SECURED FINANCE USER GUIDE
How to Get axlFIL: A Comprehensive Guide
Introduction
Welcome to our guide on obtaining axlFIL, one of the first digital asset available for trading on Secured Finance at launch. This walkthrough will help you navigate the process seamlessly.
What is axlFIL?
axlFIL is wrapped Filecoin (FIL) by Axelar, designed to integrate seamlessly into Ethereum and other blockchain ecosystems. This wrap facilitates FIL’s participation in DeFi activities across various networks. Axelar supports cross-chain transfer of FIL native tokens via their wrapped ERC-20 version. For further details on Axelar tokens, you can explore here.
Why axlFIL?
We aim to enhance liquidity flow from the Multi-chains network to the Filecoin network. By wrapping FIL to axlFIL on the Multi-chains, users can access lending, borrowing, and other DeFi applications. This wrapping ensures minimal slippage, offering a 1:1 exchange for native FIL to axlFIL, minus the gas fees.
Obtaining axlFIL
To begin, ensure you have FIL in your Filecoin ecosystem wallet. (For more details on native FIL transfers, please refer to this page.) We’ve developed a user-friendly widget and a specialized bridging page within the Secured Finance app for effortless accessibility. Looking ahead, we aim to streamline the process further by introducing direct wrapping capabilities during trading on our platform. It’s also possible to engage in direct token swaps, though be mindful of potential slippage and token availability.
Step-by-Step Guide
We will now show you how to get axlFIL from our platform:
- Go to the bridge page on our app: https://app.secured.finance/bridge/
2. Connect your wallet. (It is at the top right-hand corner of the module, at the “From” section.
3. Choose your wallet.
4. After your wallet is connected, you will need to switch the network. (You are initially on Ethereum mainnet when accessing our app.)
5. When you are on the correct network, you should be able to see your wallet balance at the “From” section. You are also able to change your destination address at the “To” section.
6. Ensure that for the “From” Network, it is “Filecoin” chain and for the Token, it is “FIL” token.
7. Ensure that for the “To” Network, it is “Ethereum” chain (or “Avalanche”) and for the Token, it is “axlFIL” token.
8. Key in the amount of FIL you want to swap. It will show you how much axlFIL you will receive, and the estimated fee required.
9. Click on “Submit” at the bottom of the module.
10. Confirm the transaction on your wallet.
11. Wait for the transaction to be executed. It will take some time as transactions are cross-chain. (If you are swapping less than $20,000 in value, you can toggle the boost button for fast swapping.)
You can also check on the progress via Axelar blockchain explorer.
12. You are Done when you receive axlFIL in your destination address.
Managing axlFIL
axlFIL can be used for trading on Secured Finance, or various DeFi activities. You can also unwrap axlFIL back to FIL following a similar process. Justchange the “From” and “To” sides.
Disclaimer:
This informational guide represents just one of many methods to obtain axlFIL. Market conditions and platform features can change, so we advise thorough due diligence before executing trades.
Conclusion
axlFIL stands as a gateway to broader DeFi opportunities, offering a seamless bridge between Filecoin and Ethereum networks. By following this guide, you’re well-equipped to harness the versatility of axlFIL in the expanding world of decentralized finance. Remember, always stay updated and exercise diligence in your digital asset ventures.
Step-by-Step Guide Series
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Secured Finance User Guide
This guide offers a concise walkthrough of the platform, covering key aspects from preparing test tokens and managing collateral to executing transactions. It also delves into advanced trading strategies that are unique to Secured Finance.
