# FAQ

<mark style="color:blue;">**1.What is FILLiquid?**</mark>

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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.\
\ <mark style="color:blue;">**2.How does FILLiquid work?**</mark>

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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.\
\ <mark style="color:blue;">3.</mark><mark style="color:blue;">**What is a Storage Provider?**</mark>

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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.<br>


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