STFIL

Inspiration

Due to the inherent rules of Filecoin, traditional mining models face many challenges, such as:

The need for more specialized hardware equipment, professional operation and maintenance teams, and a large amount of upfront collateral;
Risks exist in the joint mining model, such as permission management and opaque profit distribution. Bad behavior by those holding Owner privileges occurs frequently;
Sector collateral rules limit the liquidity of FIL. Users terminating sectors to obtain liquidity seriously affect the quality of the distributed storage network and user confidence in Filecoin;
There are over 160,000 small wallet addresses in the Filecoin network holding less than 10 FIL each. This is a significant market, but these scattered users find it difficult to participate in mining or may lose confidence in individual storage providers;
The interest rates for deposits in centralized exchanges are very low, at around 2%.

What it does?

🤩FIL holders can stake FIL without lock-up period and earn high yields (10%+). It's unprecedented!

👨‍💻Storage Providers can borrow more FIL to use as pledge collateral. Increase storage power!

How we built it?

We refer to the mature liquidity staking project model in the ETH network. Such as lido, aave, etc. And combined with the characteristics of the Filecoin network, after a long period of exploration and conception, STFIL was finally developed.

Challenges we ran into?

How to let users understand and participate in STFIL is our biggest challenge.

Accomplishments that we're proud of?

In just a short month, it has attracted more than 70 token holders to participate, with 100k+ FIL staked and 12 nodes joining STFIL for lending and borrowing, bringing TVL to $2.5M.

What we learned?

We have a deeper understanding of DeFi projects. From team brainstorming to coding to project launch, we also understand FVM better, which laid the foundation for us to build new projects on FVM.