewards by holding FIT tokens** **About FIT** FIT is Filliquid's reward token—an ERC20 token deployed on FEVM. Filecoin Stakers hold FIT tokens to earn rewards. When a Filecoin Staker deposits FIL into the pool, they receive a proportionate amount of FIT tokens in return, based on the current price of FIT. As Storage Providers (SPs) accrue interest by borrowing FIL, the price of FIT increases. Filecoin Stakers can redeem FIT back to FIL when they choose to withdraw. FIT can be transferred to other wallets, traded on secondary markets, and used in other DeFi protocols. *** #### **Calculation of FIT** The amount of FIL that can be redeemed with 1 FIT token is calculated by dividing the total accrued assets in the pool by the circulating supply of FIT tokens. Therefore, the price of FIT increases every block. The FIT price is computed as:

Where: Total FIL liquidity = accumulated amount of FIL staked - accumulated amount of FIL redeemed + accumulated interest – redemption fee Total FIT outstanding = accumulated amount of FIT minted by the smart contract - accumulated amount of FIT burnt **Basic Example:** * **FIT Price:** Let’s imagine a simple scenario where the current price of FIT is 1 FIL. So 1 FIT = 1 FIL. * **Filecoin Staker Deposits:** A Filecoin Staker deposits 1 FIL into FILLiquid and receives 1 FIT. * **SP Borrows and Accrues Interest:** As SPs borrow and (over time) accrue interest, the pool's total assets increase. * **Value Increase:** The FIT price increases as more total assets are earned by the pool. If the FIT value increases by 5%, 1 FIT is now worth 1.05 FIL. * **Withdrawal:** The Filecoin Staker can withdraw 1.05 FIL by redeeming 1 FIT. *** #### **Source of Rewards** Rewards come from the interest accrued by SPs who borrow FIL from FILLiquid. The expected interest received from SPs is split proportionately among FIT holders and is automatically compounded in FILLiquid. From an economic perspective, FILLiquid implements an accrual basis accounting method. In other words, it counts interest owed from SPs as part of its total assets before any payments are made. As a result, FILLiquid Filecoin Stakers earn rewards every block. *** #### **Reward Rates** Assume an SP borrowed FIL from the pool at an interest rate of 15%. Only borrowed FIL generates rewards. The proportion of borrowed FIL to total FIL liquidity in the pool is referred to as the pool’s **utilization rate**. Utilization rate is computed as:

The reward distributed to FIL Stakers is computed as:

A portion of the **1% redemption fee** is stored in contingency pool used to address bad debt losses and another portion of the transaction fees will be used to burn the FIG Governance Token. *** #### **See Your Rewards** FIL Stakers can check the FIL value of their FIT holdings by connecting their wallet to FILLiquid or visiting the wallet/multisig page of a particular address. FIT returns are shown in the **"Tokens" section**. # How to Stake Filecoin

Deposit your Filecoin **on-chain** and help revitalize the Filecoin network! 🚀\ Your deposited FIL contributes to **building the Filecoin ecosystem**, supports the **decentralized storage (DePIN) infrastructure**, and in return, you earn **optimal interest rewards** tailored to your contribution.

# Preparing Wallet Since FILLIQUID is a DeFi protocol operating on the Filecoin network, it functions on wallets that support the FVM (Filecoin Virtual Machine). You can use the self-custody wallets listed below.

**Download your preferred wallet and generate a Filecoin address that starts with f4 or 0x.**

## Sending Filecoin from an Exchange to a Wallet

**Step 1: Copy Your Wallet Address** * Open the wallet you downloaded. * Make Filecoin wallet address. * Copy your **0x/f410** wallet address. *** **Step 2: Transfer FIL from the Exchange (CEX)** * Go to your exchange account. * Initiate a transfer to the **0x/f410** wallet address you just copied. *** **Important Note:** * If your exchange **does not support direct transfers** to **0x/f410** addresses, you may see an error message like:\ *“This is not a valid Filecoin address.”* * If this happens, follow the exchange-specific instructions to move your FIL to a compatible address first, and then transfer it to your **0x/f410** wallet. *** **Step 3: Start Using Your FIL** * Once the transfer is complete, your **FIL** will be in your **0x/f410** wallet. * You can now **connect your wallet** to interact with **FILLIQUID.** # Connect Wallet {% embed url="" %} ## Connecting Wallet to FILLIQUID (PC) \ **1. Press "Connect Wallet"(Red Box) on the Upper Right Corner** **2. Select the Wallet you use.**

## Connecting Wallet to FILLIQUID (Mobile) **1. Press "Connect Wallet"(Red Box) on the Upper Right Corner** **2. Select the Wallet you use.**

# Stake Filecoin Our Staking feature allows Filecoin holders to deposit their assets into the FILLiquid liquidity pool for lending, providing them an avenue to earn a passive income through lending. Once a deposit has been made, the protocol will mint FIT token, a liquid staking derivative token (LSD). FIT token serves as a vehicle for dividend allocation and proof-of-stake in the liquidity pool. It can also be used later to farm FIG token. The following pages outline the process of depositing and withdrawing Filecoin into the protocol for lending. Let's take a deeper dive into the Staking product. {% embed url="" %} ## Lend⬝Stake 1\. Connect your wallet and press "FIL Leasing" menu. 2\. Press the 'Lease' button to deposit Filecoin.

3. Enter the number of Filecoin you wish to deposit, then press “Confirm”

4. Wait for the transaction request (smart contract interaction) popup to appear, then press the confirm button.

5. Please wait for the transaction confirmation. Due to the nature of the Filecoin network, it will take at least 30 seconds, and it may take longer if the network is congested. Rest assured and wait patiently.

6. Once the transaction is complete, your Filecoin will be transferred to the Filliquid pool, and you will receive FIT tokens as proof of your Filecoin deposit. You can transparently verify everything on the Filecoin explorer.

7. Filecoin is swapped for FIT at the real-time exchange rate. By receiving FIT, you can potentially earn interest in the future as the value of FIT increases.

# Depositing FIL Into FILLiquid The next step is to deposit $FIL into the liquidity pool, making it available for lending. Simply hit “Stake,” as shown in Figure 5, and enter the amount of $FIL to be staked in the text box. Once your desired deposit amount is entered, hit “Confirm”. This will bring up a pop-up notification to sign and confirm the transaction, as with any DeFi transaction. After entering the deposit amount, the system will automatically mint $FIT of an equal value for you based on the currency exchange ratio. $FIT is the Liquid Staking Derivative token that acts as a proof of stake in the protocol and a vehicle of dividend allocation for interest earned. For more details surrounding $FIT, please refer to the whitepaper.

# Redemption of FIT Deposit The process of redeeming your deposited $FIL requires the $FIT minted to be unstaked. To do this, click the “Unstake” button to bring up the redemption page. Next, enter the amount of $FIT to unstake, and the system will calculate the redemption amount of $FIL based on the real-tile FIL/FIT exchange rate. You can see the amount of $FIL expected to receive below the text box. To proceed with the unstaking, simply hit “confirm” and sign the corresponding transactions. Additional information: When redeeming, the corresponding amount of FIT will be destroyed from your wallet.

# Withdraw Filecoin The process of redeeming your deposited Filecoin requires the FIT token minted to be unstaked. To do this, click the “Unstake” button to bring up the redemption page. Next, enter the amount of FIT to unstake, and the system will calculate the redemption amount of Filecoin based on the real-tile FIL/FIT exchange rate. You can see the amount of Filecoin expected to receive below the text box. To proceed with the unstaking, simply hit “confirm” and sign the corresponding transactions. Additional information: When redeeming, the corresponding amount of FIT will be destroyed from your wallet.

# How to Utilize FIT FIT tokens are the **LSD (Liquid Staking Derivative) tokens** of the Filliquid protocol. While waiting for the value of FIT to increase, you can utilize them in the following ways # Stake FIT to Earn FIG ## **📌 FIT Staking Guide (**Farming FIG Token**)** **Earn FIG rewards by staking FIT!** 🔥\ Follow this guide to **stake FIT easily and securely.** ### **1️⃣ FIT Staking Overview** * **What is FIT?**\ 📌 When you deposit FIL, **FIT tokens (equity proof tokens)** are issued.\ 📌 FIT tokens not only generate **FIL staking income** but can also be **staked in the farm to earn additional FIG rewards**. * **FIG Rewards**\ ✅ FIG is the **governance token of Filliquid**.\ ✅ FIG rewards are **distributed based on fixed release rules**, which can be found in the **white paper**. *** * **PC Version Guide**

**① Open the FIT Farming Panel** 📌 Navigate to the **Farming page** and open the **FIT Farming panel**.\ 📌 Here, you can view your **current FIT balance and the amount already staked**. #### **② Enter the Amount to Stake** ✅ Input the **amount of FIT** you want to stake in the text box. #### **③ Choose the Staking Period** ✅ Select your **preferred staking (lock-up) period**. * Options range from **1 month to 1 year**. * **Longer staking periods yield higher rewards**. * **Rewards are dynamically adjusted based on the total network-wide staked amount** (refer to the white paper for details). #### **④ Confirm the Staking** ✅ Review the staking details and click **"Confirm"**.\ ✅ A confirmation pop-up will appear in your **wallet (Metamask, Foxwallet, Burrito Wallet, etc.)**—sign the transaction to finalize the staking. *** * **Mobile Version Guide**

1️⃣ Tap the **hamburger menu** in the top right corner and select **"Farming"**.\ 2️⃣ Choose **FIT Farming**.\ 3️⃣ Set the **desired staking period** and enter the amount of FIT received from depositing Filecoin.\ 4️⃣ Check the **estimated FIG farming rewards** and press the **Confirm** button. ✅ Once farming is complete, you can check your **staking history** at the bottom of the page. *** **📌 Staking Summary** ✔️ **Deposit FIL → Receive FIT tokens → Stake FIT → Earn FIG rewards**\ ✔️ **Longer staking periods result in higher returns**\ ✔️ **Reward rates may fluctuate based on total network staking**\ ✔️ **Refer to the white paper for reward distribution rules** 💡 **Maximize your FIG rewards by selecting the ideal lock-up period for you!** 🚀 # Stake FIG to Earn FIL #### {% embed url="" %}

#### How to Participate in FIG Staking Dividends? By staking FIG, users can earn platform fee dividends in FIL. Users receive dividend shares based on their chosen staking period, with more extended periods offering higher dividend weights. #### What are the Dividend Rules? * **Dividend Period and Staking Lock**: Users can choose dividend pools with varying staking periods. Each period has a corresponding dividend weight. During the staking period, the principal is locked and cannot be withdrawn. After the staking period ends, users can either withdraw the principal or continue participating in the dividends. (After the period ends, you can withdraw your staked FIG anytime, but any future unreleased rewards will no longer be accrued.) * **Dividend Trigger Mechanism**: Dividends are automatically triggered whenever tokens are injected into the dividend pool. As long as your FIG remains staked, you will participate in the current dividend distribution, regardless of how long you've staked. * **Dividend Release Method**: Dividend rewards are released linearly over 180 days,gradually unlocking based on block height. #### How Do I Proceed? * **Choose a Staking Period**: The platform offers four staking periods—30 days, 90 days, 180 days, and 360 days. You can select the period that suits your needs. * **Enter the Staking Amount**: Enter the amount of FIG you want to stake. The minimum amount is 10 FIG, and there is no maximum limit. You can have up to 20 staking transactions simultaneously. * **View Staking Records**: You can view your staking status, accumulated rewards, and pending rewards anytime. All dividend rewards accumulate in your account and can be claimed anytime. #### How is Profit Calculated? Dividends are allocated based on the user's staking period and the amount staked, calculated with the following formula: * **Your Dividend Amount = Total dividend pool(FIL) \* (Your personal weight / Platform's total weight)** * **Platform's total weight**= (Sum of all users' staking period weights \* their respective staked amounts) * **Your Personal Weight** = (Your staking period weight \* the amount you staked for that period) | User | Period | Weight | Staked Amount | | ---- | -------- | ------ | ------------- | | A | 30 days | 10 | 100,000 FIG | | B | 90 days | 20 | 100,000 FIG | | C | 180 days | 30 | 100,000 FIG | | D | 360 days | 40 | 100,000 FIG | **For example:**If the total dividend for this round is 500 FIL, each user's FIL dividend is calculated as:Total dividend amount \* (User's personal weight / Platform's total weight) =User's dividend * **User A's dividend**： 500 \* （10 \* 100,000 ）/（ 10 \* 100,000 + 20 \* 100,000 + 30 \* 100,000 + 40 \* 100,000）= 50 FIL * **User B's dividend**： 500 \* （20 \* 100,000 ）/（ 10 \* 100,000 + 20 \* 100,000 + 30 \* 100,000 + 40 \* 100,000）= 100 FIL * **User C's dividend**： 500 \* （30 \* 100,000 ）/（ 10 \* 100,000 + 20 \* 100,000 + 30 \* 100,000 + 40 \* 100,000）= 150 FIL * **User D's dividend**： 500 \* （40 \* 100,000 ）/（ 10 \* 100,000 + 20 \* 100,000 + 30 \* 100,000 + 40 \* 100,000）= 200 FIL\ **Feature Explanation** * **Dividend Amount**: The total number of dividends for the current round (once this number is reached, dividends are triggered). * **Current Dividend Pool**: The amount of FIL that has entered the dividend pool. * **FIL Remaining to Trigger Next Dividend**: The number of FILs required to trigger the next dividend round. Risk Disclaimer If a user withdraws their principal before the dividends are fully released, they will lose any unreleased dividend rewards. FILLiquid Foundation reserves the right to the final interpretation of this system. # More Instructions # Understand Filecoin (FIL) Wallet Address #### **Understanding Filecoin (FIL) Wallet Addresses** Filecoin (FIL) wallets come in **five different address types**: **f0, f1, f2, f3**, and **f410 (or 0x)**. *** #### **How to Identify Your Wallet Address Type** You can tell what type of address you have by looking at the **first few characters** of your Filecoin address, called the **“protocol indicator.”** **Example:**\ If your address looks like this:\ **f1s5hbfgxihcbdj5jc35kv2eyoqpqdbahyo67ord**\ The number **right after the “f”** is **1**, so this is an **f1 address**. *** #### **Why Are There Different Address Types?** Filecoin is more than just a blockchain—it’s a network for **decentralized data services** like **storage, retrieval, and computation**. Each address type serves a **specific purpose** within this ecosystem, helping different parts of the network work together smoothly. *** #### **What is an f410 or 0x Address?** An **f410** (or **0x**) address is needed if you want to use **Filecoin Virtual Machine (FVM)** applications, like DeFi protocols (including **FILLIQUID**). * An **f410** address starts with “**f410**”. * A **0x** address looks like an **Ethereum-style** address, starting with “**0x**”. The **f410** and **0x** addresses are **linked**—they both control the **same FIL balance**. You can easily **convert** between them. **Example:** * **f410fxk7kt4wlqoduvsv52sflzrkrp7iwuqjqphtis5y**\ ↔ * **0xBabea9F2Cb83874aCaBdD48ABCc5517fd16A4130** Both of these addresses give access to the **same FIL**. That’s why we call them **0x/f410 wallets**. # Fees (Protocol Revenue) * Users on the protocol will charge a fixed percentage of fees for both depositors and borrowers. * Currently, lenders are charged a fee of 0.1% when redeeming FIL, and loan users are charged a loan fee of 1%.

