The FIL withdrawal function will be launched, how to do it? — Testnet Preview

Hello SFT users❣ The SFT Protocol testnet has been operational for some time now, and we have received valuable feedback from our users. We are committed to improving our product continuously to provide better services. Please take a moment to read this article about the issue of FIL-Mint-SFT taking too long.

As per our roadmap, we will launch the FIL withdrawal function on the testnet.

Why Withdraw FIL?

The LSD protocol is a component of the SFT Protocol product and exclusively caters to the File Chain. By staking FIL, users can acquire an equivalent amount of SFT tokens which they can then use for financial management in Farms to generate income in FIL. When users wish to trade their FIL holdings, they must first convert their SFT tokens back into FIL.

There are four methods available for withdrawing FIL: SFT Protocol, Swap, CEX, and P2P.

📍SFT Protocol

The SFT Protocol testnet is preparing to launch the FIL withdrawal function. Once the encapsulated FIL is unlocked, it will be transferred to the Pool. Users can withdraw their staked FIL from the Pool at any time by clicking on [Withdraw] and using SFT. The status of the pool can be viewed on the [Dashboard].

🔁Swap

To exchange SFT for FIL on the DEX Swap page, users can simply enter the testnet and select Tradings under Products. Additionally, users have the option to add liquidity to the FIL-SFT pool and receive rewards in the form of liquidity tokens.

🔘Other Methods

CEX: Once SFT is listed on a centralized exchange (CEX), users will be able to sell their SFT tokens through the exchange. The trading pair for SFT will be announced after its listing.

P2P: Conducting peer-to-peer transactions with other SFT Protocol users can be risky and is not recommended.

To summarize, the introduction of the FIL withdrawal feature will be a significant upgrade for the SFT Protocol. We invite everyone to assist us in testing this new functionality. Our Testnet Airdrop Event is still ongoing, so kindly share it with your acquaintances and ensure you don’t miss out❣

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