Filecoin Enters the DeFi Market With Wrapped Filecoin (wFIL)

Friday 27 November 2020, 6:11 AM AEST - 1 month ago

Cryptocurrency custodian Anchorage has declared the addition of a Wrapped Filecoin (wFIL) token on its platform. Anchorage has joined hands with Tokensoft to draw Wrapped Filecoin to the DeFi world.

Anchorage Joined Hands With Tokensoft

In collaboration with Tokensoft, a white-label platform & custody resolution provider, Anchorage is operating on drawing an expanding amount of liquidity, the company stated in an official blog post.

The official post further stated that through Wrapped, Anchorage and Tokensoft are operating together to connect layer one protocols with Ethereum for enhancing the efficiency of assets on non-native blockchains, all while providing network associates extended exposure to the underlying asset itself.

Wrapped Filecoin is a part of the Wrapped program intended to draw cross-chain assets to the Ethereum blockchain. Now, this move could deliver much-required liquidity to the Filecoin storage market.

The post stated :

Were proud to offer a solution that brings one more way for institutions to securely participate in the digital asset space, and excited for wrapped Filecoin to join our expanding list of wrapped layer one assets.

Wrapped Cross-Chain Tokens and the DeFi Mix

The official post further elaborated that just like wrapped Zcash (wZEC), wrapped Filecoin enables users to engage in a large and growing list of decentralized applications like Compound, Maker, and Uniswap; all while preserving exposure to Filecoin itself. Today, there are already pools of wFIL available on Uniswap, Sushiswap, and Mooniswap.

Colin Evran, Head of Ecosystem for the Filecoin project said :

Wrapped Filecoin will enable some really creative DeFi products that create huge opportunities for Filecoin miners and storage users.

He added tha ...

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