* The loan handling fee is automatically deducted by the system when borrowing. # FIL/FIT Exchange Rate Mechanism * FIT, as the equity token pledged FIL, has a fluctuating exchange rate between FIL, and the exchange rate relationship between them is mainly divided into two situations * FIT (the equity token received when depositing FIL) has a fluctuating exchange rate relative to FIL. * The relationship between them is mainly divided into two of the following situations: 1. When the utilization rate of the staking pool is less than or equal to 90%, the exchange rate of FIL/FIT = FIL in the agreement/total number of FIT minted in the agreement. In this case, the value of FIT will increase with the continuous repayment from borrowers, corresponding to the continuous appreciation of the assets of the pledged user. 2. When the utilization rate of the staking pool exceeds 90%, the value of FIT will continue to depreciate as the utilization rate of funds increases, thus avoiding the depletion of the liquidity of the agreement funds. At this time, redeeming funds may incur certain losses, but when the utilization rate of funds returns to normal, the exchange rate will also return to normal. # Borrowing Interest Rate ## Design Rationale The interest rate for borrowers in the protocol is automatically updated and implemented by the smart contract by considering the corresponding utilization rate. As a result, the borrowing rate is algorithmically adjusted and defined by a mathematical formula. When determining the relationship between borrowing interest rates and the utilization rate, several factors were considered: * **The utilization rate solely determines the borrowing rate.** A high utilization rate indicates strong demand relative to supply, resulting in a higher interest rate to increase the cost of capital. * **The marginal interest rate should be adaptable to changes in the protocol demand.** The marginal interest rate, representing the slope of the interest rate curve, should consider diminishing marginal utility. For example, the slope of the curve could increase as the utilization rate rises. * **The interest rate curve should be dynamic and programmable.** Critical points, such as the minimum and maximum interest rates and the interest rate at an optimal utilization, should be defined to allow for flexibility in adjusting the interest rates. * **Safeguarding mechanisms must be implemented to stabilize the borrowing rate at the inception stage.** Safeguards need to be put in place to stabilize the interest rate and prevent the liquidity pool from shortages in the event of a sudden surge in utilization. The following sections overview how we have implemented these factors into the design of the FILLiquid protocol through borrowing and repayment. ### **Borrowing and Repayment** Storage Providers (SPs) can borrow FIL tokens for the specific purpose of participating in the Filecoin consensus mechanism using the FILLiquid pool. The borrowed FIL can only be used as an upfront pledge for providing storage to ensure the security of the Filecoin system remains intact. A critical factor in the model is that the borrowing interest rate considers the ex-post utilization rate. Without considering the ex-post utilization rate, the ecosystem could face rapid liquidity shortages by large loan requests from potentially malicious borrowing requests - particularly when the liquidity pool size is relatively small compared to the borrowing size. As a result, when an SP submits a borrowing request, the system determines the interest rate based on the borrowing rate function according to the utilization rate while considering the ex-post utilization rate. For instance, if the utilization rate is 10% before the request and increases to 20% after the borrowed FIL amount is subtracted from the pool, the corresponding borrowing interest rate should be based on the 20% utilization rate. This approach safeguards the system from facing liquidity shortages. Miners can borrow up to the utilization rate ceiling with a maximum interest rate currently designed as 90% and 60%, respectively.

Figure 2 Borrowing Interest Rate Simulations

The borrower’s Filecoin Beneficiary Address \[1] is transferred as collateral directly to the FILLiquid smart contract as soon as the borrowing contract is established. The transfer ensures that the smart contract for the FILLiquid pool gains control of the FIL rewards set to be unlocked during the borrowing period instead of the borrower. Borrowers have the flexibility to initiate repayment at any time, as the loan terms are adjustable. The interest is compounded continuously\[2] but accrued every epoch\[3] and is settled along with the principal repayment at the end of the loan term. For example, an SP borrows at 50% utilization rate with a 10% nominal annual interest rate and plans to repay the loan over a period of 36 months would have to pay 34.986% of the principal as interest when repaying the loan at the end of the period. *** \[1] Only Beneficiary Role could withdraw FIL from an SP node. [FIP-0029](https://github.com/filecoin-project/FIPs/blob/master/FIPS/fip-0029.md) proposed to re-assign the node control and financial benefit to different roles in order to provide more flexibilities for potential Filecoin financial market. \[2] Continuous compounding is the mathematical limit that compound interest can reach. \[3] Time in the Filecoin blockchain is discretized into epochs that are currently 30 seconds in length. Calculation of time: t=repaymentEpoch-borrowingEpoch # Borrowing Filecoin The FILLiquid borrowing protocol allows Storage Providers to bind their miners to the FILLiquid smart contract to use their previously pledged $FIL assets as collateral to secure loans. As a result, Storage Providers can secure $FIL loans to expand their storage capacity without increasing their financial burden. Storage Providers must first bind their miner addresses before taking out the loan. Let's take a look into how this can be achieved.
# Binding and Unbinding For Borrowers Before a Storage Provider can borrow from Filliquid, it is necessary to transfer the miner's beneficiary address to the smart contract and bind the Miner to the designated F4 wallet address as the Family. For a more detailed overview of how to bind a miner in FILLiquid, please take a look at the following documents: {% content-ref url="/pages/gqAfDtyAhRh6bs2kEqj0" %} [How to Bind a Miner in FILLiquid](/storage-provider-guide/borrowing-filecoin/how-to-bind-a-miner-in-filliquid) {% endcontent-ref %} # How to Bind a Miner in FILLiquid ## Overview Before borrowing from Filliquid, it is necessary to transfer the beneficiary of the Miner to the Filliquid contract([f03157492](https://filfox.info/zh/address/f03157492)) and bind the Miner to the designated F4 wallet address as the Family.Then, the F4 address can perform the necessary operations on the protocol, such as borrowing, repayment, and unbinding for the Miner.Transferring the beneficiary of the Miner to the contract is a pledge operation, so the tokens held by the Miner cannot be withdrawn to any address other than the contract, which can effectively prevent the loss of funds and damage to the user's interests. > Note: After changing the beneficiary address to the Filliquid contract, please refrain from directly using the Owner to perform a withdraw operation. Once a withdraw operation occurs, the involved tokens cannot be retrieved, so it's crucial to avoid accidental withdrawals as much as possible. ## Prerequisite Binding the F4 address requires the specified signature of the Miner's Owner, thus ensuring the security of the operation process. Before binding a Miner, users need a basic understanding of Filecoin's consensus mechanism and the ability to operate corresponding tools, including—but not limited to—changing Miner beneficiaries, information signing, etc. Additionally, due to Filecoin's restrictions, a Miner with an Owner that is a multi-signature address is not supported. The Owner address must be an F3 address and cannot be an F1 or F4 address. ## Let's go The following introduces the detailed process of binding Miner. Assuming that the user already owns a Miner and its Owner address, and the current Owner and Beneficiary addresses are consistent: Enter the Filliquid dApp interface ( ), click Connect Wallet, and bind the wallet.

Next, click the Borrow tab, scroll down to the My Family tab, and click "Add Miner."

### Step 1 In the "Miner Address" input field, enter the miner address you want to bind (an address starting with f0), then click "Next."

### Step 2 Here, two binding methods will be displayed. Method 1 involves the miner completing the beneficiary transfer themselves. Method 2 involves authorizing Filliquid to complete the beneficiary transfer on behalf of the miner owner. Below, both methods are described separately.

**Method 1:** Use the miner management tool to perform the operation yourself (recommended). When modifying the Beneficiary, you need to provide three parameters: NewBeneficiary, Quota, and Expiration. These represent the new beneficiary address, the amount of the beneficiary, and the block height of expiration, respectively. You must fill in these values according to the table below; otherwise, the binding will fail. | **NewBeneficiary** | [f03157492](https://filfox.info/zh/address/f03157492) | | ------------------ | -------------------------------------------------------------------- | | **Quota** | 99999999999999999999999999999999999999999999999999000000000000000000 | | **Expiration** | 9223372036854776000 | **Lotus** {% code overflow="wrap" %} ```sh #lotus-miner shell lotus-miner actor propose-change-beneficiary --overwrite-pending-change --really-do-it f03157492 99999999999999999999999999999999999999999999999999000000000000000000 9223372036854776000 #lotus-shed shell lotus-shed actor propose-change-beneficiary --really-do-it --overwrite-pending-change [beneficiaryAddress quota expiration minerID] ``` {% endcode %} **Venus** {% code overflow="wrap" %} ```sh damocles-manager util sealer actor --miner f0137621 propose-change-beneficiary f03157492 99999999999999999999999999999999999999999999999999000000000000000000 9223372036854776000 ``` {% endcode %} By using the above command, you can submit the beneficiary change proposal. Once the transaction is confirmed on the blockchain, you can click "Next" to proceed to Step 3. ### **Method 2:** Authorize Filliquid to complete the beneficiary transfer on behalf of the Owner. > Before proceeding, make sure the Owner address holds a sufficient amount of tokens, otherwise, the operation will fail. This step may take some time, so please be patient while waiting for the transaction to be confirmed on the blockchain. In the interface, copy the Keys, and use the Owner address with a miner or other tool to sign this string. Then, paste the result into the input field and click "Next." [#how-to-complete-the-signature](#how-to-complete-the-signature "mention")

### Step 3 In the interface, copy the Keys and use a miner or other tool to sign the string with the Owner address. Then, paste the result into the input field and click "Next." [#how-to-complete-the-signature](#how-to-complete-the-signature "mention")

This step will activate the wallet. Taking metamask as an example, please click confirm to continue. Before this step, please ensure that the wallet address holds a certain number of tokens, otherwise the execution will fail. This step will take some time, so please be patient and wait for the transaction to be confirmed on the chain.

Once the execution is successful, click OK.

The binding is now complete. ## Exiting the Miner Family In addition, users can also exit the Family if conditions permit. For this to occur, the miner must have zero debt, the bound Family has no bad debts, and the ratio of the remaining miner's debt to balance after exiting the Family is less than 50%, etc. Go to the Filliquid dApp interface, click the Borrow tab , scroll down to the My Family tab, and click Unbind.

On the next page, click "Next."

In the following interface, copy the Keys, sign the string with the Owner address through a miner or other tool, copy the result to the text box, and click Next. Before this step, please make sure that the Owner's address holds a certain token. Otherwise, the execution will fail. This step will take some time; please be patient and wait for the transaction to be on the chain.

Click Confirm in the following interface.

This step will activate the wallet. ## How to complete the signature? Try the corresponding command based on your miner type. The signature needs to be completed using the miner Owner's private key. **Lotus** ``` lotus wallet sign [Owner wallet address] [Keys] ``` **Venus** ``` venus-wallet sign [Owner wallet address] [Keys] ``` # Borrowing FIL For Storage Providers After the node binding is completed, Storage Providers can borrow money from the Borrow menu page. Click the Borrow button, as shown in Figure 9, and enter the amount to be borrowed. The total number of available $FIL to borrow is 1:1 of the number of assets in the node.

Once entered, the interest rate of the loan will be displayed below. Note: The loan interest rate of the protocol as the utilization rate of the protocol funds increases. However, for loans that have already occurred, the loan interest rate is fixed. Once the loan is completed, the loan interest rate will remain unchanged. If you are happy with the interest rate, go ahead and click "borrow" and confirm the transaction to secure the loan.

# Repayment of Loan **There are two methods to repay the loan; from the node or wallet.** ### **Repaying from node** Repaying from a node refers to deducting from the available balance of the node for repayment. The specific operation is as follows: first, select the "Repay from miner" option, as shown in the figure below. Then, choose to repay from a certain node of your choosing and enter the repayment amount. Once you are happy, click "repay" to confirm the repayment and confirm the corresponding transactions in your wallet.

### **Repaying from the wallet** Repaying from the wallet refers to deducting the balance from the currently connected wallet for repayment. To do this, first select the "Repay from wallet" option as shown in Figure 13.

Then, enter the repayment amount and click "Repay." Once you've confirmed the transaction, the loan will be repaid. # Precautions Notes **Once the node is bound to the contract as the beneficiary, please do not use the Owner to initiate node withdrawals.** Once the Filliquid smart contract is set as the beneficiary of a node, the SP can no longer withdraw funds directly using the owner address. All borrowing and repayment operations must be conducted through the DApp to ensure that the smart contract correctly recognizes user actions and processes them accordingly. If the SP withdraws funds directly from the miner's account, these funds will be considered "unidentified," as they will enter the smart contract but will not be accounted for in the repayment process. This is not an intentional design but rather a limitation of FEVM technology. We will explore solutions to address this issue in the future. **Reminder:** If you withdraw funds directly using the owner address, the funds **cannot be recovered**. Please proceed with caution to avoid unintended withdrawals. # Liquidation Mechanism

* The liquidation mechanism refers to the debt liquidation line that will be triggered when the sum of the total borrowing, lending principal, and interest relative to the sum of the balances of each miner in the Family reaches a certain threshold (currently set at85%). * Anyone can trigger the liquidation, and the system will use 90% of the liquidation amount to repay the debt, reward 3% to the user who triggers the liquidation, and invest 7% in the risk reserve pool. # Family Miners Family Miners is a concept we’ve introduced to allow new Storage Providers who do not have a balance to borrow against to have access to the FIL liquidity in the FILLiquid liquidity pool. Family MIners refer to a group of “MIners” associated with the same “Family Role,” allowing the Total Account Balance of all members to be pooled as collateral. Miners within a family can borrow against the Total Account Balance in the Family, allowing newly minted SP accounts to borrow FIL to expand storage power. If the debt-to-assets ratio threshold is set at 50%, the total debt outstanding of the Family will equal half of the total miner balances of all its members. Upon initiating the binding process with the Smart Contract, a Family role is automatically generated. To be included in the Family, the miners must have transferred their beneficiary addresses to the Smart Contract. Once a miner joins the Family, their consent is automatically granted, enabling the Family role to invite additional miners to join. Additionally, there is a limit of five (5) miners that can be added to a Family, and each miner can borrow up to five (5) lines of credit. When withdrawing a miner from a Family, it is critical to ensure that the remaining miners in the Family still satisfy the collateralization requirement. The collective balance of the remaining miners must be sufficient to maintain the designated debt-to-assets ratio. This guarantees that the collateral remains adequately secured even after the withdrawal of Miners from the Family. This approach enables fresh SPs to leverage the collective collateral of their associated Family Miners and participate in borrowing from the pool. # Debt Farming for SP * Borrowers (Storage Providers) can also obtain FIG's token rewards. * After the SP borrows money, the protocol will automatically calculate FIG rewards for the SP. * However, FIG rewards will only be settled in the SP's wallet after the SP repays the loan.

