MFIL

Inspiration

Our team researched and analyzed the market and created MFIL based on the following points of inspiration:
a. The lack of pledged passwords and related services for storage providers;
b. The lack of a stable way for FIL holders to add value to their income;
c. The lack of liquidity of assets within the fil ecosystem;
d. The lack of credible and integrated service providers in the market.

What it does

MFIL is a decentralised liquidity pledge product designed by MFIL DAO to generate APR interest rate income for FIL token holders and lending funds for storage providers, solving the liquidity problem in the FIL market.

How we built it

About 'how to build the project?'.the following are the cornerstones and basic beliefs on which we have built the project:
a. We created MFIL based on the concept of transparency, openness and shared governance.
b. There is no initiator of the MFIL, everyone is a participant in the MFILand works together to build the MFIL ecosystem.

Challenges we ran into

Throughout the development process, we have summarised the following points of difficulty encountered:
a. The immaturity of the FVM resulted in many designs becoming complex;
b. The lack of ecology of FVM has led to many ideas needing to be implemented from scratch;
c. The nature of the filecoin network has led to many limitations in product design and implementation.

Accomplishments that we're proud of

**We have completed followed functions that we proud for:

a. Gatekeeper mechanism: a three-party multi-signature co-management asset mechanism for SP, DAO and gatekeeper;
b. Smart contract revenue allocation: set up smart contracts to assume miner mining beneficiaries and be responsible for revenue allocation;
c. Miner node casting MFIL: locking miner and casting MFIL according to miner's sector pledge FIL, repaying FIL or MFIL to unlock miner;
d. MFIL cast by FIL: set the exchange of FIL and MFIL as 1:1;
e. MFIL stake/unstake: the process of stake and unstake MFIL, which is used to generate and receive revenue of the miners;
f. MFIL DAO Token: launch the governing pass-through of MFD for issuing MFIL DAO;
g. veMFD: Implementing the ability for a take MFD to obtain a governance pass, veMFD, and allowing users to hold a veMFD to participate in community governance and mining reward distribution;
h. SP access mechanism: launch storage provider qualification assessment and community governance.**

What we learned

Throughout the process of creating the project, we continued to explore new areas that we had not previously been involved in and learned a lot of new things about running the project.
Especially in terms of project governance, it is through the adoption of community governance that projects are able to develop in a stable and healthy manner;
And in terms of project operation, achieving project liquidity is the key to ensuring the success of a project.
In addition to these, we also learnted that safeguarding the security of digital assets is the lifeblood of the project.

What's next for MFIL

The next steps for MFIL are：
a. MFIL periodic stakes: allows users to stake MFIL periodically for gaining more daily rewards, but MFIL from periodic stakes can only be unstaked after it has expired;
b. MFD stake mining;
c. Data analysis: overall data analysis of the MFIL project;
d. veMFD off-chain voting tool: FVM-based voting tool for fair and open community governance;
e. Access to decentralised exchanges,like DEX.

Built With

• ethers
• hardhat
• vue