Home » Filecoin gets on the DeFi Train

Filecoin gets on the DeFi Train

by Lisa Zheng
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Decentralized file storage protocol Filecoin garnered much publicity after its successful launch in October this year, giving a tremendous boost to its investors. The leading protocol now joins the DeFi bandwagon with backing from Anchorage. 

Anchorage aims to provide wrapped Filecoin tokens in the Ethereum DeFi market to create broader applicability and acceptance of the FIL token. 

Wrapped FIL brings Filecoin to DeFi.

Filecoin will now be available on the DeFi ecosystem on the Ethereum protocol as the crypto custody facilitator Anchorage collaborates with Tokensoft to rollout wFIltokens. 

The wrapped FIL tokens would be generated in conjugation with the Wrapped methodology, which allows the cross-chain assets to be invested on the Ethereum blockchain and offer higher liquidity to the market enabling higher returns to the investors. 

The decentralized finance system allows the institutions to leverage the decentralized protocols for facilitating highly efficient financial services taking away the limitations of centralized systems.

Wrapped tokens like wBTC have played a pivotal role in offering high liquidity to the DeFi universe and act as a medium to convert Bitcoin and other tokens to ETH will enable the users to created a 1:1 replica of the Filecoin token for their blockchains with the help of third party custodians like Anchorage. 

Anchorage and Token soft Come Together to Roll while on Ethereum Blockchain.

The founder and President of Anchorage, Diego Monica, said that the company looks forward to welcoming Filecoin to the decentralized finance space and eventually to the Ethereum blockchain ecosystem. The company assists the institutional investors for harnessing, and gaining digital assets is extending its efforts to encourage cryptocurrency adoption. 

She further added that “Through Wrapped, Anchorage and Token soft are working together to bridge layer one protocols with Ethereum, bringing an increasing amount of liquidity to space and improving the utility of assets on non-native blockchains.”

As Filecoin joins the DeFi bandwagon, it would provide more credibility and liquidity to the traders with wrapped Filecoin tokens. Fi

Filecoin has a substantial decentralized storage market with massive 1Million GB storage, which can create many profitable junctures for the investors when combined with the DeFi liquidity on Ethereum.


The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.

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