# FIT Token {% embed url="" %} #### **📌 What is the FIT (Filecoin Trust) Token?** The **FIT token** is the **Liquid Staking Derivative (LSD) token** of the Filliquid protocol, serving as **proof of equity** for users who deposit Filecoin (FIL). When users stake FIL, the smart contract **mints FIT based on the real-time exchange rate** as on-chain evidence of the deposited FIL. *** ### **1️⃣ Key Features of the FIT Token** ✔️ **Proof of FIL Staking (Proof of Equity)** * When users deposit **FIL**, the smart contract **mints FIT in real time** based on the exchange rate. * Holding FIT is **proof of FIL staking** on the Filliquid protocol. ✔️ **Profit Distribution & Rewards** * FIT holders **earn FIL staking interest** as part of the profit distribution mechanism. * Users can also stake FIT in farming pools to receive additional **FIG token rewards**. ✔️ **Redemption Key for FIL Withdrawal** * FIT acts as **an on-chain receipt and key for unstaking FIL**. * When users **unstake FIT, the tokens are burned**, and FIL is released back to the user. *** ### **2️⃣ How to Use FIT** ✅ **Farming & Staking** → Stake FIT to earn FIG token rewards.\ ✅ **FIL Staking Interest** → Earn passive income from FIL deposits.\ ✅ **Unstaking & FIL Withdrawal** → **FIT is burned upon unstaking**, and FIL is returned to the user. *** #### **📌 Summary** * **FIT = Proof of FIL staking + Redemption key for FIL withdrawals** * **Minted by a smart contract based on real-time exchange rates** * **Used for staking rewards, profit distribution, and FIG farming** * **When unstaked, FIT is permanently burned** **FIT is more than just a staking receipt—it plays a key role in improving liquidity and efficiency in the Filecoin ecosystem!** # FIG Token FIG is the governance token for the FILLiquid ecosystem and serves as its native cryptocurrency with a primary function of acting as a governance tool. The FIG governance token holds significance in the protocol's decision-making process and voting on protocol improvements and parameter adjustments. For instance, when modifying the Optimal Utilization Rate U1 for the Borrowing Interest Rate: users can cast their votes by staking their FIG tokens in favor of their preferred proposal. The token comes with a 2 billion total supply and will be allocated to the following parties: * Early investors * Team members * FILLiquid Foundation * Reserve * Liquidity Providers * Borrowers based on pre-determined rules. The distribution of these breakdowns are as follows;

Additionally, the FIG token serves as an early incentive and transaction fee subsidy for users who both stake FIL and borrow FIL from the protocol. FIG can be securely stored, transferred, and traded. The FILLiquid protocol relies on the active participation of Liquidity Providers and Borrowers, who both play crucial roles in the protocol's operation and governance process. These participants have the opportunity to access incentives through various channels, including the allocation of governance tokens called FIG. To ensure a fair and reasonable distribution of FIG tokens, an emission model has been designed, taking into account several key factors: * **Incentivizing early participants:** The emission model aims to reward early participants by continuously reducing the emission rate over time. As a result, users are encouraged to participate in the protocol earlier to help foster its growth and stability. * **Encouraging loan repayment and longer staking:** Borrowers are incentivized to repay their loans earlier, while Liquidity Providers are encouraged to stake their funds for longer durations. This incentivization mechanism promotes responsible borrowing behavior and rewards liquidity providers for providing long-term support to the protocol. * **Correlated with loan amount and staked amount:** The amount of FIG distributed positively correlates with the loan amount for borrowers and the staked amount for liquidity providers. This ensures that participants contributing the most to the protocol receive higher rewards. * **Extra compensation for the opportunity cost of capital:** FIL depositors are granted higher incentives to compensate for the opportunity cost they incur by locking up their funds. This recognizes the value they bring to the protocol and encourages them to continue their stake. # Voting Power The FILLiquid Pool operates under the governance and control of FIG token holders, giving the community the power to have input into the future direction of the protocol. The governance token empowers the community to propose, vote on, and implement changes through established governance procedures. By utilizing the governance powers of the FIG token, the community can propose modifications to system parameters, upgrade transaction rules, or introduce new functionalities to ensure the protocol can swiftly adapt to evolving market conditions. The influence of FIG token holders on governance decisions is determined proportionally by the sum of their bonded token balances or their voting power. Those with more FIG bonded have a higher weighting in the voting outcome. Voting Rules: * To participate in voting, one must initially stake a certain number of FIG tokens to obtain voting eligibility. * The voting is carried out using the already staked FIG tokens. * 1 FIG = 1 vote. * Minimum Votes: The lowest number of votes for a single voting action is 10 votes. Lock Period: * During the staking and voting period, FIG tokens cannot be withdrawn. * Staked FIG tokens will not be lost. * After the proposal ends, FIG tokens will be automatically unlocked and can be withdrawn to the wallet. The governance process ensures transparency, fosters community engagement and enables the protocol to adapt to the evolving needs of the ecosystem. # Contract Address (CA) #### Core protocol * 0xFD669BDDfbb0d085135cBd92521785C39c95bA4b [FilLiquid contract ](https://filscan.io/address/0xFD669BDDfbb0d085135cBd92521785C39c95bA4b/) * 0x87006Fb444878A69D6692Dc944D1dd418f52F053 [FilTrust(FIT) contract](https://filscan.io/address/0x87006Fb444878A69D6692Dc944D1dd418f52F053/) * 0xB153Cb3efF3e7330DDF4962c22aA8DC63B7fa952 [FitStake(farming) contract](https://filscan.io/address/0xB153Cb3efF3e7330DDF4962c22aA8DC63B7fa952/) * 0xc87FAb479B450993E8A7b498C631AdF81f3ca5B4 [FilGovernance(FIG) contract](https://filscan.io/address/0xc87FAb479B450993E8A7b498C631AdF81f3ca5B4/) * 0xfb1473ba128B9c8146C899cf9455c0037631D389 [Governance contract](https://filscan.io/address/0xfb1473ba128B9c8146C899cf9455c0037631D389/) * 0xD44bfE4523f1B2703DDE9C7dBc010Ad39EF668f7 [Fevm FIGStaking contract](https://filscan.io/address/0xD44bfE4523f1B2703DDE9C7dBc010Ad39EF668f7/) * 0xAF5dD88328d73916231a9e6a64bf0029354f5812 [BSC FIGStaking contract](https://bscscan.com/address/0xAF5dD88328d73916231a9e6a64bf0029354f5812?__cf_chl_rt_tk=5ghynZJKp8_ualVz5AL.xiQH8D1rT_HrTDaY_hvTF3o-1752286468-1.0.1.1-eBcpl5GI600BFUrANADRM8CEmh7Dqwh88APmdvXsLD8) * 0x2f3E415F56BA07b444bc68ED037377dE1a668D6B [BSC FIG Token contract](https://bscscan.com/address/0x2f3E415F56BA07b444bc68ED037377dE1a668D6B) #### Token locking protocol * 0xb04E2cE456E58a9BDFb0D85361503cb9f80A937A Institutional Investor contract * 0x67a7e3ECBaF40b3d409f5c25F73C7BD088534875 Team(Technology Development) * 0xD7939257aAB1c163dC4bbD1B9dFCF8708a5c4340 Team(operations) * 0x66529a4c561E3e9Fff9a9b6775ba8839218b2D4b Foundation contract * 0xBda56B7B1C6A1a6B355D2706906aCED67a1E9ef8 Reserve contract * 0x788Ea976669D4E19FC9554F356E1B4a4F7f52e82 Marketing contract * 0x7201166FAD30f26f27c36842209b1A35e9f6f0d3 Protocol feeReceiver contract Our smart contract has successfully completed comprehensive audits by two renowned security firms, CertiK and Salus Security (Salusec). These audits ensure that the contract meets industry standards for security, code quality, and vulnerability protection. Additionally, the contract has passed verification by Sourcify and Filescan, confirming that its behavior on the blockchain aligns with expectations, exhibits no unusual activity, and matches the deployed bytecode. This process guarantees the contract’s transparency and credibility. Blockexplorer : # Audits The Most Secure DeFi Lending Protocol We take user security as a top priority. In fact, it’s our number one priority — we want to ensure we’ve covered all bases that $FIL deposits are fully secured. With confidence in crypto security at an all-time low, we felt that third-party security audits were the right way to provide official assurances that we’ve done everything we can to ensure funds' safety in the liquidity pool. We're happy to announce that we've conducted two third-party external audits: 1\) [CertiK Audit](https://skynet.certik.com/projects/filliquid): CertiK is the leading security-focused ranking platform to analyze and monitor blockchain protocols and DeFi projects. {% file src="/files/kgd2hRlfkHVZOYjYhjmv" %} 2\) [Salus Audit](https://cert-api.salusec.io/api/v1/salus/contract/certificate/full/FILLiquid_audit_report_2024-04-26.pdf): Salus specializes in Blockchain Security, providing *Web3 Penetration Tests*, Smart Contract Audits, and Zero Knowledge solutions. {% file src="/files/Jr6dWDZKoo6hSR4bjucZ" %} # Bug Bounty Program – 500,000 FIG Tokens in Rewards We are excited to introduce our fully functional product to the Filecoin ecosystem, now live on mainnet. To ensure our protocol remains secure and ready for adoption, we’ve launched a mainnet Bug Bounty Program. This allows us to address potential issues with the help of external users and security researchers. We invite you to participate, test the FILLiquid mainnet, find vulnerabilities, and earn rewards in FIG tokens. Rewards will be based on the severity of the vulnerabilities identified. ### Reward Structure * Critical: Up to 500,000 FIG for each verified critical bug * High: Up to 50,000 FIG for each verified high-severity bug
### **Vulnerability Categories** We are seeking reports of vulnerabilities across the following categories. Any bugs found outside of these examples will be reviewed and categorized by our team. ### Up to 500000 FIG reward: * Exploits in staking/farming contracts that result in FIG token theft or loss of staked assets * Borrowing exploits that drain reserve funds or cause unaccounted FIG rewards * Failures in the liquidation mechanism preventing bad debt repayment * FIT exchange rate manipulation ### Up to 50000 FIG reward: * Wallet integration issues that compromise private keys or user funds * Bypassing authorization controls to access other user accounts * Manipulating on-chain data to falsely trigger liquidations * Unintended high FIG rewards from farming ### **Participation** To participate in the bug bounty program and submit your findings, please visit the form link below: \ **Submit Vulnerabilities Here:** [Google Sheet](https://docs.google.com/forms/d/1yGswv2xiXIaCiQRIICT9XJuRGtzO8AY6duHyzzmqDi4/edit) Your feedback is vital in strengthening the security of our platform as we continue to grow. We look forward to your contributions! ### **Rules** To be eligible for a reward, the following rules apply: * You must be the first to report the unique vulnerability, and it must be previously unreported. * A detailed explanation of the vulnerability and steps to reproduce must be provided. * You must explain the potential impact of the vulnerability. * Reports with attached working exploits will receive higher rewards. \ **Terms:** \- Issues already submitted by another participant will not qualify for rewards. \- Reward determinations are at the sole discretion of the FILLiquid team, based on the severity, reproducibility, and quality of reports. \- The terms of the bug bounty program may be amended during the program period. \- Rewards will be distributed at the end of the mainnet bug bounty period. \ [Website](https://filliquid.io/) | [Twitter](https://x.com/FILLiquid) | [Discord](https://discord.com/invite/filliquid) | [YouTube](https://www.youtube.com/@FILLIQUID) | [GitHub](https://github.com/FILL-Lab) | [Telegram](https://t.me/+3goIWl2G11NmZGNl) # FAQ **1.What is FILLiquid?** \ FILLiquid is a decentralized and open-source borrowing and lending platform built on the Filecoin ecosystem. It facilitates connections between FIL holders and storage providers, enabling users to deposit FIL into a liquidity pool and earn interest through lending. Storage providers can obtain FIL loans by collateralizing the locked liquidity in their miner nodes, which supports the growth of storage power on the Filecoin network.\ \ **2.How does FILLiquid work?** \ FILLiquid is a decentralized liquidity pool where users can deposit FIL tokens and mint FIT, a Liquid Staking Derivative (LSD) that accrues interest. Storage providers link their miner nodes to the smart contract, using their locked FIL assets as collateral to secure FIL loans from the pool. These loans are exclusively used to enhance storage power growth.\ \ 3.**What is a Storage Provider?** \ On Filecoin, Storage Providers (SPs) play a similar role to “miners” in other blockchains. They are the participants who opt to lend out their excess storage space to others in a decentralized and trustless manner, in exchange for FIL tokens.
# FIL Staking QnA **What is FIT?** FIT (Filecoin Trust) token serves as **proof of equity for user FIL deposits**. When users deposit FIL, the smart contract mints FIT based on the real-time exchange rate. FIT acts as proof of deposit, which is used for **profit distribution and FIL redemption**. **2. When does yield start generating after depositing?** Yield starts accumulating **as soon as you deposit FIL**, as the FIT exchange rate increases over time. However, since the exchange rate changes only when borrowers voluntarily repay, and repayments occur irregularly, **long-term deposits are recommended for maximizing returns**. **3. Why did my FIT value decrease when the utilization rate exceeded 90%?** To **prevent liquidity exhaustion**, a **90% liquidity protection mechanism** is in place. * **When the utilization rate exceeds 90%**, the FIT exchange rate decreases as utilization increases. * **Users redeeming FIL during this period may experience a rate loss.** * **Users depositing FIL during this period receive a rate subsidy.** * **Once liquidity is restored, the FIT exchange rate returns to normal.** **A temporary FIT rate drop due to high utilization is normal, and it will recover once liquidity stabilizes.** **4. Why is there a fee for redeeming FIL?** * **The protocol does not take profits from interest rates; all interest paid by borrowers goes to pledge users.** * **Instead, a certain fee is charged as protocol revenue, and part of this is used to repurchase the FIG governance token.** **5. Why is there a significant difference between my earnings and the displayed APY?** * APY is based on the **comprehensive interest rate in the lending market**. * However, **since Storage Provider (SP) repayments are not real-time, interest is only settled when they repay**. * **FIT exchange rate increases upon repayment, generating returns for depositors.** * **Keeping deposits for a longer duration will help earnings align with the displayed APY.** **6. Why does slippage occur when depositing or redeeming FIL?** * When users deposit or redeem FIL, the smart contract calculates results **based on the latest exchange rate**. * However, due to market fluctuations, **the exchange rate between FIL and FIT may change before the transaction is confirmed**. * Slippage occurs **when multiple transactions are being processed simultaneously on the blockchain**. * **Slippage does not reduce the actual value of the user's assets.** **7. Why do transactions fail or experience data loading delays?** * The issue may be related to the **RPC node** you are using. * Try switching to a faster node via [Chainlist.org](http://chainlist.org/). * If issues persist, contact **community support for assistance**. **8. Why do transactions take so long to confirm?** * The **Filecoin network has a block time of 30 seconds**, meaning transactions take at least that long to process. * **Network congestion can further delay transaction confirmations.** * **To speed up transactions, users can increase gas fees or wait for confirmation.** # Farming QnA (FIT Staking) # Dividend QnA (FIG Staking) **1. Where do the staking dividends come from?** The **source of staking dividends** is the **protocol revenue generated by the Filliquid platform**. This revenue comes from: * **1% interest fee from SP (Storage Providers) when borrowing FIL**. * **0.1% conversion fee when users swap FIT to FIL**. * **Once the dividend pool accumulates 200 FIL, a new dividend round is automatically triggered.** **2. How often are dividends triggered?** Dividends are triggered **automatically** every time the dividend pool accumulates **200 FIL** from protocol revenue. * If the pool doesn’t reach 200 FIL during your staking period, no dividends will be distributed. * If multiple triggers occur during your staking period, you will receive multiple dividend distributions. # Roadmap **Welcome to the journey of FILLiquid. We've been on a long road to reaching where we are today.** We've outlined everything completed so far and what's to come so you're fully up-to-date regarding our progress. **2022 Q4** * [x] Conducted preliminary research on the Filecoion consensus and rewarding mechanisms. Identified bottlenecks in the Filecoion network and recognized the demand for DeFi projects leveraging the newly launched FVM virtual machine. * [x] Consulted with stakeholders, industry experts, and the existing lending protocols to formulate the FILLiquid concept design and outline potential challenges. * [x] Developed basic functions, including bind minerID, stake, redeem, borrow and pay. Outlined concept design for borrowing interest rate model and LSD token redemption mechanism. **2023 Q1** * [x] Awarded the DeFi Rocket 🚀 Prize during the [ETH Global FVM Space Warp Hackathon](https://ethglobal.com/showcase/fill-liquidity-pool-for-storage-providers-m3fs3). * [x] I became a member of the Filcoin DeFi protocol working group and was invited to present at both FIL Hong Kong DeFi and Venus sessions. We also attended FIL HK social events and formed an early community. * [x] Launched introductory websites and social media platforms. **2023 Q2** * [x] Performed data analysis on the interest rates and the utilization rates of both centralized and decentralized lending platforms as well as Filecoion mining yield, constructed a dynamic, programmable, and algorithm-based borrowing interest rate model. * [x] Studied the Filecoin consensus, rewarding mechanism, and [FIP-0029](https://github.com/filecoin-project/FIPs/blob/master/FIPS/fip-0029.md), the proposal on Beneficiary Address, and designed a model to determine the credit limit. * [x] Crafted an LSD token redemption model to allocate the interest income yield proportionally among lenders. The model secures the system by making deposits more attractive and redemption less favorable when capital is heavily utilized. * [x] Drafted White Paper and developed FILLiquid, FILstake, and FILTrust(FIT) smart contracts **2023 Q3** * [x] Designed Liquidation, Debt loss, and other Risk Management mechanisms. Introduced the concept of Family Miners to enable new miners to leverage the collective collateral of their associated Family Miners and participate in borrowing * [x] Engineered tokenomics Constructed and Half-life integral Governance token emission models for Stakers and Borrowers to incentivize staking while ensuring economic robustness. * [x] Outlined the Governance process, including proposal, deposit, voting, approval and execution. * [x] Drafted White Paper and developed FILLiquid and $FIG smart contracts. \ **2023 Q4** * [x] Conducted internal testing and invited DeFi professionals to perform stress tests. Analyzed test data, diagnosed the programs and reshaped the model design. * [x] Executed front-end development, designed UI/UX interfaces, and accomplished DApp development. * [x] Initiated community operations across multiple countries, fostered community development and cultivated strategic partnerships. \ What's Currently ongoing: **2024 Q1** * [x] Prototype deployment on testnet * [x] Public testing **2024 Q2** * [x] Contract audit by the third party * [x] Security and Audit: Conduct comprehensive security audits to ensure stability and security post-mainnet launch. * [x] Governance design and community engagement * [x] More utility scenarios for FIG added * [x] Deployment on Filecoin mainnet * [x] DAO formulation and Governance becoming fully functional What's to come: #### 2024 Q3-Q4: * [x] Optimize the SP lending interaction process on the dashboard, add announcement and banner features, and enhance the dApp's notification system. * [x] Launch the FIG Staking product: Aimed at helping FIG holders earn more returns through revenue sharing and token-burning features. * [x] Complete UI/UX Overhaul for Website and Dapp: Update website content sections and add features like blogs, data analytics, and more. * [x] Cross-Chain Compatibility: Explore interoperability with other blockchain networks to achieve broader asset liquidity and functional interoperability. * [x] Community Building: Expand the community and encourage developer and user participation, possibly through incentive programs, events, and building a social media presence. * [x] Partnerships: Seek more partnerships with other DEFI projects, traditional financial #### 2025 Q1-Q4: * [x] More utilization scenarios for $FIG added * [x] Launch the initial $FIG DEX listing * [x] Feature Expansion: Continue to introduce new features and products to enhance the platform's attractiveness and competitiveness. * [x] User Experience Improvements: Continuously optimize the user interface and experience, lowering barriers to entry and attracting more non-crypto professionals into the DEFI space. * [x] Global Expansion: Promote and market globally, especially in emerging markets and regions with weaker traditional financial systems. What's Currently ongoing: #### 2026 : * [ ] **Deep Filecoin Ecosystem Participation** Actively contribute to the growth of the Filecoin ecosystem, collaborating with developers and ecosystem partners to strengthen network infrastructure. * [ ] **Continuous FIL & $FIG Staking Pool Growth** Continue to grow the established FIL and $FIG staking pools, expanding the protocol's overall liquidity and participation. #### 2027 : * [ ] **Deepen DAO Governance** Strengthen the community-driven governance already at the core of the protocol, broadening participation in proposals, voting, and treasury decisions through transparent, negotiable processes. * [ ] **Filecoin DeFi Liquidity Hub** Establish FILLiquid as a foundational liquidity layer within the Filecoin ecosystem — a primary lending and staking gateway for Storage Providers and FIL holders. * [ ] **Multi-Chain Expansion** Extend the protocol to additional networks, positioning FILLiquid as cross-ecosystem DeFi infrastructure. * [ ] **Sustainable Community Governance** Reinforce the protocol's fully decentralized, community-negotiated governance for long-term resilience and independence. # What is Filecoin {% embed url="" %} Filecoin is a **decentralized storage network** that allows people to store files securely on computers around the world. Normally, we use services like Google Drive or Dropbox to store files on a central server. But Filecoin uses **a global network of computers** to store files in a distributed way. *** #### **How Does It Work?** 1. **People who want to store files** → Pay a small fee to those who store files for them. 2. **People who store files (Storage Providers)** → Keep the files safe and must **prove** that they are storing them properly using cryptographic proofs. 3. **People who want to access files** → Search for the files on the network and, if needed, pay a small fee to download them. So, **Filecoin is like an open market that connects people who need storage with those who provide it**! *** #### **Features of Filecoin** ✅ **Anyone can join** → You can be either a file owner or a storage provider.\ ✅ **Prices are set freely** → No single company controls the prices; people decide them on their own.\ ✅ **Secure and transparent** → Storage providers must constantly prove that they are keeping the files safe. *** #### **Where is Filecoin Used?** * **NFT Storage** → Keeps blockchain-based art and music safe. * **Gaming Asset Storage** → Stores data for metaverse and online games. * **Data Backup** → Saves important website or business data securely. In short, **Filecoin is a safer and more open alternative to traditional cloud storage services like Google Drive and AWS.** # What is Storage Provider A **Storage Provider (SP)** in the Filecoin network is responsible for **storing client data and proving its integrity using cryptographic proofs**. These providers are key participants in the network, ensuring data security and contributing to blockchain operations. ([docs.filecoin.io](https://docs.filecoin.io/storage-providers/basics?utm_source=chatgpt.com)) **Main Roles of a Storage Provider:** 1. **Data Storage:** Accepts and securely stores client data. 2. **Content Retrieval:** Provides stored data upon request, ensuring accessibility. 3. **Block Creation:** Helps maintain the Filecoin blockchain by generating new blocks. Becoming a Storage Provider requires technical expertise, financial resources, and business capabilities. This includes setting up proper hardware infrastructure, understanding the Filecoin economic model, and managing storage and cryptographic verification processes. ([docs.filecoin.io](https://docs.filecoin.io/storage-providers/basics?utm_source=chatgpt.com)) #### **Decentralized Data Centers in Filecoin** Filecoin operates as a **decentralized storage network**, where Storage Providers collectively manage and store data in a distributed manner. Unlike traditional centralized data centers, this system ensures **security, reliability, and censorship resistance** by distributing data across multiple independent providers. ([docs.filecoin.io](https://docs.filecoin.io/basics/how-storage-works/filecoin-and-ipfs?utm_source=chatgpt.com)) Thus, Storage Providers play a crucial role in **building and maintaining a decentralized data center infrastructure**, making Filecoin a scalable and trustless alternative to traditional cloud storage solutions. # Background The Filecoin network is a decentralized storage marketplace developed based on IPFS technology. It utilizes blockchain technology to establish a decentralized consensus layer, enabling anyone to offer storage services and trade storage spaces. The P2P storage marketplace ensures data is secured and verified without needing a centralized trust entity through Proof-of-Replication and Proof-of-Spacetime. Storage Providers (SPs) keep the system running by committing storage capacity to the network. In return, they are rewarded through block rewards, network fees, and funds generated from storage mining. Using Initial Pledge Collaterals and delayed reward distributions ensures that SPs remain accountable and safeguards the security and quality of storage services on Filecoin. However, the Initial Pledge Collateral also places a capital-intensive requirement that creates unnecessary burdens on SPs, which could result in bottlenecks in the storage growth of the overall network as the pledged capital can often exceed hardware costs. As a result, SPs are eager to borrow Filecoin tokens from FIL holders and service providers and are willing to pay interest in exchange.\ There are currently three options available to SPs to acquire FIL to enable them to commit more storage capacity to the network: 1. Using FIL rewards from storage deals 2. Buying FIL from the open market 3. Borrowing FIL from centralized market All three options are sub-optimal to ensure the consistent growth of the Filecoin network, as each provides individual challenges for SPs. For example, using FIL rewards from previous storage deals would be the perfect solution for consistent and sustainable storage growth. However, only 25% of the block reward is liquid when received, with the remaining 75% being linearly distributed over 180 days. Therefore, most rewards cannot be allocated to operating income, preventing the FIL from being used to commit additional storage capacity. Buying FIL from the open market is also a sub-par solution as it creates additional financial burdens for SPs. Purchasing FIL from open markets requires SPs to sit through market volatility, which shouldn’t be on the books of any business. Furthermore, the cash used to purchase FIL could be utilized better, such as upgrading hardware for additional storage capacity. Finally, borrowing FIL from centralized markets presents its own challenges as lenders typically require an over-collateralization of 150% or more to secure loans. Again, this increases the financial burden for SPs as they have to deposit more funds and take on additional risk to acquire FIL. SPs also have to trust centralized parties to store and not mismanage their deposit, and lending services often charge high-interest rates, which do not reflect real-time market conditions. As a result, SPs need another option to get ahold of FIL to continue expanding their storage capacity and growing their business. On the other hand, numerous FIL holders are eager to earn passive income by participating in the lending market. However, centralized service providers currently dominate the market and reap most of the benefits, while FIL holders who provide the funds receive only a small portion of the interest. Therefore, the development of a trustless FIL lending protocol that balances the benefits for providers and the costs for borrowers is crucial in the current landscape. This is where FILLiquid steps in. # Introduction {% embed url="" %} \ FILLiquid is a liquidity pool implemented on FVM (Filecoin Virtual Machine) as a fully open-sourced, decentralized, algorithm-based lending platform. Our product facilitates a market that enables FIL token holders to stake tokens and earn passive income while also allowing Storage Providers (SPs) to borrow FIL tokens for storage provisioning. SPs sit at the core of the Filecoin network and provide critical roles in data storage and network security. Storage Providers pledge FIL tokens to the protocol to provide storage services on Filecoin's decentralized peer-to-peer storage solution. The Initial Pledge Collateral is an upfront investment mechanism to enhance the network's security. In return, SPs earn transaction fees and block rewards proportional to the amount of storage they contribute to the network. As SPs are required to hold a certain amount of FIL tokens to participate in the consensus, a strong demand for borrowing FIL tokens is created to increase storage capacity services. This GitBook serves as a technical overview of FILLiquid's features and functionalities. It covers the background and demand for the FIL lending market, the technical architecture and economic design of the lending protocol, the governance structure, and other administrative aspects as we justify the need for a FIL lending market for storage providers. The GitBook is split into the following three sections: * Design Architecture * Economics * Governance The Design Architecture section describes the smart contract structure and the protocol's implementation. The Economics section discusses the determination of borrowing interest rates, distribution of staking income, and the design of governance tokens. The document concludes with sections on Governance, Risk Management, and Roadmap. Overall, this GitBook aims to provide a comprehensive understanding of the FILLiquid Pool on a technical level and its role in facilitating a DeFi FIL lending market on the Filecoin network. # What is FILLiquid FILLiquid is a fully open-sourced, decentralized, algorithm-based liquidity pool and leasing platform implemented on the Filecoin Virtual Machine (FVM). It facilitates a market that enables FIL token holders to stake their tokens and earn passive interest income while also providing SPs with the ability to borrow FIL tokens for storage provisioning. FILLiquid distinguishes itself from other leasing markets as it does not require SPs to collateralize fiat currencies or other digital assets to secure a FIL loan. Instead, FILLiquid employs the SPs’ existing account balances and future income as collateral, allowing them to take FIL loans without increasing their financial burdens. Specifically, the FILLiquid smart contract employs the SPs Beneficiary Address, which results in the potential income from storage mining being pledged to the protocol while the loan is outstanding. The Beneficiary Address also contains the previous FIL pledges to the protocol, which can be used as collateral to secure FIL loans. Taking leasing protection one step further, all FIL borrowed on FILLiquid can only be used to expand storage capacity. As a result, all FIL borrowed by SPs also enters the Beneficiary Address as it is used for pledging, meaning lenders are always fully protected in the event of a liquidation. The borrowing interest rate on FILLiquid is dynamically adjusted based on the market conditions relating to the supply and demand of utilization. A higher demand for borrowing FIL increases the utilization rate of the liquidity pool, resulting in higher borrowing interest rates. Conversely, a higher amount of FIL staked reduces the utilization rates, lowering the borrowing interest rate. Essentially, the FILLiquid liquidity pool lowers the entry barrier for SPs seeking to borrow FIL for power growth and FIL token holders looking to earn a passive income through staking. The protocol acts as a bridge between lenders (FIL token holders) and borrowers (SPs). FILLiquid will bring unprecedented liquidity to the Filecoin market and help the network achieve its goals in incentivizing a global network of computer operators to provide file sharing and storage services. FILLiquid will increase liquidity and reduce the cost of storage power growth to ensure consistent storage capacity expansion on Filecoin. # Overview of the Testing Procedure To get started, you need to prepare a wallet on the Filecoin Calibration network and load it with FIL test coins. The following section will explain how in detail.

