The current cryptocurrency market cap is $1.91 trillion, which, as per CoinMarketCap, is 0.16% down in the last 24 hours. When compared to the global crypto market cap in April 2021, when it hit $2 trillion for the very first time, the market is down by 4.5% today. Not only the global crypto market cap, the total crypto market volume, too, is down by over 15% in the last 24 hours and is currently hovering around $89 billion.
While many investors would be fearful of such a drawdown, given that the crypto market has been experiencing a downfall for some time now, it is actually a good opportunity to buy if you ever wanted to invest in the token.
Not only do you “buy low and sell high” to make a profit, as the saying goes, but you also buy when there’s blood on the streets and not when it’s at peak euphoria because then you end up buying the top.
Perfect Time to buy FIL
In line with the broad crypto market, FIL token, too, has experienced some drawdown since hitting their ATHs last year.
In the ongoing down market, investors have taken to HODL their crypto assets instead of capitulating at the wrong time, such as right at the bottom. Avoiding being paper hands and strong holding crypto-like FIL tokens allows holders to catch the upside when it comes and not miss the bull market.
The great advantage of the growing cryptocurrency market is that users can put their idle sitting digital currencies to use and earn income on them.
Filet protocol, for example, is one such great answer to weather the turbulent markets. We operate a cloud mining power service platform and have deployed decentralized mining activity on the Binance Smart Chain (BSC) and HECO smart chain (Heco).
We have successfully tokenized Filecoin mining power and integrated it into the DeFi ecosystem by offering FIL holders risk-free and high-growth FIL staking services. The annualized FIL return via Filet is as high as 30%.
What is Filecoin?
FIL is the native token of the decentralized storage network Filecoin, which is used by customers to pay for storage while nodes that provide the storage are, in turn, paid for their service.
Filecoin is based on the Interplanetary File Storage (IPFS) protocol and designed to utilize unused storage globally so that users can pay for low-cost storage while ensuring file storage is permanent and distributed across the web. It is in contrast with centralized cloud storage solutions like Amazon Web Services and Google Cloud, where data is stored in servers owned by these private corporations.
Tokenizing Mining with DeFi
A prominent reason for choosing the Filet protocol instead of traditional Filecoin mining is that we have ensured a very low barrier to entry. Buying a mining machine further involves several other factors such as the performance of the mining machine, pledge coins, GAS fee, packaging speed, and mining service cycle.
If you are interested in mining Filecoin with Filet, you do not need to purchase expensive mining machines or have professional mining knowledge. You can start just by having some FIL.
Our native token is called FILE, which has a maximum supply of just under 210 million, while only about 524k FILE tokens have been issued yet. Each FILE token represents 1G Filecoin mining power, which will soon be available to be traded freely in the market too.
By combining Filecoin and DeFi to tokenize mining power, we have basically broken the current high threshold and high investment situation of Filecoin mining, allowing all investors to participate in Filecoin mining investment and gain generous returns.
Who Should Use the Filet Protocol?
The annualized rate of return on Filet staking is in double-digits and much higher than other DeFi projects. The staking period is flexible, with users allowed to withdraw their staked FIL at any time. Additionally, users earn a fixed rate of interest during the staking period, which is determined periodically by an algorithm in the protocol.
Moreover, our protocol is developed by the largest Filecoin miners in the North-American region and is audited by Certik. We provide a trusted staking service transparently by deploying decentralized smart contracts and cross-chain bridges.
To put your FIL to use, you can download HiWallet and go to “Filet” on the homepage to start staking. And if you hold FIL tokens on BSC or HECO chain, simply open Filet’s official website and connect to the wallet to stake.
Not only is Filet a great option for investors who hold FIL and are optimistic about the future of Filecoin, but also for those who bought FIL tokens at a high price and now that prices are down a lot from their ATH are trapped.
We further offer an efficient investment channel for high-positioned or conservative investors as well as those looking for stable returns.