Elevating Our Protocol: $FIG Staking, Revenue-Sharing, and Token Burning
We’re taking our beloved $FIL borrowing and lending protocol to an entirely new level.
With DeFi constantly making leaps in innovation, we’ve used the data from phase one of our testnet and are taking a giant leap to bring FILLiquid into a new sustainable future.
We would like to announce that we’re bringing FILLiquid into the modern era of DeFi, allowing it to keep up with the industry’s latest innovations.
Let us introduce $FIG Staking.
$FIG Staking redefines our governance token, introducing features such as revenue sharing, token burning, fundraising, and yield earning.
Let’s dive into the details of our new product.
Elevating Our Protocol: Bringing FILLiquid Into DeFi’s Modern Era
Although DeFi is only six years old, it continues to morph and evolve, and we want to ensure our protocol stays up-to-date with the latest features. As a result, we’ve been using the data gathered from Phase One of our Testnet and have made some major improvements.
Our developers have been working hard behind the scenes developing our latest product: $FIG Staking.
$FIG staking brings our utility token beyond the scope of governance into a new era, creating additional income streams through revenue sharing and token burning.
The new feature will be implemented in the second phase of our testnet, which is scheduled to go live April 10th, 10 AM (GMT +8). Testing the product will allow you to earn a free $FIG airdrop distribution, providing significant incentives to help us test and bring FILLiquid to the mainnet.
$FIG Staking: A New Utility For Passive Income and Increased Token Value
$FIG staking allows you to deposit your $FIG token into the protocol and start earning a return with your holdings. Of course, governance still has a primary role for the token, allowing holders to have a say in the future direction of the protocol, but this new upgrade puts $FIG into a modern DeFi era.
One of the most significant benefits of $FIG staking is revenue-sharing. Our platform generates fees through usage, with users paying transaction fees to deposit $FIL and secure loans.
Part of the fees generated through usage will be distributed to all $FIG stakers, allowing them to become an owner of the network and share its growth.
In addition to revenue sharing, part of the fees collected will be used to buy back and burn $FIG tokens on the open market, turning $FIG into a deflationary asset. With increased scarcity and rising demand, this should help the value of $FIG remain stable and increase as utilization grows.
Finally, part of the revenues generated through this new protocol will go toward marketing and operations, allowing us to remain competitive in the crowded DeFi landscape.
Testnet Phase 2 Coming Next Week: Final Chance for $FIG Airdrop
The second phase of our testnet is coming next week, providing you with a final chance to be eligible to receive a free $FIG airdrop distribution once the protocol goes live.
Phase one of our testnet was a monumental success, with over 10,000 wallet addresses participating.
The second phase of our testnet provides us with the opportunity to test our new $FIG staking product in a live environment, ensuring that it functions as expected under stress.
Everybody participating in the second phase of the testnet will be eligible to receive another free $FIG airdrop, providing a final opportunity to position yourself in the $FIG distribution before the mainnet or increase your $FIG reward through the second snapshot.
Overall, FILLiquid has come a long way since we were awarded the DeFi Rocket Prize during the ETH Global FVM Space Warp Hackathon. Our new features bring FILLiquid into the modern era of DeFi, helping us to set the foundation for a long-term future ahead of us on the Filecoin network.
Be sure to follow us on X.com and join our Discord community to find out how you can participate.