{% embed url="" %} {% embed url="" %} # Preparing the Wallet The FEVM currently supports TP Wallet and MetaMask. In this guide, we will use the TP wallet to provide an example of how to add the Calibration network to the wallet for testing. The same steps can be used to add the Calibration network to MetaMask. * The first step is to open the TP Wallet and click the “Discover” tab from the bottom menu bar. In the URL section at the top of the screen, enter the following URL: * Chainlist is a network navigator service that makes it easier to add Testnets from different networks to your wallet.

* Once Chainlist appears, the next step is to enter Filecoin in the text box, as shown by “number 1” in Figure 3. * It’s important to check the option to “Include Testnets” (number 2) to ensure the Calibration network appears as an option. * Finally, find the Calibration testnet and click “Add to MetaMask” to add it to your TP Wallet (number 3).

That’s all there is to it. Your TP Wallet (or MetaMask) is now connected to the Filecoin Calibration testnet network and is ready to use on the FILLiquid testnet. # Receive Free Test Coins Once the wallet is connected to the Calibration network, the next step is to load it with $FIL testnet tokens. Testnet tokens can be received through the Calibration network faucet through the following link; [***https://faucet.calibnet.chainsafe-fil.io/funds.html***](https://faucet.calibnet.chainsafe-fil.io/funds.html) Simply enter the wallet address from your TP Wallet, and you will receive 100 $FIL Testnet tokens. # Beginning The Testing Now that your wallet is connected to the Calibration testnet and is loaded with testnet coins, it’s time to begin testing the FILLiquid protocol. You can access the protocol through the following FILLiquid testnet address; The website portal can be opened through the Discover tab in the wallet, as shown in Figure 2 above. * You will need to connect your wallet to the protocol upon entering it for the first time. Simply hit “Connect Wallet,” as shown in Figure 4.

* Next, select “TP Wallet” in the following screen (or MetaMask if you’re using that wallet)

* The final image in Figure 6 shows a successful wallet connection.

