Following the IoTeX Spotlight on YouTube, find out some more about FilDA’s DeFi journey as it continues on IoTeX.
FilDA Finance is a stable, safe, and well-known way to use lending and borrowing in securing DeFi profits.
IoTeX combines secure blockchain tech with the Internet of Things (IoT). Backed byaward-winning research and technology, IoTeX currently leads the world’s premier industry consortiums and standards bodies.
Basic introduction of FilDA
FilDA is a Web3.0 asset bank, which was launched on January 5, 2021. In a little over a year, FilDA has created nearly 20 million USD of interest income for deposit users, and the peak value of total deposits and loans exceeded 2.1 billion US dollars. When we decided to enable multi-chain deployment for FilDA 2.0, we chose IoTeX. But why?
It was an easy decision, because IoTex is fast, has strong technical strength and a growing, loyal community. FilDA communicated with the core team very easily, and felt their support and confidence in creating the IoTex ecosystem was tangible and genuine.
FilDA aims to jointly promote the development of the IoTex ecosystem. In addition, we noticed that IoTeX proposed the concept of MachineFI, which coincides with some of our explorative directions. Fundamentally, IoTeX was incredibly welcoming and for that we are still grateful and pleased to have been able to immediately contribute positively to the DeFi possibilities on this exciting chain.
Thus far, FilDA has achieved very good results since going live on IoTeX. The total amount of deposits and loans has reached a value 30 million USD, and the TVL exceeded 25 million USD. As part of the FilDA launch event we held a token staking carnival with IoTeX over the Christmas period, and users were able to obtain FILDA rewards by staking other IoTeX project tokens. This event was supported by several IoTeX ecological projects, including Cyclone, Starcrazy, Zoomswap, VitaMart, Metanyx, WOWSwap, BladeGame, xDollar, and the fast cross-chain bridge, Elk Finance.
I would like to extend our gratitude to the IoTeX team, the ecological projects, and community members for their help and support. Thank you.
FilDA in the future
With such a pleasing start on IoTeX our next target is working to empower tokens on-chain and help users capture more value. This is the core purpose of FilDA, and it is also the part that we will focus on improving in 2.0. Specifically, in 2.0 we have made the following improvements:
● In FilDA 2.0, we will start multi-chain deployment and operation. This aspect is to expand the user base, actual platform usage, and it can also help FilDA become a true cross-chain network bank. When the multi-chain operation is completed, we will introduce FilDA 2.1, which is ready to support cross-chain lending. Users can deposit money on one chain and borrow/withdraw money on another chain, just like you can withdraw money from any ATM in the world!
● Adopt the PCV token model and use 25% of the protocol revenue to form LPs to provide long-term liquidity support for $FILDA token.
● Add a credit lending interface to support unsecured lending. For DeFi protocols with secure funds, a certain loan amount can be granted to them, so that they can borrow without providing collateral.
For example, with the Alpha leveraged loan protocol built into FilDA 2.0, users can borrow unsecured loans from FilDA through the leveraged loan protocol, and then use DEX pools to mine for higher returns. While deposited funds remain within FilDA, they remain safe.
● Add more loan parameter configuration options, such as loan limit, allocation of deposit and loan token rewards, security factor of loan assets, etc., which allows FilDA to provide loan services for more asset types.
● Support a variety of synthetic assets as collateral. First, DEX's LPs will be supported as collateral, which releases liquidity for LP users, who can mortgage LP to borrow more assets for further earning potential.
● From the security level, in the face of seemingly endless attack events, we have added time lock and multi-signature management in FilDA 2.0. When the protocol is more mature, the authority will be handed over to DAO for governance. At the same time, we are also cooperating with auditing companies such as Paidun to monitor our protocol's security mechanisms, providing reassurances as to fund safety.
FilDA 2.0 deployment will be divided into several steps:
● Deposit and borrowing business of common assets
● Deposit and borrowing business of synthetic assets, such as LP pairs
● Leveraged lending based on unsecured lending
● Deployment on multiple chains such as Iotex, BSC, Polygon, Arbitrum, etc.
● Cross-chain lending business (FilDA 2.1)
● We will distribute airdrop rewards for early participants to thank them for their contributions
We now have further plans and ideas that will be launched after FilDA 2.0 runs smoothly. These include adding the governance function of FilDA to DAO governance, making FilDA more decentralized. Furthermore, opportunities are being explored to strengthen FILDA, including entering the NFT lending market, and GameFi. We are, in fact, already in discussions with partners to develop these avenues of expansion.
At the same time, with the multi-chain operation, we will carry out cross-chain application scenarios between networks, such as cross-chain deposit and loan, and these functions will also provide usage scenarios for FilDA. We also hope to explore off-chain scenarios with IoTeX, find lending scenarios in supply chain finance, equipment leasing finance, etc., and provide a larger market scenario for lending based on MachineFI.
Finally, we also hope to provide more support for mimo.exchange, a decentralized AMM/DEX protocol on the IoTeX blockchain. Through our efforts, FilDA can become a leader in the field of lending on IoTeX and contribute more and more to the increasing prosperity of the IoTeX ecosystem.
