Preview | Application of SFT Protocol -on FileChain

SFT Protocol is a liquid staking protocol based on the Filecoin network. It can solve the staking liquidity problem of the POS blockchain, and at the same time provide customers with cloud node API and device services, making the protocol the fastest and most reliable Web3 infrastructure.

At present, some contracts of SFT Protocol have been deployed on the BSC chain, and the FileChain test network has been deployed and is being tested. next, introduce the related applications of SFT Protocol on FileChain.

Mint SFT

SFT token is an ERC20 token that helps Holder participate in various DeFi applications, such as lending, trading, liquidity mining, etc.

The user uses the wallet to link the FileChain through the SFT Protocol (it should be noted here that some wallets do not currently support the FileChain, and Tokenpocket is recommended), and deposit the FIL token in the SFT Protocol smart contract on the FileChain to obtain the SFT token (Currently 1:1), no need to transfer to the BSC chain for contract interaction.

Farms

Users stake SFT tokens in SFT Protocol’s Farms, choose different income models, and make flexible configurations according to their own risk preferences and capital needs.

Current income: Users can stake or cancel the stake of SFT tokens at any time, obtain a 10% annualized FIL yield, and can withdraw the principal and interest at any time.

Three-month regular income: Users can choose to stake SFT tokens regularly for three months and get a higher annualized FIL yield.

Three-month reinvestment mode: users will receive an expected annualized FIL rate of return of more than 40%. This rate of return is dynamic and will increase as the user’s principal increases.

On FileChain, users will use FIL as the transaction gas when they stake SFT in Farms. At the same time, the FIL obtained when withdrawing income will also be directly distributed to the wallet address of the FileChain, helping to improve the speed and security of transactions.

Swap-LP

SFT Protocol will also launch the Swap-LP module on the FileChain, allowing users to provide liquidity in Swap and obtain LP tokens, and stake LP tokens to SFT Protocol to obtain additional FIL and SPD (SPD is SFT Protocol governance tokens) rewards.

In this way, the utilization rate of funds and the rate of return are maximized. This module will be updated and launched in a later version.

other apps

SFT Protocol will launch more ecosystems that SFT Holder can participate in on the FileChain, such as DeFi, etc.

SFT Protocol will also launch cloud node API and device services, allowing users to use the governance token SPD to call hardware devices, thereby participating in the mining and revenue of other storage and computing blockchains, such as Aleo or Ironfish.

In addition, SFT Protocol will launch more testnet and community activities, so that users can get more rewards and benefits by participating in testing, giving feedback and inviting friends, etc.

Summarize

SFT Protocol is directly applied on the FileChain, which reduces the time cost and gas cost for users to switch between various public chains, helps to increase the liquidity and usage scenarios of FIL tokens, and can make better use of the storage capacity of the Filecoin network and income, thus providing users with higher staking returns and compound interest effects.

SFT Protocol will provide a safe, efficient, and flexible stake liquidity solution for the Filecoin network, encouraging more users and devices to participate in the construction of the Filecoin ecosystem.

🏡Official Links

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