The dwindling crypto market has been challenging for altcoins like Filecoin (FIL). Mining the coin has always been expensive, requiring complicated hardware, enterprise-grade storage servers, miner node servers that run the protocol, worker servers that encrypt the storage space, and network equipment. To address this issue, Filet introduces an entirely decentralized, transparent, safe, and trustable platform. FIL holders can now participate in Filecoin mining by just staking the token in Filet, which has become one of the best platforms for storing FIL.
Filet has extremely high yield characteristics compared to its competitors in the market. For example, Coinlist lets users earn around 8% APY, while Binance Earn and Huobi Earn both let users earn around 5% APY. However, Filet offers an APY of approximately 37% along with a flexible staking period of 180 days or a fixed period of 350 days.
Filet – A Glimpse
The Filet protocol is a decentralized mining activity deployed on the Binance Smart Chain (BSC) and HECO smart chain (Heco). Filet efficiently tokenizes Filecoin mining power and introduces it into the DeFi ecosystem by offering FIL holders risk-free and high-growth FIL staking services. As a result, the annualized FIL return is as high as 50%.
Moreover, Filet ensures the high-end security of user assets. The protocol was developed by the largest Filecoin miners in the North-American region, with its code audited by Certik. The unique novel feature of the platform allows users to stake some form of tokens and get the mining power of FIL. It also ensures a low threshold with no extra investments in equipment.
Why Choose Filet?
As a unique decentralized storage system, Filecoin has taken advantage of the growing popularity of cloud computing platforms and created an open market for file storage. The protocol is highly bankable at the moment, thanks to its decentralized data storage marketplace that makes the web more secure and efficient.
Regular FIL users can get a piece of the pie by participating in Filecoin mining through Filet’s decentralized cloud mining platform for a risk-free, high return, and low barrier experience. Moreover, Filet also opens doors for regular investors to seize the dividends of Filecoin. As a result, the platform became one of the best choices for a stable investment in cryptocurrencies, with over 75,000 FIL staked on Filet.
FILE is a token that represents real Filecoin mining power. Filet tokenizes the Filecoin mining power into FILE tokens.
Each FILE token corresponds to 1GiB Filecoin mining power. Moreover, the unique feature of the token is that users can stake FILE to mine FIL. In order to receive FILE tokens, Filecoin mining operators collateralize their Filecoin mining power to Filet.
Since users can trade FILE freely, it brings liquidity to Filecoin miners. In addition, collateral miners can stake FILE into Filet and further grow their mining power. Moreover, FILE also offers token holders the governance rights to participate in platform decision-making by voting with FILE tokens.
Staking FIL and Staking Period
Unlike any of its competitors, the Filet protocol provides a trusted staking service openly and transparently by deploying decentralized smart contracts and cross-chain bridges. Users can always stake FILE to Filet and generate earnings as 1 FILE represents 1GiB Fileocin mining power.
Filet’s flexible staking period is also noteworthy, as it allows users to withdraw their staked FIL at any time. Additionally, users acquire a fixed yield rate during the staking period, which is periodically determined by an algorithm in Filet. Nevertheless, the annualized return of staking 1024 FILE is slightly higher than the return of staking 12 FIL (fixed 180 days staking period). However, both receive 1 TiB Fileocin mining power.
In the current cryptocurrency market, where digital assets, including FIL, are weak and highly volatile, Filet has positioned itself as one of the top finance platforms of choice for investing in Filecoin. Furthermore, Filet offers FIL staking service by efficiently bridging the FIL token holders with Filecoin operation. With constant developments and innovative staking services, Filet has created an efficient way to bring Filecoin to DeFi.