Wrapped Filecoin (WFIL) has launched its Mainnet, bridging Filecoin to Ethereum to bootstrap its adoption and development by providing access to liquidity on DeFi to storage miners and Filecoin holders and unleashing new emerging services on Ethereum.
WFIL is an ERC20 wrapper over Filecoin, backed by Filecoin deposits on a custodial wallet. It is for use on Ethereum – on lending platforms such as MakerDAO as collateral to get DAI or Aave; Compound to get liquidity for accruing interest; or provided to liquidity pools like Uniswap, Balancer, or Curve.
WFIL was one of the leading projects that emerged from HackFS: A virtual hackathon by ETHGlobal and Protocol Labs that challenged 130+ teams to “Build the foundation for the decentralized web”. The team went on to win best Protocol Bridge at the Gitcoin Apollo Hackathon – designed to help Filecoin entrepreneurs and makers to build investable businesses. Competing against 150+ highly talented builders, the WFIL team is a pioneer of the Filecoin and Web3 ecosystems.
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.”
“Building a decentralized data and transaction infrastructure for the future of the internet depends upon interoperation between decentralized protocols like Ethereum and Filecoin. We are at a particularly poignant moment in history. 2020 has been a milestone year for both Filecoin and Ethereum. From launching the largest decentralized storage network to transitioning to Eth 2.0, a bridge between the vibrant, robust ecosystems couldn’t have come at a better time. This is an opportunity to build a new technological infrastructure that can change the nature of trust and power for the next generation of the web, one that will put data autonomy, decentralized verification, and tamper-proof data systems front and center for web and app development. Together, Ethereum and Filecoin will help the world build the enabling layers of Web3,” concluded Colin Evran, Ecosystem Lead at Filecoin.
Comprising a growing community of over 730 active miners, 90+ organizations building on the network, 200+ new projects entering the ecosystem through dedicated accelerators and hackathons, and more than 5,500 contributors on GitHub, the opportunities for entrepreneurs to build on the network are only beginning to emerge.
Filecoin, the world’s largest decentralized network, allows users to store, request, and transfer data via a verifiable marketplace. Filecoin is completely open-source, enabling people from all over the world to participate. The Filecoin protocol runs on an advanced and novel proof system — a combination of Proof of Spacetime (PoSt) and Proof of Replication (PoRep), to provide unmatched efficiency and reliability.
Filecoin’s advanced technology provides a robust foundation to store the world’s most valuable data sets. An alternative to costly cloud storage, the Filecoin network offers efficiently priced and geographically decentralized storage, minimizing financial barriers, and allowing users to take advantage of its unmatched network capabilities.
About WFIL Labs
WFIL Labs is an open-source R&D, and deployment laboratory. Its mission is to bridge Filecoin to Ethereum to bootstrap the adoption and development of Filecoin within the Ethereum and DeFi ecosystems, unleashing the next generation of storage and financial applications.