FilDA 2.0: Striving to create a safe global multi-chain lending ecosystem
As the first lending project on HECO, FilDA was very honored to help the chain grow its DeFi opportunities. Now live for nine months, since launching in January 2021, FilDA currently provides loan services for 23 cryptocurrency assets. Peak TVL has exceeded $2.1 billion USD, and interest earned has exceeded $20 million USD so far — on-chain deposit interest income ranks first in the lending track of the HECO chain, and fourth in the world. From beginnings to new growth, FilDA has always adhered to the principle of “user first, safety first”.
FilDA would have been unable to achieve today’s results without the support and company of 140,000 users on the HECO Chain. We are deeply grateful to our community. At the same time, after several months of preparation, FIlDA will soon launch FilDA 2.0, expand to more networks alongside HECO, and continue to work to provide platform users with safe and friendly lending services.
Safety first, lending at the core, expand the network
We always keep in mind the user-oriented tenet. In the FIlDA 1.0 phase, the loan function on HECO was audited by many security agencies, including Slowmist, Certik, FairyProof, and Knownsec. Now it has been verified and adjusted by multiple parties for more than three months, for FIlDA 2.0 we invited PeckShield to complete verification of FilDA’s original code and the new code in version 2.0.
FilDA 2.0 will focus on lending, expand more lending-related business scenarios, and add more usage scenarios for our FILDA governance tokens. All upgrades and breakthroughs are aimed to provide FilDA users with safer and more convenient lending services and allow them to capture much more value. Here we sincerely pay tribute to the pioneers of DeFi, Compound and Alpha Homora, and other project code developers.
Moving into DeFi 2.0, will focus on deploying related networks represented by Layer 2 networks such as IoTex, and we feel that this network will gradually integrate into the global DeFi ecosystem and continue to stand tall in global DeFi lending. FilDA 2.0 will provide “cross-chain asset” services using multi-chain routing, and truly realize multi-chain network banking. At the same time, FilDA 2.0 will also establish inter-chain credit transfer based on a decentralized cross-chain bridge and FilDA’s credit line for assets, support leveraged-lending, and improve the utilization of funds to completely change the current shortcomings of over-collateralized mortgage lending.
It is our mission to continuously explore FilDA’s new possibilities in the sphere of DeFi lending and continue to provide users with a better user experience. In order to achieve the above goals, the upgrade of FilDA protocol to version 2.0 will include the following main features:
1. Security system upgrade
FilDA 2.0 will introduce a time lock and multi-signature mechanism to strengthen the security protection. At the same time, in order to reduce the risks of FilDA products, FilDA carefully adapts mature agreements that have run successfully over time and are therefore verified by the market. It includes the following main protocols: the proven Compound protocol is used as the underlying fund management; the 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 and BSC. 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 FilDA’s fund pool to provide lower-cost borrowing for leveraged-lending and provide FilDA users with a better user experience. 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.
In this new chapter in FilDA 2.0, the future will be created by both you, and us. We hope that we can continue to receive the firm support of community members, because everyone’s support is our greatest motivation for progress. At the same time, we will continue to deepen our 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.