FilDA on BTTC: Profit from our new veFILDA token incentives

FilDA
3 min readApr 28, 2023

FilDA will be fully launched on BTTC at 0800 UTC on April 30th, 2023. Platform users can obtain FILDA tokens by deposit and loan mining through using their assets on filda.io. veTOKEN economics are now part of the FilDA way.

Furthermore, bonus incentives will be shared by early deposits and loans.

Dear FilDA users (Fildanians? Fildanauts? FilDAs!),

Thank you for your continued support of FilDA, or recent discovery of our established lending platform. As a decentralized self-custodial lending protocol deployed on multiple chains, we have been integrating multi-chain deployments and expanding the FilDA ecosystem to provide more users with more high-quality lending products and services.

Currently, we have successfully deployed on HECO, IoTeX and Elastos Smart Chain. This year we will continue to work towards our goals, which include: supporting more public chains such as BTTC, opening wider asset management opportunities, creating a broad multi-chain ecosystem of lending, and providing users with a simple, secure, and convenient lending services platform.

After careful preparations, we are pleased to announce that FilDA will be officially fully deployed on the BitTorrent (BTTC) network by the end of April, 2023. FILDA token mining will also start, with new assets earning mining rewards being added daily until completion. Soon we can all start exploring a new journey in the DeFi with our partner — BitTorrent Network. The specific activities are as follows:

Token Mining Launch Information:

Activity times: FilDA BTTC Token will be launched (via mining) on BTTC Network in late April, and there will be a number of user activities.

Activity 1: Participate in cross-chain deposits and loans to earn liquidity rewards.

During the event, users need to transfer assets from other chains to the BTTC network and deposit/borrow on the FilDA platform in order to receive liquidity rewards.

Activity 2: Participate in the BTTC network liquidity and get additional LP incentives.

During the event, users can use MDEX’s LP assets as collateral, such as USDT/USDC, BTT/USDT, ETH/USDT, etc. Join the FilDA liquidity pool to obtain additional LP incentives.

How does the veFILDA token fit into the FilDA lending platform?

The FILDA token on BTTC is the starting point of a new economic mechanism for FilDA lending, economics and governance. By introducing a veTOKEN methodology we seek to empower token holders with voting rights for asset mining ratios.

Mining: Locked FILDA is earned from mining

  • After 7 days users can unlock 100% of their locked rewards as FILDA.
  • Early unlocking results in claiming 50% of locked rewards as FILDA.
  • Example: If you have claimed 100 locked FILDA and unlock before 7 days has expired, you get 50 FILDA.

Voting: Mined locked FILDA can be instantly converted to veFILDA.

  • Further to these two options, users can choose to convert rewards to veFILDA directly, with a lock cycle of at least 1 week, veFILDA can vote, share platform benefits, etc.

veFILDA: Users can stake FILDA to obtain veFILDA (locked).

  • veFILDA voting determines asset incentive ratios.
  • Holding veFILDA can increase mining income. The specific ratio is determined by the loan amount, veFILDA lock period and lock amount (from 1x to a maximum 2.5x).
  • If users lock FILDA in multiple batches, the 7 day waiting period to unlock each batch of veFILDA is calculated separately.

Trading: FILDA will have a liquidity pair on MDEX.com and can be traded on the open market.

Token release period

The mining period is 18 months in total, and the emissions will be reduced in the 1st, 3rd and 7th month, with an emission reduction coefficient of 50% each time.

Thank you and get ready to enjoy DeFi lending on BTTC with FilDA.

FilDA Team

April, 2023

About BTTC:

BTTC strives to solve scalability and usability issues without compromising decentralization, and can make full use of the existing Ethereum developer community and ecosystem. BTTC is fully compatible with Ethereum, and existing applications on Ethereum can be easily migrated to this BTTC. In addition to the same experience as Ethereum, users can also enjoy ultra-high throughput and extremely low fees.

About FilDA

FilDA is a decentralized banking platform containing two fundamental protocols:

Banking — Lending and Borrowing assets (based on Compound)
Staking — Locking of assets to earn rewards (based on Harvest)

· FilDA Website

· FilDA Twitter and Telegram Channel

· FilDA GitHub

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FilDA

FilDa is your portal into the next wave of decentralized finance.