# Staking (Lending) $FIL Our Staking feature allows $FIL holders to deposit their assets into the FILLiquid liquidity pool for lending, providing them an avenue to earn a passive income through lending. Once a deposit has been made, the protocol will mint $FIT, a liquid staking derivative token (LSD). $FIT serves as a vehicle for dividend allocation and proof-of-stake in the liquidity pool. It can also be used later to farm $FIG. The following pages outline the process of depositing and withdrawing $FIL into the protocol for lending. Let's take a deeper dive into the Staking product.\
{% embed url="" %} {% embed url="" %} # Depositing FIL Into FILLiquid The next step in the testing is to deposit $FIL into the liquidity pool, making it available for lending. Simply hit “Stake,” as shown in Figure 5, and enter the amount of $FIL to be staked in the text box. Once your desired deposit amount is entered, hit “Confirm”. This will bring up a pop-up notification to sign and confirm the transaction, as with any DeFi transaction. After entering the deposit amount, the system will automatically mint $FIT of an equal value for you based on the currency exchange ratio. $FIT is the Liquid Staking Derivative token that acts as a proof of stake in the protocol and a vehicle of dividend allocation for interest earned. For more details surrounding $FIT, please refer to the whitepaper.

# Borrowing $FIL The FILLiquid borrowing protocol allows Storage Providers to bind their miners to the FILLiquid smart contract to use their previously pledged $FIL assets as collateral to secure loans. As a result, Storage Providers can secure $FIL loans to expand their storage capacity without increasing their financial burden. Storage Providers must first bind their miner addresses before taking out the loan. Let's take a look into how this can be achieved.
{% embed url="" %} {% embed url="" %} # Binding and Unbinding For Borrowers Before a Storage Provider can borrow from Filliquid, it is necessary to transfer the miner's beneficiary address to the smart contract and bind the Miner to the designated F4 wallet address as the Family. For a more detailed overview of how to bind a miner in FILLiquid, please take a look at the following documents: {% content-ref url="/pages/cWuRmLGvF3rdTVYqoQ9G" %} [How to Bind a Miner in FILLiquid](/testnet-user-manual/borrowing-usdfil/how-to-bind-a-miner-in-filliquid) {% endcontent-ref %} {% content-ref url="/pages/wSULMW7Jp7putIbF66yF" %} [Keytool Instructions](/testnet-user-manual/borrowing-usdfil/keytool-instructions) {% endcontent-ref %} # How to Bind a Miner in FILLiquid Before borrowing from Filliquid, it is necessary to transfer the beneficiary of the Miner to the contract and bind the Miner to the designated F4 wallet address as the Family. Then, the F4 address can perform the necessary operations on the protocol, such as borrowing, repayment, and unbinding for the Miner. Transferring the beneficiary of the Miner to the contract is a pledge operation, so the tokens held by the Miner cannot be withdrawn to any address other than the contract, which can effectively prevent the loss of funds and damage to the user's interests. On the other hand, if the beneficiary address is the Miner of the contract, once the withdrawal operation occurs, the tokens involved cannot be withdrawn, so withdrawal errors should be avoided as much as possible. Binding the F4 address requires the specified signature of the Miner's Owner, thus ensuring the security of the operation process. Before binding a Miner, users need a basic understanding of Filecoin's consensus mechanism and the ability to operate corresponding tools, including—but not limited to—changing Miner beneficiaries, information signing, etc. In addition, due to Filecoin's limitations, Miners with multiple signature addresses are not supported. Users with binding requirements can transfer the Miner's Owner to a single address and then perform subsequent operations if conditions permit. The specific process will not be described here. The following introduces the detailed process of binding Miner. Assuming that the user already owns a Miner and its Owner address, and the current Owner and Beneficiary addresses are consistent: ### **A. Process through the Filliquid interface** Enter the Filliquid dApp interface ( ), click Connect Wallet, and bind the wallet.

Next, click the Borrow tab (or visit the ), scroll down to the My Family tab, and click "Add Miner."

On the next page, click "Next."

In the Miner Address text box, enter the actorID of the miner and click Next.

In the following interface, copy the Keys, sign the string with the Owner address through a node or other tool, copy the result to the text box, and click Next. Before this step, please make sure that the Owner address holds a certain amount of tokens, otherwise the execution will fail. This step will take some time. Please be patient and wait for the transaction to be confirmed on the chain.

Once the transaction has confirmed, copy the Keys from the following interface, then sign the string with the Owner address through the node or other tool, and copy the result to the text box. Once complete, click Next.

Once the execution is successful, click OK.

The binding is now complete. ### **B. Submit proposals through nodes (Lotus, Venus, etc.)** NOTE: (lotus node users see ) **\* Please note that when modifying the Beneficiary, you need to fill in two parameters, Quota and Expiration, which represent the amount of Beneficiary and the height of expired blocks respectively. Filliquid requires Quota = 99999999999999999999999999999999999999999999999999 and Expiration = 9223372036854775807** Users need to specify the Filliquid contract address, which will be provided on our official website. The corresponding actorID can be found in various blockchain browsers. And submit a Change Beneficiary proposal to convert Beneficiary to Filliquid contract actorID. After the proposal transaction is put on the chain, you can continue to operate through the interface through the method introduced in the previous text. After entering the actorID of the miner, you will enter the third step to Confirm. Refer to the corresponding steps in the previous text. ### Exiting the Miner Family In addition, users can also exit the Family if conditions permit. For this to occur, the miner must have zero debt, the bound Family has no bad debts, and the ratio of the remaining miner's debt to balance after exiting the Family is less than 50%, etc. #### **A. Operate through the Filliquid interface** Go to the Filliquid dApp interface, click the Borrow tab (or visit the ), scroll down to the My Family tab, and click Unbind.

On the next page, click "Next."

In the following interface, copy the Keys, sign the string with the Owner address through a node or other tool, copy the result to the text box, and click Next. Before this step, please make sure that the Owner's address holds a certain token. Otherwise, the execution will fail. This step will take some time; please be patient and wait for the transaction to be on the chain.

Click Confirm in the following interface.

This step will activate the wallet. #### **B. Or submit proposals through nodes (Lotus, Venus, etc.)** (lotus node users see NOTE: ) Submit a proposal to change the Beneficiary to the Owner address. After the proposal transaction is put on the chain, you can continue to operate through the interface through the method introduced in the previous text. After entering the actorID of the miner, you will directly enter the second step of Confirm. Refer to the corresponding steps in the previous text. # Keytool Instructions Keytool is an auxiliary tool used for signing and sending transactions, as well as performing Miner-related operations such as change-beneficiary. It is a command-line lightweight wallet. Due to the continuous iteration of Filecoin, the versions of Keytool will also continue to iterate. Please follow the official website to get the latest updates of Keytool. Keytool download link: {% embed url="" %} **Before using Keytool, please read the following bullet point contents very carefully:** * *The use of Keytool requires users to have basic computer skills and knowledge, including but not limited to file paths, command line operations, vim operations, VPN, and certain English reading abilities.* * *The configuration environment of this article is the Calibration testnet. Calibration has a faucet (faucet) that can receive test coins TFIL. Test users can receive test coins for their own addresses after creating wallet addresses and miners. * * *Access to this faucet website may require a VPN in global mode.* * *This faucet can receive 100 TFIL at once, and each address can receive it twice every 24 hours.* * *Keytool uses the platform to recommend Mac or Linux systems.* * *Before starting, please confirm that your input method has been switched to the English input method.* * *When entering commands, pay attention to the spaces between words.* Here are the instructions for using Keytool for common operations: #### **I. Configure environment** 1. Download and extract Keytool 2. Taking the MacOS system as an example, click "Launchpad".

Enter "terminal" in the upper input box and click "endpoint."

3. Enter the following at the endpoint to extract the path of the Keytool folder and press Enter, as shown in the figure. `cd [space]`

4. If Vim is not installed, please install Vim. To confirm whether Vim is installed, enter the following at the endpoint and press Enter to observe the output. `Vim --version`

5. Enter the following at the endpoint and press Enter. You can see the current network configuration. We need to modify this configuration next. `./keytool config show`

6. Enter the following at the endpoint and press Enter. `vim./.keytool/config.toml`

7. In the new interface, we can modify the configuration file.keytool/config.toml. The modification method is: first, click the i key on the keyboard to enter the editing mode

The keyboard arrow keys can adjust the cursor position. Move the cursor to the bottom line of the text and delete all content line by line. Copy the following content to the end point. Taking Mac as an example, the shortcut to copy is Command key + C, and the shortcut to paste is Command key + V. `Version = 3` `Path = "./.keytool"` `Author = "https://api.calibration.node.glif.io/rpc/v1"` `NodeAPIs = ["https://api.calibration.node.glif.io/rpc/v1"]` `Messenger = "eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJBbGxvdyI6WyJyZWFkIiwid3JpdGUiLCJzaWduIiwiYWRtaW4iXX0.CAr-tnT5Z-J3fRzpvVdNH74SNAzf9QWA9dqP8sSipqE;https://api.calibration.node.glif.io/rpc/v1" DustValue = "1000000000"` `[DbCfg] Conn = "./keytool_calibration.sqlite" Dbg = false` 8. Click the Esc key on the keyboard to exit editing mode

9. Press and hold the Shift key while clicking the colon key.

10. Enter wq and press Enter to save the configuration file.

11. Enter./keytool config show to observe whether the modification result takes effect.

#### **II. Create a wallet address** Enter `./keytool wallet new --type bls` and press Enter. Follow the prompts to enter the wallet name, password, and confirmation password. **Remember this password** and use it frequently later.

Enter the./keytool wallet list command to view the newly generated wallet address.

#### **III. Apply for test coins for the wallet address** The configuration environment of this article is the Calibration testnet. Calibration has a faucet that can receive test coins TFIL. Test users can receive test coins for their own addresses after creating wallet addresses and miners. Visiting this faucet website may require a VPN's global mode. This faucet can claim 100TFIL at once, and each address can claim it twice every 24 hours. After entering the page, enter the wallet address generated in the previous step and click Send Funds. The address can be viewed through the./keytool wallet list command.

Please wait one or two minutes until the transaction is on the chain. You can view the balance of the wallet address, the number of messages, and other information through the browser. The browser address is: After entering the browser, enter the wallet address in the search box in the upper right corner and press Enter.

You can see that the wallet address generated just now has a balance of 100 TFIL.

#### **IV. Set Address Nonce** Each transaction in Filecoin has a nonce. This nonce starts from 0 and increases by 1 for each transaction. Before creating a transaction, we need to synchronize the address of the transaction sent in the local keytool with the corresponding nonce on the chain to ensure that the transaction can be sequentially uploaded to the chain. Enter `./keytool wallet balance -a [wallet address]` at the endpoint and remember to replace the items in square brackets. You can see the current nonce on the chain.

Enter `./keytool wallet set-nonce -a [wallet address] -n [new nonce]` at the endpoint, remember to replace the items in square brackets, as shown in the figure.

**Before signing or sending a transaction, you need to manually synchronize the nonce.** #### **V. Create Miners** To create a miner, you need to send a transaction on the chain. Before performing the following steps, you need to synchronize the nonce. For detailed methods, please refer to Section 4 to set the address of the nonce. Please note that if the following steps exit and restart midway, you need to resynchronize the nonce. After synchronizing the nonce, enter at the endpoint: `./keytool message build --from = [wallet address] --to = f04 --method = 2 --args = '{"Owner": "[wallet address]", "Worker": "[wallet address]", "WindowPoStProofType": 13, "Peer": null, "Multiaddrs": null}'` Remember to replace the items in square brackets, as shown in the figure.

Pay attention to the file path in the red box, which is the message we just constructed. We need to sign this message now. Enter at the end point: `./keytool message sign -f [file path in red box]` Enter the wallet password as prompted, as shown in the figure.

Pay attention to the file path in the red box, which is the signature file we just obtained. We need to send this message to the chain now. Enter at the end point: `./Keytool message push -f [file path in red box]` As shown in the figure.

Search for the wallet address in the browser, scroll down the page, and you can see that the message we just sent is waiting to be uploaded. Please wait patiently for one or two minutes.

Refresh the page, and you will find that the wallet address has a new Miner, as shown in the figure.

**VI. Signature** Synchronize the nonce before performing the following steps. For detailed methods, please refer to Section 4 for setting the address nonce. Enter `./keytool wallet sign [wallet address] [message to be signed]` at the endpoint, as shown in the figure.

This way we get the result of the signature. You can use this method to perform the signature operation in the steps that need to be signed in Filliquid dApp. # Borrowing FIL For Storage Providers After the node binding is completed, Storage Providers can borrow money from the Borrow menu page. Click the Borrow button, as shown in Figure 9, and enter the amount to be borrowed. The total number of available $FIL to borrow is 1:1 of the number of assets in the node.

Then, enter the repayment amount and click "Repay." Once you've confirmed the transaction, the loan will be repaid. # Farming $FIG # FIT Farm After depositing your FIL for lending, you will receive FIT equity tokens. In addition to receiving the staking income of FIL, the FIT tokens provide the options to stake in the farm to obtain the reward in governance tokens, FIG. The FIG returns will be rewarded to protocol users according to fixed release rules, which can be found in the white paper. Here is how to stake FIT:

* Open the Farming page to open the FIT farming panel. * Here, you can see the balance of your FIT and the current amount of FIT pledged.

* First, enter the amount to be pledged in the text box * Then, choose the period of the pledge. * There are different lock-up periods from 1 month to 1 year, allowing you to choose according to your own needs. * Different periods of pledge yield provide different returns. * Essentially, the longer the period, the higher the yield. * It should be noted that the yield is dynamically adjusted according to the number of pledges on the entire network. For specific rules, please refer to the white paper. Once you are happy with the staking criteria, click "Confirm" to stake FIT. The wallet will pop up a confirmation box, and you can sign the transaction again to confirm. # Debt farms * Borrowers (Storage Providers) can also obtain FIG's token rewards. * After the SP borrows money, the protocol will automatically calculate FIG rewards for the SP. * However, FIG rewards will only be settled in the SP's wallet after the SP repays the loan.

