How to Obtain Filecoin Using Cross-Chain Swap
The Ultimate Guide to Seamlessly Acquiring FIL through Secured Finance
Introduction
Secured Finance has recently launched on the Filecoin mainnet, aiming to explore new frontiers in decentralized finance (DeFi).
Filecoin is a unique network designed to build a decentralized storage system for information and data. As a leading project in the emerging DePIN (Decentralized Physical Infrastructure Networks) space, Filecoin exemplifies the innovative potential of decentralized data storage solutions.
On the Filecoin network, transactions require the native currency FIL as gas, much like how ETH is used on the Ethereum network. For users who do not possess any FIL, this guide will explain how to obtain it using a cross-chain swap, ensuring you can fully participate in this cutting-edge network.
To further incentivize participation, Secured Finance is promoting a special campaign where users can earn double Secured Finance Points(SFP) for FIL and iFIL deposits, orders, and positions. For more details, check out our article ‘Embark on Filecoin’s Infinity Quest’.
Step-by-step guide for Cross-Chain Swap
1. Access the Secured Finance Application
Start by accessing the Secured Finance application. You will see several tabs at the top of the page. Click on the “Bridge” tab, which is located between the “Portfolio” and “Points” tabs.
2. Connect Your Wallet
In the “Bridge” page, click the “Connect Wallet” button at the top right corner.
You will be given the option to choose between MetaMask and WalletConnect.
3. Use the Cross-Chain Swap
On the Secured Finance platform, you can use the Bridging Service provided by Axelar’s Squid Router. For this guide, we will convert USDC from the Ethereum network to FIL on the Filecoin network.
4. Grant Token Permission
If your wallet is connected and switch to the right network, a button labeled “Give Permission to Use Token” will appear on the widget. Click this button, which will prompt MetaMask to pop up, requesting approval. Approve the request to proceed.
5. Execute the Bridge
Now, you can submit the cross-chain swap!!!
Normally, cross-chain swap requires finality and can take some time. However, Axelar’s boost feature allows the conversion to complete within approximately 15 seconds to 1 minute (below $20,000 USD).
You can trace your transaction through Axelarscan.
By following these steps, you can easily obtain Filecoin using the cross-chain bridge on the Secured Finance platform. Leverage this capability to explore new opportunities in the world of DeFi with Secured Finance.
Step-by-Step Guide Series
DeFi Apps Onboarding Guide
This guide will walk you through the steps you need to take to start using DeFi apps. You’ll learn how to set up your MetaMask wallet, connect it to DeFi apps, and get test ETH from Sepolia faucets.
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.
- Preparing Test Tokens for Practice
- Collateral Management
- Borrowing with Simple UI
- Lending with Simple UI
- Trading at Pre-Open Order Book (Itayose)
- Placing Limit Order
- Add/Reduce or Unwind Position
- User Guide on Emergency Global Settlement
- How to Get axlFIL: A Comprehensive Guide
- Secured Finance Expands to Arbitrum
- Secured Finance’s Strategic Expansion to Avalanche
- Secured Finance Ventures into Polygon zkEVM
- How to Obtain Filecoin Using Cross-Chain Swap (This article)
References
- Filecoin Infinity Quest Campaign App
- Introducing Secured Finance Points (SFP)
- Roadmap 2024 Official Docs
Secured Finance Official Links
Website | X | GitHub | Galxe | Link3 | Guild
