Cryptocurrencies

Wrapped Filecoin launches Mainnet bridging Filecoin to Ethereum

Filecoin (WFIL) has launched its long-awaited Mainnet, connecting it to Ethereum to enhance its adoption and development by providing access to liquidity on DeFi to storage miners and token holders.

According to a press release shared with Coin Rivet, WFIL was considered one of the leading projects that emerged from HackFS, a virtual hackathon by ETHGlobal and Protocol Labs that saw 130 teams of developers compete.

WFIL is an erc-20 token wrapper over Filecoin, backed by Filecoin deposits on a custodial wallet. It is intended for use on Ethereum as well as lending platforms that use the MakerDAO as collateral to get DAI or Aave.

Compound is also used to get liquidity for accruing interest, while Filecoin can also be used to provide liquidity to pools like Uniswap, Balancer or Curve.

Commenting on the launch, WFIL Co-Founder Nazzareno Massari, said: “We’ve been following the emerging technologies in the space during recent years, and Filecoin was one of the projects that most excited us; we were inspired to hack on it because it exploits the potential of IPFS, filling a gap in the space by adding a new layer of complexity.”

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Oliver Knight

Londoner ‘Ollie’ graduated from Birmingham City University with a journalism degree in 2016. He combines his writing with his love of crypto and blockchain here at Coin Rivet, saying “It disrupts well-established institutions (banks) while giving an avenue to the less fortunate to achieve financial freedom.” Like all true Londoners, his pet hate is… “People standing on the left-hand side of the escalators on the Tube!”.