# More Instunctions # Liquidation Mechanism * The liquidation mechanism refers to the debt liquidation line that will be triggered when the sum of the total borrowing, lending principal, and interest relative to the sum of the balances of each miner in the Family reaches a certain threshold (currently set at 90%). * Anyone can trigger the liquidation, and the system will use 90% of the liquidation amount to repay the debt, reward 3% to the user who triggers the liquidation, and invest 7% in the risk reserve pool. # Fees * Users on the protocol will charge a fixed percentage of fees for both depositors and borrowers. * Currently, lenders are charged a fee of 0.1% when redeeming FIL, and loan users are charged a loan fee of 1%. * The loan handling fee is automatically deducted by the system when borrowing. # Exchange Rate Mechanism * FIT, as the equity token pledged FIL, has a fluctuating exchange rate between FIL, and the exchange rate relationship between them is mainly divided into two situations * FIT (the equity token received when depositing FIL) has a fluctuating exchange rate relative to FIL. * The relationship between them is mainly divided into two of the following situations: 1. When the utilization rate of the staking pool is less than or equal to 90%, the exchange rate of FIL/FIT = FIL in the agreement/total number of FIT minted in the agreement. In this case, the value of FIT will increase with the continuous repayment from borrowers, corresponding to the continuous appreciation of the assets of the pledged user. 2. When the utilization rate of the staking pool exceeds 90%, the value of FIT will continue to depreciate as the utilization rate of funds increases, thus avoiding the depletion of the liquidity of the agreement funds. At this time, redeeming funds may incur certain losses, but when the utilization rate of funds returns to normal, the exchange rate will also return to normal. # 欢迎来到 Filliquid 文档 FILLiquid 是一个完全开源的、基于算法的 Filecoin 流动性池，构建于 FVM（Filecoin 虚拟机）之上。我们的目标是解决 Filecoin 资产的低效问题，为全球存储提供商提供充足且安全的流动性。这使得 Filecoin 持有者能够安全地利用其资产，从而加速 Filecoin 生态基础设施的发展。通过我们的去中心化高效流动性池，FILLiquid 帮助存储提供商更高效地运营 Filecoin 网络，推动基于 Filecoin 的去中心化存储网络的建设，实现一个更强大的基于 IPFS 的开放互联网。 {% embed url="" %} How Filliquid Makes the Filecoin Ecosystem Better {% endembed %} ## Quick Guide ▼


If you hold FIL tokens and want to earn rewards, start here.	质押用户指南	제목을 입력해주세요_-005 (2).png
Learn more if you are a Storage Provider and want to borrow FIL, and discover what makes Filliquid unique and advantageous.	存储提供者指南	제목을 입력해주세요_-006.png
Get quick answers in the FAQ for FIL token holders (Liquidity Providers) and Storage Providers	FAQ	제목을 입력해주세요_-009 (1).png
What is a FIG Token?	FIG 代币	제목을-입력해주세요_-007 (5).png
What is a FIT Token?	FIT 代币	제목을-입력해주세요_-008 (5).png
How Filliquid works?	如何运作	제목을 입력해주세요_-010.png
Review Our Audits	审计	제목을 입력해주세요_-011.png
Filliquid evolves and grows through its community.	路线图	제목을 입력해주세요_-013 (1).png
Stay informed with updates on our official SNS.		제목을 입력해주세요_-012 (1).png

# 关于 FILLiquid

## FILLiquid是什么？ FILLiquid 是一个完全开源的、基于算法的 [Filecoin](https://filecoin.io/) 流动性池，构建于 FEVM（Filecoin 虚拟机）之上。\ 我们的目标是解决 Filecoin 资产的低效问题，为全球存储提供商提供充足且安全的流动性。这使得 Filecoin 持有者能够安全地利用其资产，从而加速 Filecoin 生态中去中心化数据存储基础设施的发展。通过我们的去中心化高效流动性池，FILLiquid 帮助存储提供商更高效地运营 Filecoin 网络，推动基于 Filecoin 的去中心化存储网络的建设，实现一个更强大的基于 IPFS 的开放互联网。 ## 核心特点 ### 首要任务是确保用户资产的安全! 我们已经使用先进的区块链技术和加密学实现了一个去中心化协议。该协议将通过社区的持续贡献不断发展和完善。 * FILLiquid 是 [Filecoin 生态系统](https://fil.org/ecosystem-explorer/filliquid)中第一个完全开源的智能合约项目。 * FILLiquid 是FEVM上第一个将完全控制权归还给用户的平台。 * 只有用户自己可以提取自己的资金——你的资产，你的控制。由于智能合约没有所有者，FILLiquid v1 的核心代码保持不变。这意味着项目无法任意操控流动性池，从而确保了一个没有后门的安全池。 *** ### 通过可持续的解决方案加速 Filecoin 愿景的实现 * FILLiquid 为存储提供商提供高效、透明和公平的 Filecoin 借贷服务，存储提供商在 Filecoin 生态系统中充当节点验证者。它赢得了行业领先的存储提供商领导者的信任。 * Filecoin 的质押利率和存储提供商（SP）的借贷利率会根据流动性池的使用情况通过先进的算法实时自动调整。这为去中心化协议提供了显著的优势，使其区别于其他中心化平台。 * FILLiquid 在由 Ethereum 和 Protocol Labs 主办的黑客松中取得了优异的成绩，在 ETH Global FVM Space Warp 竞赛中获得了 [Filecoin 和 IPFS DeFi 火箭奖](https://ethglobal.com/showcase/fill-liquidity-pool-for-storage-providers-m3fs3)。 ## DePIN + DeFi FILLiquid 是 Filecoin 生态系统中的一个独特 DeFi 协议，将液态质押（Liquid Staking）与去中心化物理基础设施网络（DePIN）相结合。通过引入跨链集成，FILLiquid 与 Filecoin 以外的公链进行交互。我们不断进行研究和创新，以为社区提供更加便捷的用户体验。 ## 问题陈述 #### Filecoin 生态系统中的挑战 **Filecoin 网络**是一个基于 **IPFS** 技术构建的去中心化存储市场，利用区块链创建去中心化共识层。该系统允许任何人提供存储服务并交易存储空间。通过**复制证明（Proof-of-Replication）**和**时空证明（Proof-of-Spacetime）**，Filecoin 确保数据的安全性和验证，无需依赖中心化的权威机构。 *** #### 存储提供商（SP）的角色与挑战 **存储提供商（SP）**是 Filecoin 网络的支柱，通过提供存储容量来维持系统的运行。作为回报，他们通过区块奖励、网络费用和存储挖矿收入获得补偿。然而，旨在维护网络完整性的多个机制也给 SP 带来了财务压力： 1. **初始质押抵押:**\ 存储提供商（SP）必须存入初始质押抵押才能参与存储挖矿。虽然这确保了责任追究并保护了网络安全，但也带来了沉重的资本要求。在许多情况下，质押的资本超过了硬件成本，形成了不必要的财务负担，从而可能减缓整个网络的增长 2. **奖励分配延迟:**\ 存储提供商（SP）只能立即获得 25% 的区块奖励，而剩余的 75% 会在 180 天内按线性方式分配。这种延迟意味着他们的大部分奖励无法立即再投资，限制了他们扩展存储容量的能力。 *** #### 存储提供商（SP）获取 FIL 的当前途径为了满足存储扩展的资本需求，SP 通常依赖三种方式来获取 FIL 代币。然而，每种方式都有显著的缺点： 1. **使用存储交易的 FIL 奖励:**\ 虽然理想情况下通过存储交易中的 FIL 奖励再投资可以支持可持续增长，但奖励的延迟释放使这一做法变得不切实际。由于大部分区块奖励被锁仓，SP 无法获得足够的流动性来有效地扩大业务。 2. **从公开市场购买 FIL:**\ 从交易所购买 FIL 会使 SP 面临市场波动和额外的金融风险。用于购买 FIL 的资金本可以更好地用于硬件升级，以增加存储容量，因此这一选择对于长期增长来说效率较低。 3. **从中心化市场借贷 FIL:**\ 中心化借贷平台通常要求超过 150% 或更多的超额抵押以确保贷款。这意味着 SP 必须存入比借款更多的资本，从而增加了财务负担。此外，信任中心化实体进行大额存款存在安全风险，而高利率通常无法反映实时市场状况，使得借贷成本高且风险大。 *** ## 解决方案 #### 去中心化解决方案的需求目前的选项既低效又财务负担沉重，减缓了 SP 业务和 Filecoin 网络的增长。SP 需要一种更灵活、更具成本效益的去中心化方式来获取 FIL，用于扩展其存储容量。与此同时，许多 FIL 持有者渴望通过借贷他们的代币来赚取被动收入。然而，目前的借贷市场被中心化服务提供商主导，这些平台占据了大部分利润，导致 FIL 持有者的回报非常有限。 *** #### 为什么无需信任的去中心化 FIL 借贷协议至关重要 Filecoin 生态系统迫切需要一个去中心化、无需信任的借贷协议，具备以下特点： * 平衡 FIL 借贷者与存储提供商（SP）借款者之间的利益 * 提供反映实时市场状况的公平利率 * **消除对中心化中介的依赖**，降低风险并提高透明度 * **降低 SP 的资本要求**，使他们能够在没有沉重财务负担的情况下扩展存储容量通过解决这些问题，去中心化的借贷协议可以为整个 Filecoin 生态系统带来新的增长机会，确保可持续的扩展并促进更多 SP 和 FIL 持有者的参与。 ## **FILLiquid 是如何工作的？**

1. **FIL 质押**：用户将 Filecoin 质押到 FILLiquid。 2. **FIT（Filecoin 信任代币）发行**：作为回报，用户获得代表质押 Filecoin 的 Liquid Staking Token（LST）。 3. **借贷 Filecoin**：存储提供商（SP）从 FILLiquid 借用 Filecoin，然后由节点验证者用于 Filecoin 挖矿过程。随着挖矿产生的 Filecoin 被用于偿还贷款，FIT 的价值随着每次还款而增加。 4. **奖励分配**：质押奖励会自动复投到 FIT 代币中，无需手动领取并重新质押。 5. **DeFi 资产支持者的额外收益**：FIT 可在 FILLiquid 应用中使用，使用户能够赚取 FIG 代币。 6. **灵活的解质押**：在 FILLiquid 上，Filecoin 可以在任何时候灵活提取，只要利用率低于 90%，无需等待期。 ## 为什么选择 FILLiquid？ **100%去中心化 DeFi 协议:**\ 作为 Filecoin 虚拟机（FVM）上首个完全去中心化的 DeFi 协议，FILLiquid 提供比中心化 DeFi 平台更高的安全性和透明的质押奖励。 **双重收益优化:**\ FILLiquid 独特地解决了 Filecoin 生态系统中的流动性挑战，允许用户同时赚取质押奖励和 DeFi 收益。这种双重收益方式最大化了回报，同时支持去中心化存储基础设施的增长。 **经过验证的团队专业性:**\ 我们的团队由早期的 Filecoin 开发者、区块链专家以及来自黑石、富达国际和世界银行等机构的金融专家组成。这些经验体现在我们的成功中： * 是Filecoin增长最快的 DeFi 协议。 * 获得了 [Filecoin 生态系统的资助](https://fil-retropgf.notion.site/FIL-RetroPGF-1-Results-9ad30232b643460598353489d79b9628)，100% 分配用于用户激励和生态系统增长。 **即时提款：**\ 与传统的 Filecoin 质押不同，传统质押通常涉及较长的锁仓期，FILLiquid 通过集成的 DEX 提供即时提款。用户可以在池利用率低于 90% 时灵活地访问资金，无需等待期。 **强大的合作伙伴关系：**\ FILLiquid 与 Filecoin 生态系统中的领先 DeFi 团队合作，并保持战略伙伴关系，包括与 Lighthouse 的官方合作，提供安全、永久的数据存储。这确保了我们流动性解决方案的广泛兼容性和强大集成。 **雄厚的支持：**\ 凭借 Filecoin 基金会的资助和强大支持，FILLiquid 预计将成为 Filecoin 生态系统中最大、最先进的 DeFi 协议。我们的智能合约已通过 CertiK 和 Salus 审计，进一步巩固了我们的信誉和安全性。 **去中心化控制：**\ FILLiquid 是 Filecoin 生态系统中唯一一个用户完全控制自己资产的 DeFi 协议。FILLiquid v1 的不可变智能合约确保项目团队无法操控池，保证平台没有后门并保持透明。 **经验丰富的团队与行业支持：**\ 我们的团队得到了区块链领域知名玩家的支持，包括来自 OKX 和 Bybit 等主要交易所的工程师。我们有着成功构建可扩展的、社区驱动项目的经验，专注于去中心化治理和用户参与。 # 产品架构 FILLiquid 背后的设计架构通过经过审计的智能合约来实现，该合约自动在区块链上执行交易。智能合约既作为一个流动性池，也作为一个借贷市场，具备处理利率计算、流动性管理、结算和清算操作的能力。\ 智能合约主要与两类用户群体进行互动： 1. 质押者（FIL 持有者） 2. 借款人（存储提供者，SP）质押者通常是希望通过将闲置资产存入流动性池来赚取利息的 FIL 持有者。借款人通常是存储提供者（SP），他们寻求借入 FIL 来满足扩展存储能力所需的质押要求。以下图示展示了我们整个生态系统的概览：

\[1]Icon image: Flaticon.com # 质押与赎回 FIL 持有者可以将闲置资产质押到流动性池中，以借贷给借款人并赚取利息。 FILLiquid 的无许可开放智能合约允许市场参与者随时直接向合约中质押或赎回任何数量的 FIL 资产。当 FIL 持有者将其代币质押到智能合约中时，他们会收到一种叫做 FIT 的流动质押衍生代币（LSD）。它作为质押证明和生态系统内分红分配的载体。收到的 LSD 代币数量取决于多个因素，例如： * 提供的流动性数量。 * 流动性池中质押的 FIL 代币总量（包括借款人存入的本金和利息支付）。 * 池的利用率。质押和赎回活动始终可用，并且通过机制保护，防止 FIL 流动性被耗尽。例如，当流动性变得稀缺且利用率达到一定水平时，每个质押的 FIL 代币所获得的 LSD 代币数量会呈指数增长，从而鼓励提供流动性。类似地，赎回一个FIL 代币所需的 LSD 代币 FIT 的成本会显著增加，从而抑制赎回活动。 # 借款与还款 Filecoin 质押利率和借贷利率是如何确定的？ \ FILLiquid 智能合约还处理了有融资需求的存储提供商（SP）的借款和还款请求。SP 可以通过抵押其受益人地址，将其账户余额和未来收入质押给智能合约，从而从智能合约获取 FIL 代币。 FILLiquid 与传统的借贷协议不同，它不要求借款人通过主流加密货币（如 ETH）过度担保来获得贷款。相反，FILLiquid 采用独特的风险管理方法，将 SP 的账户余额和来自存储挖矿的未来收入作为担保。因此，单个 SP 的最大借款额度是基于其可质押的账户余额来确定的。FILLiquid 智能合约所识别的总质押账户余额包括以下内容： * 预提交存款 * 初始质押 * 锁仓资金 * 可用余额此外，存储矿工未来的奖励也作为额外的抵押物，以降低违约风险。由于矿工在将账户地址质押给智能合约后无法直接控制该受益地址，因此他们无法从可用余额中提取FIL。借入的FIL只能用于增加存储能力，它也会进入受益地址，并可视为抵押物。这种独特的风险管理方法使得FILLiquid在其启动阶段能够安全地将最低抵押比率设置为100%。一旦收到借款请求，SP的受益地址将开始向智能合约的地址转账。从那时起，SP的账户余额和所有未来的收益都作为抵押物由智能合约进行质押。在完成质押过程后，SP将获得预期的借入FIL代币。借款利率是基于算法的，意味着它们由智能合约自动计算，并仅由利用率决定。利用率代表在特定时间点，借入的FIL总额占FIL借贷池总流动性的百分比。你可以在下表中查看对应利用率的借款利率：

高利用率表示流动性池中的需求较高，导致较高的借款利率。相反，低利用率则表明需求较低，从而导致较低的资本成本以吸引借款人。借款利率模型允许在关键点进行利率调整，参数应由DAO（去中心化自治组织）决定。贷款利息会持续复利，并在每个纪元中积累，但与贷款本金一起偿还。当借款人请求偿还贷款时，本金和利息将通过智能合约一起偿还。以下表格显示了一些模拟的利率（以百分比表示）。例如，假设一个存储提供商（SP）以50%的利用率借款，名义年利率为8%（如上表所示），并计划在36个月内偿还贷款。在这种情况下，他们需要支付27.12%的本金作为利息。

