ThunderCore is excited to announce a new integration with Filecoin that will enable cross-chain interoperability and expand DeFi services for Filecoin network participants. ThunderCore will collaborate with Ren Protocol on areas such as token interoperability, community development, and other DeFi services.
Thunder Token (TT) and FIL users, holders, stakers/miners, and developers will enjoy benefits on both blockchains derived from cross-chain interactions and exchanges.
Filecoin is a decentralized storage network based on IPFS that allows users to store, retrieve, and transfer data more efficiently. IPFS, short for InterPlanetary File System, is a peer-to-peer (P2P) distributed file system. It aims to change the way information is distributed across the world and to address the limitations of the standard internet protocol HTTP (Hypertext Transfer Protocol), which most of us are currently using. The Filecoin ecosystem is completely open-source, so users from every corner around the globe have access to it.
What sets Filecoin apart is its unique cryptographic proof mechanisms: Proof of Replication (PoRep) and Proof of Spacetime (PoSt). Filecoin also runs Expected Consensus as its underlying consensus algorithm, enabling storage miners to run leader elections and generate new blocks updating the state of the Filecoin system.
Unlike other cloud storage options, the Filecoin network lets users create trusted storage services with competitive prices and minimum financial thresholds that allow users to participate in efficient network capabilities.
Miners earn Filecoin’s cryptocurrency FIL rewards by contributing storage space and services to the network With its innovative approach, FIL is becoming more popular among storage clients, app developers, cryptocurrency miners, and blockchain enthusiasts alike. Thousands of developers are also supporting this project on GitHub. Learn more about how to get involved with the Filecoin project here.
ThunderCore is an EVM-compatible, high-performance public blockchain that utilizes a state-of-the-art consensus algorithm called PaLa, a Byzantine Fault Tolerant consensus algorithm that outperforms other typical Proof-of-Stake (PoS) protocols. Developers can move their DApps to the ThunderCore blockchain with ease and enjoy 4,000+ TPS, sub-second confirmations, low gas fees, enhanced interoperability with Ethereum and Binance Smart Chain (BSC), and more. This technology provides greater convenience for developers and users alike as the ThunderCore ecosystem is undergoing drastic expansion, attracting more developers and users on a daily basis.
Through ThunderCore Bridge, renFIL will be bridged to ThunderCore as TT-FIL. RenFIL is FIL bridged onto Ethereum that was done by Ren Protocol. With this, renFIL will provide more liquidity to TT’s ecosystem while TT provides renFIL holders with a wealth of DApps experiences. In addition, this also further promotes utility between TT and RenFil on Ethereum as TT is listed on Uniswap V3.
As a result, DeFi services will gradually deepen through this cooperation. TT-FIL related trading pairs will also be listed on TTSwap so users can exchange them with other cross-chain assets such as TT, WBTC, ETH, USDT, USDC, etc. that are currently supported by ThunderCore Bridge and ThunderCore Hub. This will also improve the DEX’s total liquidity and improve the profit margin for its liquidity providers.
The market scale of FIL’s mining capabilities and cloud computing power continues to expand, and the effective computing power of its entire network has exceeded 5 EiB. TT also had a stark increase in its utility as a basic asset for mining. It has been adopted by multiple mining and DeFi derivative projects, both native to ThunderCore and other third parties, namely Huobi’s mining pool. This collaboration will only further increase the mutual mining of TT and other cryptocurrencies.
Further details are coming soon. Thank you for your continued support and stay tuned!