FilDA 2.0

Since its launch in January 2021, FilDA has generated nearly $20 million interest for users in on-chain savings and reached a peak TVL of $2.1 billion. FilDA currently offers loans in 23 currencies, providing liquidity of up to $30 million USD for DEXs, and maintaining average APY interest of 160% for LP mining.

FilDA 2.0 Overview

In the new upgraded and DeFi 2.0-aligned version, FilDA will continue to create credit for assets and provide liquidity to DeFi users. In order to expand the range of assets and services, Version 2.0 will enable multi-chain operations, HECO, Polygon, and IoTex running concurrently, and to allow users to utilise multi-chain assets and increase the accessibility of cross-chain assets. CELO, as a dedicated mobile platform allows for even greater freedom within DeFi, for more users, at any time, removing some of the current barriers to adoption.

Secondly, there will be expansion of the asset classes to include synthetic assets, such as UNI V2 LP and UNI V3 NFT. Additionally, we will also support credit loans, provide unsecured loans for safe and reliable agreements, and improve the efficiency of capital utilization. The first deal to use unsecured loans, "leveraged lending", is to be launched at the same time.

1. Security system upgrade

FilDA 2.0 introduces a time lock and multi-signature mechanism to strengthen the security protection. At the same time, and in order to reduce the risks of FilDA products, mature protocols, running successfully over time and verified by the market, have been adapted and enhanced to provide further opportunities for the FilDA community. These adaptations include the following main protocols: Compound is used for the underlying fund management; Alpha Homora V2 protocol is used to realize the leveraged loan mining functionality; and the PoA TokenBridge is used as the cross-chain communication protocol.

We will also continue to review the code with third-party independent developers, white hat experts and security companies, and do our best to ensure the security of the contracts. At present, Slowmist, PeckShield, Certik, FairyProof, Knownsec and other security agencies have provided security audits for FilDA.

2. Multi-chain deployment

We have always hoped that FilDA users can safely and conveniently obtain profits from the DeFi world at a lower threshold. To this end, FilDA 2.0 will focus on multi-chain deployment and expand the lending business to second-tier networks represented by Polygon, IoTex and CELO. Simultaneously, it will also provide cross-chain services for ETH, BTC, USDT, USDC, DAI and other multi-chain common assets, allowing users to experience more high-quality services with more convenient operations.

3. FilDA economic model upgrade

In order to better incentivize the long-term value of the FILDA DAO governance token, FilDA 2.0 will add more usage scenarios for it, and the previous additional issuance model will be modified to include a repurchase and disinflationary model to reduce the potential inflation risk. Even after deploying on multiple chains, the total amount of FilDA tokens remains unchanged, but more space for capital expansion and friction consumption between chains can be obtained.

FILDA token value will be retained in the FilDA protocol through the new PVC (Protocol Value Control) mechanism that can provide long-term value for FilDA; initially through liquidity control, and further options will be decided by DAO governance voting.

4. Credit lending

FilDA 2.0 will use a fund pool to provide lower-cost borrowing for leveraged-lending and provide FilDA users with the potential for further wealth generation. And in order to solve the problem of low capital utilization rates caused by over-collateralization, FilDA 2.0 will connect with a reputable and audited DeFi protocol to support new and innovative unsecured credit lending. At the same time, in order to be able to achieve deeper collaboration and further interactions with leading network DEXs, we will also support multi-chain LP lending opportunities, leveraged LP mining for each chain, and provide users with richer investment scenarios.

5. Exploration of NFT+DeFi scenarios

Although NFTs have set off an exciting craze in the crypto space in their own right, DeFi remains a major catalyst for NFTs to continue to widen their boundaries. The lending market may be a missing component in the NFT ecosystem. A mature NFT ecosystem needs to establish a market where people can use NFTs to obtain loans, or lease their NFTs to obtain benefits. To this end, FilDA 2.0 looks to explore how to provide liquidity for high-quality assets in the ever-expanding NFT scene.

Conclusion

In this new chapter with FilDA 2.0, the future will be created by both user and protocol. We hope that we can continue to receive the firm support of community members, because everyone's support is the greatest motivation for progress. At the same time, FilDA will continue to concentrate efforts in product security, data transparency, operational convenience, and security assurance, so that all FilDA users can have equal access to, and enjoy, high-quality financial products and services.

Email: contact@filda.io

Website: filda.io

Team Members: Ashton Chen, Song Sjun, Soong Bao, Austin Chao

Relevant Experience: Ashton is an experienced blockchain expert. As a core developer of a well-know Oracle, he built the core component of this project. Song Sjun has more than 10 years of experience in operating system development. He's also a serial entrepreneur who developed a popular crypto wallet. Soong has 10 years experience in product design and investment. Austin Chao is professional in blockchain market and ecosystem.

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