本金和利息的偿还将返回到流动性池中，并可供其他存储提供商（SP）借用，从而减轻了利用率的压力。 # 交易费率 FILLiquid 协议采用两种交易费用： 1. 存储提供商（SP）在从 FILLiquid 流动性池借用 FIL 时需支付 1% 的交易费用。 2. 质押用户在使用 FIT 赎回/提取 FIL 时需支付 0.1% 的交易费用。所有交易费用均以 FIL 计价。 # 风险管理机制清算机制旨在保护流动性提供者和 FILLiquid 池免受潜在损失。当借款人的抵押物价值跌破指定阈值时，机制会自动触发抵押物的出售以偿还贷款。为了维持负责任的借贷行为并防止滥用，每个矿工最大可借贷五次。此外，三笔贷款的总金额必须保持在矿工的信用额度（或家庭信用额度）之内。此限制确保恶意借款人不能在不偿还的情况下持续借款，或通过将大额贷款拆分成多个小额部分来规避事后利用机制，因为 FILLiquid 不要求借款人指定借款期限。矿工必须至少借取 10 FIL，而矿工的信用额度决定了最大借款金额。流动性提供者可以质押任何他们希望的金额，起始金额最低为 1 FIL。这个灵活的质押范围使得流动性提供者可以根据自己的偏好和可用资源参与。通过引入这些机制以及社区在治理过程中的参与，FILLiquid 构建了一个强大的风险管理框架。这个框架增强了网络的安全性和完整性，确保恶意行为者得到适当处理，从而维持一个安全可靠的生态系统。 # 质押收益分配 ## 设计理念为 FILLiquid 提供流动性的钱包将期望通过利息收入或资本增值来补偿其资本的机会成本。这种补偿的分配通过液态质押衍生代币（LSD）FIT进行，当用户将 Filecoin 存入池中时，会铸造并发送 FIT 代币给质押者。为了促进质押收益的分配并确定回报率，已设计了一个自动化系统，关键因素包括但不限于以下内容： * **Filecoin Trust (FIT) 代币**：LSD 代币在质押者将 FIL 存入流动性池时被铸造并授予他们。FIT 作为协议中的质押证明，并使收益分配成为可能。 * **开放质押与提现**：质押和提现可以随时进行，基于当前 FIT 和 FIL 之间的兑换率。 * **FIT 价值增长**：随着更多 FIL 被借出并偿还，利息支付到流动性池，FIT 的价值相对于 FIL 预计会自然增加。借款人支付的部分利息会反映在 FIT 代币的价值中，并分配给质押者。 * **流动性保护**：FIT/FIL 的兑换率是动态的，并且会根据利用率的变化而调整。这旨在防止过度赎回并激励流动性提供。较高的利用率会导致 FIT 相对于 FIL 贬值，使得质押更具成本效益，而赎回在经济上不那么有利。正如上一部分所提到的，兑换率的确定应该应用后验利用率，以保障系统的安全。 * **赎回时利用率的近似**：由于在赎回时无法精确确定后验利用率，系统应该调整当前的兑换率，以估算赎回的 FIL 数量，并近似利用率。 ## 提供和提取 FIL 流动性当质押者（FIL 代币持有者）向借贷池提供流动性时，他们会收到铸造的 FIT 代币，作为其质押的证明。 FIT 和 FIL 之间的兑换率是通过将总发行的 FIT 数量除以流动性池中质押的 FIL 总量来确定的。在初始阶段，当尚未积累任何利息收入时，每存入 1 个 FIL，就会铸造一个 FIT 代币。随着借贷池的使用，借款人通过还款和支付利息将借款利息存回池中。因此，FIT 相对于 FIL 的价值逐渐增加，从而使得利息收入按比例分配给流动性提供者。当贷方请求赎回以提取其 FIL 存款时，他们可以用 FIT 赎回的最大 FIL 数量受到流动性池中可用 FIL 的限制。为了估算要赎回的 FIL 数量，当前的 FIT/FIL 兑换率会除以 (1-U)，其中 U 代表终点利用率。赎回后的实际 FIT/FIL 兑换率预计会高于当前兑换率。如果估算的赎回金额超过可用的 FIL，系统将返回错误信息。相反，如果估算的金额低于可用的 FIL，系统将基于估算的 FIL 数量来计算事后利用率。一个 FIT/FIL 兑换率的乘数，记作 Mu，旨在调整质押时铸造的 FIT 数量以及赎回时提取的 FIL 数量。该乘数是终点利用率 U 的函数。当 U 超过最大借款利用率 Um 时，保护机制将激活，以激励流动性提供并抑制 FIL 赎回。从本质上讲，更高的利用率对应于更高的 Mu 值，从而影响 FIT/FIL 兑换率。

# 代币持有者的收益 **代币持有者的收益** **为何 FIL 代币持有者需要使用 FILLiquid 来赚取奖励** **通过存入 Filecoin 获得奖励** Filecoin 随着时间的推移会膨胀，这意味着 FIL 代币持有者会不断被进入 Filecoin 经济体系的新 FIL 代币稀释。FILLiquid 允许 FIL 代币持有者保护自己免受网络膨胀的影响。 **快速增长的流动性** FILLiquid 是增长最快的流动性池之一，允许 Filecoin 持有者随时存入和提取资金，而不需要锁仓期。 **质押池的安全设计** FILLiquid 的首要任务是保障 Filecoin Staker 和存储提供商的资产安全。FILLiquid 已经过多次审计，并采用保守的算法经济政策来最大程度地减少损失风险。 **赚取 FILLiquid 治理代币 (FIG)** 当 FIL Stakers 将 FIT 重新质押时，他们将赚取 FILLiquid 治理代币 FIG。 # FILLiquid奖励机制 - FIT **Filecoin Stakers 通过持有 FIT 代币赚取奖励。** **关于 FIT** FIT 是 FILLiquid 的奖励代币——一种部署在 FEVM 上的 ERC20 代币。Filecoin Stakers 持有 FIT 代币以赚取奖励。当 Filecoin Staker 将 FIL 存入池中时，他们会根据当前的 FIT 价格获得相应数量的 FIT 代币作为回报。随着存储提供者（SP）通过借入 FIL 获得利息，FIT 的价格会增加。 Filecoin Stakers 可以在选择提现时将 FIT 兑换回 FIL。FIT 可以转账到其他钱包，在二级市场上交易，并可用于其他 DeFi 协议中。 *** #### FIT 计算方式每 1 枚 FIT 代币可兑换的 FIL 数量，通过将流动性池中的总资产除以 FIT 代币的流通供应量计算得出。因此，FIT 价格会随着每个区块的生成而不断增长。 FIT 价格计算公式： **FIT 价格** = **资金池中FIL总资产** / **FIT 流通供应量** 其中：\ **池总资产** = **Filecoin 质押者存款** + **累积费用** **基本示例:** * **FIT 价格**：假设当前 FIT 的价格是 **1 FIL**，即 **1 FIT = 1 FIL**。 * **Filecoin 质押者存款**：一个 Filecoin 质押者将 **1 FIL** 存入 Filliquid，获得 **1 FIT**。 * **SP 借款并累积利息**：随着 SP 借款并（随时间）累积利息，池的总资产增加。 * **价值增加**：随着池总资产的增加，FIT 价格上升。如果 FIT 价值增长 **5%**，则 **1 FIT** 现在的价值是 **1.05 FIL**。 * **提现**：Filecoin 质押者可以通过兑换 **1 FIT** 提取 **1.05 FIL**。 *** #### 奖励来源奖励来自 **存储提供商（SP）** 向 Filliquid 借入 FIL 所产生的利息。SP 支付的预期利息按比例分配给 **FIT 持有者**，并在 Filliquid 中自动复利。从经济角度来看，Filliquid 实现了 **权责发生制会计方法**。换句话说，它会将 SP 应付的利息作为总资产的一部分，在支付之前进行计算。因此，**Filliquid Filecoin 质押者** 每个区块都会获得奖励。 *** #### 收益利率 **SP（存储提供商）** 以 **15%** 的固定利率从池中借取 FIL。只有借出 FIL 才会产生收益。借出 FIL 与池中总 FIL 的比例被称为池的 **利用率**。资金利用率的计算公式为： **资金利用率** = (借出 FIL / 总 FIL) × 100% 收益分配给 Filecoin 质押者的计算公式为： **奖励** = **SP 支付的利率** × 资金**利用率** *** #### 查看你的奖励 Filecoin 质押者可以通过连接钱包到 Filliquid 或访问特定地址的钱包/多签页面来查看其 FIT 持有量的 FIL 价值。 FIT 回报会显示在 **“代币”** 部分。 # 如何质押 Filecoin

将您的 Filecoin 存入链上，帮助振兴 Filecoin 网络！🚀\ 您存入的 FIL 有助于构建 Filecoin 生态系统，支持去中心化存储（DePIN）基础设施，作为回报，您将根据您的贡献赚取最优的利息奖励。

# 准备钱包由于 FILLiquid 是一个运行在 Filecoin 网络上的 DeFi 协议，它需要兼容 FEVM（Filecoin 虚拟机）的钱包进行操作。您可以使用以下支持 FEVM 的去中心化自托管钱包。

### **1、下载您喜欢的钱包，并生成一个以 f4 或 0x 开头的 Filecoin 地址。**

### 2、**从交易所向钱包发送 FIL**

**步骤 1：复制您的钱包地址** * 打开您下载的钱包。 * 创建一个 Filecoin 钱包地址。 * 复制您的 **0x 或 f4** 开头的钱包地址。 *** **步骤 2：从交易所 (CEX) 转账 FIL** * 登录您的交易所账户。 * 发起转账，将 FIL 发送至您刚刚复制的 **0x 或 f4** 开头的钱包地址。 *** **重要提示:** * 如果您的交易所不支持直接转账至 **0x/f4** 地址，您可能会看到如下错误信息：\ *“*这不是一个有效的 Filecoin 地址。*”* * 如果遇到此情况，请按照交易所的具体指引，先将 FIL 转移到一个兼容的地址，然后再转账至您的 **0x/f4** 钱包。 *** **步骤 3：开始使用您的 FIL** * 转账完成后，您的 FIL 将会到达您的 **0x/f4**钱包。 * 您现在可以连接钱包，开始与 FILLiquid 进行交互。 # 连接钱包 {% embed url="" %} ### 将钱包连接到 FILLiquid（PC 端） \ **1. 点击右上角的“连接钱包”（红色框）** **2. 选择您使用的钱包**

## 将钱包连接到 FILLiquid（移动端） **1. 点击右上角的“连接钱包”（红色框）** **2. 选择您使用的钱包**

# 质押FIL 我们的质押功能允许 Filecoin 持有者将资产存入 FILLiquid 流动性池进行借贷，为他们提供通过借贷赚取被动收入的途径。一旦完成存款，协议将铸造 FIT 代币，一种流动性质押衍生代币（LSD）。FIT 代币作为流动性池中的收益分配工具和质押证明。此外，FIT 代币也可以用于后续的 FIG 代币挖矿。接下来的页面将详细介绍将 Filecoin 存入协议并进行借贷的存取过程。让我们深入了解一下质押产品。 {% embed url="" %} ## FIL租赁 1\. 连接您的钱包并点击“FIL 租赁”菜单 2\. 点击“租赁”按钮以存入 FIL

3. 输入您希望存入的 FIL 数量，然后点击“确认”。

4. 等待钱包交易请求（智能合约交互）弹出，然后点击确认按钮。

5. 请等待交易确认。由于 Filecoin 网络的特性，至少需要 30 秒，如果网络拥堵，可能需要更长时间。请放心耐心等待。

6. 一旦交易完成，您的 FIL 将被转移到 Filliquid 池中，您将收到 FIT 代币作为您存入 Filecoin 的凭证。您可以在 Filecoin 区块浏览器上透明地验证所有操作。

7. FIL 会根据实时汇率兑换为 FIT。通过接收 FIT，您可以在未来随着 FIT 价值的增加而潜在赚取利息。

# 赎回FIL 首先赎回您存入的 FIL 需要确保 FIT 在您的钱包中，如果您在农场中质押了FIT，则需要先解除FIT质押。然后，点击“赎回”按钮，进入赎回页面。接着，输入要赎回的 FIT 数量，系统会根据实时的 FIL/FIT 汇率计算出您将获得的 FIL 数量。您可以在文本框下方看到预计获得的 FIL 数量。要继续赎回操作，只需点击“确认”并签署相应的交易。注意`：在赎回时，相应数量的 FIT 将从您的钱包中销毁。`

# 如何使用FIT FIT 代币是 Filliquid 协议的 LSD（流动质押衍生物）代币。在等待 FIT 价值增加的同时，您可以通过以下方式使用它们 # 质押FIT 赚取 FIG。 ## **📌** FIT 质押指南（赚取 FIG 代币） **质押 FIT 赚取 FIG 奖励！**��\ *按照本指南，轻松安全地质押 FIT。* ### **1️⃣** FIT 质押概览 * **什么是 FIT？**\ 📌 当您存入 FIL 时，系统会发行 FIT 代币（权益证明代币）。\ 📌 FIT 代币不仅能产生 FIL 质押收益，还可以在农场中进行质押，额外赚取 FIG 奖励。 * **FIG 奖励**\ ✅ FIG 是 Filliquid 的治理代币。\ ✅ FIG 奖励根据固定释放规则分配，具体细则可在白皮书中查看。 *** * **PC 版使用指南**

#### **① 打开 FIT 质押面板** 📌 进入 Farming 页面，并打开 **FIT 质押面板**。\ 📌 在这里，你可以查看当前的 FIT 余额以及已质押的数量。 #### **②** 输入质押数量 ✅ 在文本框中输入你要质押的 FIT 数量。 #### **③** 选择质押周期 ✅ 选择你希望的质押（锁定）周期 * 选项范围从 **1 个月到 1 年。** * **较长的质押周期可获得更高的奖励**。 * 奖励会根据全网总质押量动态调整（详细规则请参考白皮书）。 #### **④** 确认质押 ✅ **检查质押详情**，然后点击 **“确认”** 按钮。\ ✅ 你的钱包（如 **Metamask、FoxWallet、Burrito Wallet** 等）会弹出确认窗口——**签署交易** 以完成质押。 *** * **移动端操作指南**

1️⃣ 点击右上角的 **菜单按钮**（☰），选择 **“农场”**。\ 2️⃣ 选择 **FIT 农场**。\ 3️⃣ 设定**质押周期**，并输入从存入 Filecoin 获得的 **FIT 数量**。\ 4️⃣ **查看预计 FIG 挖矿奖励**，然后点击 **“确认”** 按钮。 ✅ 质押完成后，你可以在页面底部查看 **质押记录**。 *** **📌 质押流程总结** ✔️ **存入 FIL** → **获得 FIT 代币** → **质押 FIT** → **赚取 FIG 奖励**\ ✔️ **质押时间越长，收益越高**\ **✔️ 奖励率会根据全网总质押量波动**\ **✔️ 奖励分配规则请参考白皮书** 💡 **选择适合你的锁定周期，最大化 FIG 奖励！🚀** # 质押FIG赚取FIL #### {% embed url="" %}

