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Wrapped Filecoin (WFIL) launched its Mainnet, linking Filecoin to Ethereum to initiate adoption and development by providing access to DeFi liquidity to storage miners and Filecoin holders, and freeing up new emerging services on Ethereum.
WFIL is an ERC20 wrapper on Filecoin, supported by Filecoin deposits on a custody wallet. It is for use on Ethereum – on lending platforms such as MakerDAO as collateral for obtaining DAI or Aave; Composed to obtain liquidity for the accrual of interest; or provided to liquidity pools such as Uniswap, Balancer or Curve.
WFIL was one of the main projects that emerged from HackFS: a virtual hackathon by ETHGlobal and Protocol Labs that challenged over 130 teams to “build the foundation for the decentralized web”. The team went on to win Best Protocol Bridge at the Gitcoin Apollo Hackathon, designed to help Filecoin entrepreneurs and producers build investable businesses. Competing with over 150 highly talented builders, the WFIL team is a pioneer of the Filecoin and Web3 ecosystems.
Commenting on the launch, WFIL co-founder Nazzareno Massari said: “We have been following the emerging technologies in space in recent years and Filecoin was one of the projects that excited us most; we were inspired to hack it because it exploits the potential of IPFS, filling a gap in space by adding a new level of complexity. “
“Building a decentralized data and transaction infrastructure for the future of the internet depends on interoperability between decentralized protocols like Ethereum and Filecoin. We are in a particularly touching historical moment. 2020 was a pivotal year for both Filecoin and Ethereum. From the launch of the largest decentralized storage network to the transition to Eth 2.0, a bridge between vibrant and robust ecosystems couldn’t have come at a better time. This is an opportunity to build a new technology infrastructure capable of changing the nature of trust and power for the next generation of the web, which will put data autonomy, decentralized verification and tamper-proof data systems at the center. of web and app development. Together, Ethereum and Filecoin will help the world build the enabling levels of Web3 “, concluded Colin Evran, Filecoin Ecosystem Lead.
Encompassing a growing community of over 730 active miners, more than 90 organizations building on the network, more than 200 new projects entering the ecosystem through dedicated accelerators and hackathons, and more than 5,500 contributors on GitHub, the opportunities for entrepreneurs to build on the net they are just beginning to emerge.
About Filecoin
Filecoin, the largest decentralized network in the world, allows users to store, request and transfer data via a verifiable marketplace. Filecoin is completely open-source, allowing people from all over the world to participate. The Filecoin protocol works on an advanced and innovative testing system: a combination of Proof of Spacetime (PoSt) and Proof of Replication (PoRep), to provide unmatched efficiency and reliability.
Filecoin’s advanced technology provides a solid foundation for storing the world’s most valuable datasets. An alternative to expensive cloud storage, the Filecoin network offers efficiently priced and geographically decentralized storage, minimizing financial barriers and allowing users to leverage its unmatched network capabilities.
About WFIL Labs
WFIL Labs is an open source research and development and distribution laboratory. Its mission is to connect Filecoin to Ethereum to initiate the adoption and development of Filecoin within the Ethereum and DeFi ecosystems, freeing the next generation of financial and storage applications.
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