Wrapped Filecoin: Winner of Textile's best protocol bridge at Apollo

winners-circle Nov 09, 2020

Today, to continue our series on Textile bounty and hackathon winners, we are highlighting Wrapped Filecoin (WFIL). WFIL is a project that aims to link Filecoin and Ethereum tokens. We've been following and enjoying updates from the WFIL team since back during HackFS. So it was our pleasure to award the WFIL team for best Protocol Bridge at the Apollo Hackathon.

We asked Nazzareno and Cristiam to share a bit more about themselves and their project.

Where are you from?

Originally, Nazzareno is from Italy, and Cristiam is from Venezuela, but we are now based in London and Barcelona, respectively.

How did you get interested in Filecoin?

We've been following the emerging technologies in the space during recent years, and Filecoin was one of the projects that most excited us and inspired to hack on because it exploits the potential of IPFS, filling a gap in the space by adding a new layer of complexity.

What got you interested in Textile?

We were looking for a way to interact with Filecoin and exploring the emergent ecosystem around it. We found Textile to be very intuitive and easy to use technology, providing all the functionalities needed to build our hack.

What pain point are you trying to solve with your hack?

There is currently no way for Filecoin Holders, Storage Miners, and Storage Clients to access liquidity or use Filecoin on Ethereum via De-Fi services.

What is your solution?

We propose WFIL an ERC20 wrapper over Filecoin backed by Filecoin deposits on a custodial wallet to be used on Ethereum on lending platforms like MakerDAO as collateral to get DAI or Aave, Compound to get liquidity that can be used to accrue interest or provided to liquidity pools like Uniswap, Balancer, Curve and so on.

Why do you think users might be interested in your project?

WFIL is bridging Filecoin to Ethereum to bootstrap its adoption and development by providing access to liquidity on De-Fi to storage miners and Filecoin holders and unleashing new emerging services on Ethereum.

What are you planning to work on next?

We're currently refining the last details and planning a full audit, including the backend, after which we'll launch WFIL on Mainnet. We found particularly useful and sleek adding Textile ThreadDB on our tech stack, where we use it to keep track of Filecoin transactions to add an extra layer of security and redundancy.

Support Wrapped Filecoin

Support the WFIL project by following them on Twitter, subscribing to their newsletter, joining their Telegram, or starring their GitHub projects. Reach out to @NazzMass or Cristiam if you have any questions.

We're excited to see where WFIL can go!

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