#### 如何参与 FIG 质押分红？通过质押 FIG，用户可以赚取 FIL 形式的平台手续费分红。用户根据选择的质押周期获得分红份额，质押周期越长，分红权重越高。 #### 分红规则 **分红周期与质押锁定**: * 用户可以选择具有不同质押周期的分红池，每个周期对应不同的分红权重。 * 在质押期间，本金将被锁定，无法提取。 * 质押期结束后，用户可以选择提取本金或继续参与分红。（质押期结束后，你可以随时提取质押的 FIG，但任何未释放的未来奖励将不再累积。） **分红触发机制** * 每当有代币注入分红池时，分红会自动触发。 * 只要你的 FIG 仍处于质押状态，无论质押多久，你都将参与当前的分红分配。 **分红发放方式**: * 分红奖励将在 180 天内线性释放，并根据区块高度逐渐解锁。 #### 如何操作? * **选择质押周期**: 平台提供四个质押周期——**30 天、90 天、180 天和 360 天**。你可以选择最适合你的周期。 * **输入质押金额**: 输入你要质押的 FIG 数量，**最低质押金额为 10 FIG**，没有上限。你可以同时进行 **最多 20 笔质押交易**。 * **查看质押记录**: 你可以随时查看你的质押状态、累积奖励和待领取奖励。所有分红奖励会累积在你的账户中，并可以随时领取。 #### 收益如何计算？分红是根据用户的质押周期和质押金额分配的，计算公式如下： * **你的分红金额** = 总分红池 (FIL) \* (你的个人权重 / 平台的总权重) * **平台的总权重** = （所有用户的质押周期权重总和 \* 各自质押的金额） * **你的个人权重** = （你的质押周期权重 \* 你为该周期质押的金额） | User | Period | Weight | Staked Amount | | ---- | -------- | ------ | ------------- | | A | 30 days | 10 | 100,000 FIG | | B | 90 days | 20 | 100,000 FIG | | C | 180 days | 30 | 100,000 FIG | | D | 360 days | 40 | 100,000 FIG | **例如：**如果本轮的总分红为 **500 FIL**，每个用户的 FIL 分红将按以下方式计算：\ **总分红金额 \* （用户的个人权重 / 平台的总权重） = 用户的分红** * **用户 A 的分红**： 500 \* （10 \* 100,000 ）/（ 10 \* 100,000 + 20 \* 100,000 + 30 \* 100,000 + 40 \* 100,000）= 50 FIL * **用户 B 的分红：** 500 \* （20 \* 100,000 ）/（ 10 \* 100,000 + 20 \* 100,000 + 30 \* 100,000 + 40 \* 100,000）= 100 FIL * **用户 C 的分红：** 500 \* （30 \* 100,000 ）/（ 10 \* 100,000 + 20 \* 100,000 + 30 \* 100,000 + 40 \* 100,000）= 150 FIL * **用户 D 的分红：** 500 \* （40 \* 100,000 ）/（ 10 \* 100,000 + 20 \* 100,000 + 30 \* 100,000 + 40 \* 100,000）= 200 FIL\ **功能说明** * **分红金额**：当前轮次的总分红金额（当达到此金额时，分红将被触发）。 * **当前分红池**：已经进入分红池的 FIL 数量。 * **触发下轮分红所需剩余 FIL**：触发下一个分红轮次所需的 FIL 数量。 **风险免责声明** 如果用户在分红完全释放之前提取本金，将失去任何未释放的分红奖励。FILLiquid 基金会保留对本系统的最终解释权。 # 更多介绍 # 了解Filecoin(FIL)钱包地址 #### 理解 Filecoin (FIL) 钱包地址 Filecoin (FIL) 钱包地址共有五种类型：f0、f1、f2、f3 和 f410（或 0x）。 *** #### 如何识别你的钱包地址类型你可以通过 Filecoin 地址的前几个字符（称为“协议标识符”）来判断地址类型。 **示例：**\ 如果你的地址如下所示：\ **f1s5hbfgxihcbdj5jc35kv2eyoqpqdbahyo67ord**\ “f” 后面的数字是 1，因此这是一个 **f1 地址**。 *** #### 为什么会有不同类型的钱包地址？ Filecoin 不仅仅是一个区块链，它还是一个去中心化数据服务网络，支持存储、检索和计算等功能。不同类型的地址在这个生态系统中承担特定的角色，帮助网络的各个部分协同运作。 *** #### 什么是 f410 或 0x 地址？如果你想使用 Filecoin 虚拟机（FVM）应用，比如 DeFi 协议（包括 FILLIQUID），你需要一个 **f410**（或 **0x**）地址。 * **f410 地址** 以 “f410” 开头。 * **0x 地址** 类似于以太坊地址，以 “0x” 开头。 **f410 地址和 0x 地址是互通的，**f410 地址和 0x 地址是相互关联的，它们控制着同一个 FIL 余额，因此可以轻松互相转换。 **示例:** * **f410fxk7kt4wlqoduvsv52sflzrkrp7iwuqjqphtis5y**\ ↔ * **0xBabea9F2Cb83874aCaBdD48ABCc5517fd16A4130** 这两个地址都可以访问相同的 FIL 余额，因此我们称它们为 **0x/f410 钱包**。 # 手续费（协议收入） * 协议会向存款人和借款人收取固定比例的费用。 * 目前，**出借人（FIL租赁者）** 在赎回 FIL 时需支付 **0.1% 的费用**，而 **借款用户（Loan User）** 需支付 **1% 的借款费用**。

* 借款手续费在借款时由系统自动扣除。 # FIL/FIT汇率机制 FIT 作为质押 FIL 的权益代币，其与 FIL 之间的汇率是波动的，主要有以下两种情况： 1. **当质押池的利用率小于或等于 90% 时**，FIL/FIT 的汇率为协议中的 FIL 总量与协议中铸造的 FIT 总数量之间的比例。在这种情况下，随着借款人的持续还款，FIT 的价值将增加，质押用户的资产也会持续增值。 2. **当质押池的利用率超过 90% 时**，由于资金利用率的增加，FIT 的价值将持续贬值，从而避免协议资金的流动性被耗尽。在这种情况下，赎回资金可能会带来一定的损失，但当资金的利用率恢复到正常水平时，汇率也会恢复正常。 # 借贷利率 ## 设计原理协议中借款人的利率由智能合约自动更新并执行，基于相应的利用率。因此，借款利率是通过数学公式算法调整和定义的。在确定借款利率与利用率之间的关系时，考虑了以下几个因素： * **资金利用率决定借款利率，**较高的资金利用率表示需求相对于供应较强，从而导致较高的利率，以提高资本成本。 * **边际利率应能够适应协议需求的变化，**边际利率代表利率曲线的斜率，应考虑边际效用递减的原理。例如，当利用率上升时，曲线的斜率可能会增加。 * **利率曲线应是动态且可编程的**，关键点，如最低和最高利率以及最佳利用率下的利率，应被定义，以便在调整利率时提供灵活性。 * **必须实施保障机制，以稳定借款利率**，在协议初期，必须建立保障机制，以稳定利率，并防止在利用率突然激增时出现流动性池短缺的情况。以下部分概述了我们如何通过借款和还款将这些因素实施到FILLiquid协议的设计中。 ### 借款与还款存储提供者（SPs）可以通过使用FILLiquid池借入FIL代币，特定目的是参与Filecoin共识机制。借入的FIL只能作为提供存储的前期质押，以确保Filecoin系统的安全性得以维持。模型中的一个关键因素是借款利率考虑了事后利用率。如果不考虑事后利用率，生态系统可能会因大额借款请求（特别是在流动性池相对于借款规模较小时）而面临迅速的流动性短缺，尤其是在可能存在恶意借款请求时。因此，当SP提交借款请求时，系统会根据利用率并考虑事后利用率来确定借款利率。例如，如果借款请求前的利用率为10%，而借款FIL金额从池中扣除后，利用率增加到20%，则相应的借款利率应基于20%的利用率来确定。这种方法可以防止系统在借款时面临流动性短缺。矿工最多可以借款到达利用率上限，目前的最大利率分别设计为90%和60%。

借款人的Filecoin受益地址\[1]在借款合约建立后，会作为质押直接转移到FILLiquid智能合约。这一转移确保了FILLiquid池的智能合约能够控制借款期间节点资金安全。借款人可以随时还款。利息是持续复利\[2]，但每个周期\[3]结算一次，并在贷款期结束时与本金一起偿还。例如，某个SP在50%的利用率下借款，名义年利率为10%，并计划在36个月内还清贷款，那么在贷款期末还款时，该SP需支付34.986%的本金作为利息。 *** \[1] 只有受益角色（Beneficiary Role）才能从SP节点提取FIL。FIP-0029提议将节点控制和财务收益重新分配给不同角色，以提供更多灵活性，适应潜在的Filecoin金融市场需求。 \[2] 持续复利是复利的数学极限。 \[3] Filecoin区块链中的时间是离散化的，当前每个周期（epoch）长度为30秒。时间计算公式为：t = 还款块高（repaymentEpoch） - 借款块高（borrowingEpoch）。 # 借贷FIL FILLiquid借贷协议允许存储提供商将他们的受益人地址绑定到FILLiquid智能合约，以便使用节点内FIL资产作为抵押物来获得贷款。因此，存储提供商可以确保获得FIL贷款以扩展他们的存储容量，而无需增加财务负担。存储提供商必须在借款之前首先绑定他们的矿工节点。那么，我们来看看如何实现这一过程。
# 绑定与解绑受益人账户在存储提供者（SP）能够从 FILLiquid 借款之前，必须将矿工的受益人地址转移到智能合约，并将矿工绑定到指定的 F4 钱包地址作为 Family。有关如何在 FILLiquid 绑定矿工的详细指南，请参考以下文档： {% content-ref url="/pages/gqAfDtyAhRh6bs2kEqj0" %} [如何在绑定矿工节点](/zh/storage-provider-guide/borrowing-filecoin/ru-he-zai-bang-ding-kuang-gong-jie-dian) {% endcontent-ref %} # 如何在绑定矿工节点 ## 概述在从 FILLiquid 借款之前，必须将矿工的受益人地址转移到 FILLiquid 智能合约（[f03157492](https://filfox.info/zh/address/f03157492)），并将矿工绑定到指定的 F4（0x）钱包地址作为 Family。\ 然后，该 F4 地址可以在协议上执行必要的操作，例如借款、还款和解绑矿工。将矿工的受益人地址转移到合约是一种质押操作，因此矿工持有的代币无法被提取到除合约之外的任何地址，这有效防止资金损失并保护用户利益。 > 注意：在将受益人地址更改为 FILLiquid 合约后，请避免直接使用 Owner 进行提现操作。\ > 一旦发生提现操作，涉及的代币将无法找回，因此务必尽量避免意外提现。 ## 前提条件绑定 F4 地址需要矿工 Owner 的指定签名，从而确保操作过程的安全性。在绑定矿工之前，用户需要对 Filecoin 的共识机制有基本的了解，并具备操作相关工具的能力，包括但不限于更改矿工受益人、信息签名等。此外，由于 Filecoin 的限制，Owner 为多签地址的矿工不受支持。Owner 地址必须是 F3 地址，且不能是 F1 或 F4 地址。 ## 开始操作以下介绍绑定矿工的详细流程。假设用户已经拥有矿工及其 Owner 地址，并且当前 Owner 地址和 Beneficiary 地址一致：进入 Filliquid dApp 界面（）,点击 **“Connect Wallet”** 连接钱包并绑定钱包

接下来，点击 **“Borrow”** 选项卡，向下滚动至 **“My Family”** 选项卡，并点击 **“Add Miner”** 按钮。

### 第一步在 **“Miner Address”** 输入框中，输入您要绑定的矿工地址（以 **f0** 开头的地址），然后点击 **“Next”** 按钮。

### 第二步在此页面，您将看到两种绑定方法。 * **方法一**：矿工自己完成受益地址的转移。 * **方法二**：授权 Filliquid 代表矿工所有者受益地址的转移。以下分别描述这两种方法：

**方法一：使用矿工管理工具自行操作（推荐）** 在修改受益人时，您需要填写三个参数： * **NewBeneficiary**：新的受益人地址 * **Quota**：授权受益人额度，这里填的是无限大 * **Expiration**：到期的区块高度您必须根据以下表格填写这些值，否则绑定将会失败： | **NewBeneficiary** | [f03157492](https://filfox.info/zh/address/f03157492) | | ------------------ | -------------------------------------------------------------------- | | **Quota** | 99999999999999999999999999999999999999999999999999000000000000000000 | | **Expiration** | 9223372036854776000 | **Lotus** {% code overflow="wrap" %} ```sh #lotus-miner shell lotus-miner actor propose-change-beneficiary --overwrite-pending-change --really-do-it f03157492 99999999999999999999999999999999999999999999999999000000000000000000 9223372036854776000 #lotus-shed shell lotus-shed actor propose-change-beneficiary --really-do-it --overwrite-pending-change [beneficiaryAddress quota expiration minerID] ``` {% endcode %} **Venus** {% code overflow="wrap" %} ```sh damocles-manager util sealer actor --miner f0137621 propose-change-beneficiary f03157492 99999999999999999999999999999999999999999999999999000000000000000000 9223372036854776000 ``` {% endcode %} 通过使用上述命令，您可以提交受益人变更提案。一旦交易在区块链上确认，您可以点击“下一步”继续进行步骤 3。方法 2：授权 Filliquid 代表所有者完成受益人转移。 > 在继续之前，请确保所有者地址持有足够的代币，否则操作将失败。此步骤可能需要一些时间，请耐心等待交易在区块链上确认。在界面中，复制密钥，并使用与矿工关联的所有者地址或其他工具签署此字符串。然后，将结果粘贴到输入框中并点击“下一步”。 [#ru-he-wan-cheng-qian-ming](#ru-he-wan-cheng-qian-ming "mention")

### 步骤 3 在界面中，复制密钥，并使用矿工或其他工具使用所有者地址签署该字符串。然后，将签名结果粘贴到输入框中并点击“下一步”。 [#ru-he-wan-cheng-qian-ming](#ru-he-wan-cheng-qian-ming "mention")

此步骤将触发钱包交易弹窗确认。以 MetaMask 为例，请点击确认继续。在此步骤之前，请确保钱包地址中持有足够的代币，否则执行将失败。此步骤可能需要一些时间，因此请耐心等待交易在区块链上确认。

执行成功后，点击“确定”。

到此绑定节点就完成了 ## 退出矿工家族此外，如果条件允许，用户也可以退出家族。为此，矿工必须没有债务，绑定的家族没有坏账，并且在退出家族后，剩余矿工的债务与余额的比率必须小于 50% 等。进入 Filliquid dApp 界面，点击“借贷”标签，向下滚动至“我的家族”标签，然后点击“解绑”。

点击“下一步”。

在以下界面中，复制 Keys，通过矿工或其他工具使用 Owner 地址对字符串进行签名，将结果复制到文本框中，然后点击“下一步”。在此步骤之前，请确保 Owner 地址持有一定数量的代币，否则操作将失败。此步骤可能需要一些时间，请耐心等待交易在链上确认。

在以下界面中，点击“确认”。

这一步将发起钱包交易确认弹框，在钱包中确认即可完成节点解绑 ## 如何完成签名？根据您的程序类型尝试相应的命令。签名需要使用矿工所有者的私钥完成。 **Lotus** ``` lotus wallet sign [Owner wallet address] [Keys] ``` **Venus** ``` venus-wallet sign [Owner wallet address] [Keys] ``` # FIL借贷操作节点绑定完成后，存储提供者可以在“借款”菜单页面进行借款。 * **点击“借款”按钮**：在界面中点击借款按钮，如图 9 所示。 * **输入借款金额**：在弹出的界面中输入您要借的 FIL 数量。可以借款的总金额是节点资产数量的 1:1 比例。这样，存储提供者就可以通过协议借入 FIL，用于扩展存储能力。

输入金额后，贷款的利率将在下方显示。请注意：随着协议资金利用率的增加，协议的贷款利率会变化。然而，已经借款的贷款利率是固定的。一旦贷款完成，贷款利率将保持不变。如果您对利率满意，可以点击“借款”并确认交易，以确保贷款的发放。

# 还款操作还款有两种方式： 1. **从节点可用余额中还款** 2. **从家庭管理钱包中还款。** ### **从节点可用余额中还款** 从节点还款是指从节点的可用余额中扣除用于还款。具体操作如下：首先，选择“从矿工还款”选项，如下图所示。然后，选择从您选择的某个节点进行还款，并输入还款金额。确认无误后，点击“还款”确认还款，并在您的钱包中确认相应的交易。

### 从钱包还款从钱包还款是指从当前连接的钱包中扣除余额用于还款。操作步骤如下：首先，选择“从钱包还款”选项，如下图所示。

然后，输入还款金额并点击“还款”。一旦确认交易，贷款将被偿还。 --- [Next Page](/llms-full.txt/1)