FileCoin to Immediately Dive into Defi With Mainnet Launch on Oct 15th 16

FileCoin to Immediately Dive into Defi With Mainnet Launch on Oct 15th

In summary:

  • The Filecoin Mainnet will launch at epoch 148,888 estimated to occur on October 15th
  • ConsenSys Codefi has added support for Filecoin to accelerate the adoption of the Network
  • This will be by enabling users with hosting needs to find the best storage prices from reputable miners
  • Additionally, the DeFi bridge by Codefi will enable a liquid market for lending and borrowing Filecoin (FIL)

In a recent blog update, the team at Filecoin (FIL) provided October 15th as the most likely date for the mainnet launch. The mainnet will officially launch at epoch 148,888 which is expected to occur on the said date.

FileCoin Will Immediately Dive into DeFi

Also in the announcement providing an October 15th launch for the mainnet, the team at Filecoin explained that Consensys Codefi has added support for the project which will provide a DeFi bridge to accelerate the adoption of the file-sharing network in two ways as explained below.

First, the Filecoin Storage market will enable users with hosting needs to find the best storage prices from the most reputable miners.

Second, the DeFi Bridge will enable liquid markets for lending and borrowing Filecoin on Ethereum’s robust DeFi markets to ensure an adequate and liquid supply of Filecoin is available for use on the Filecoin network.

Codefi runs on the Ethereum network and was launched by ConsenSys. Codefi provides the tools and services for anyone to build blockchain-based financial services on the Ethereum network.

More on the DeFi Bridge

Additionally, the Filecoin Defi Bridge by Codefi will connect Filecoin to the popular Ethereum DeFi financial system. The bridge will enable the conversion of the FIL digital asset to an ERC20 token using the Ren Protocol. Once on the Ethereum network, FIL holders and miners will have the ability to deposit these tokens as collateral in various DeFi platforms.

The DeFi bridge will allow FIL holders to access liquidity and other DeFi protocols on the Ethereum network as explained below.

By introducing the ability for FIL holders to lend and borrow their FIL via the ERC-20 bridge, the vast pool of liquidity and economic activity in Ethereum DeFi will become available to the Filecoin ecosystem.

Ethereum-native DeFi users interested in trading wrapped Filecoin and accelerating the network’s development can use the Codefi-built platform to deposit ETH-based assets as collateral, borrow wrapped FIL, and convert it to native FIL to store data or engage with the Filecoin network.