Wednesday, January 20, 2021

FilDa and Quick Silver

By Jeremy G

Edited by Kenneth K

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Two important announcements were made via Elastos.info regarding the DeFi ecosystem in Elastos.

 

FiLda, the first DeFi ecosystem project in Elastos, has joined Heco, Huobi Global’s recently released Eco-Chain. 

On FilDA, users can loan their assets in order to generate interest. Borrowers access the liquidity vested in these otherwise dormant assets. Elastos, FilDa, and Filecoin wil take advantage of Heco’s ecosystem by expanding liquidity, lending, borrowing, and wealth management services. FilDa will be integrating Huobi Token (HT) into its ecosystem which will accommodate staking, borrowing, and other services for HT. Heco will act as a bridge between decentralized and centralized financial crypto services. Heco’s cross chain high throughput capabilities will allow for solid user experiences. 

Austrader, one of the members of the Noderators Supernode, created a solid thread on twitter outlining the various elements of the Huobi (Heco)/FilDa partnership. Chainlink integration, security/scalability, and the reduction of congestion on the Ethereum network were a few of the good points Austrader highlighted on the integration.

QuickSilver, ecosystem project from Elaphant Wallet, will be Elastos’ first decentralized lending platform. QuickSilver test net is now live.

 

Elaphant Wallet team wants the Elastos community to try it out. QuickSilver, governed by the SIL token, is based on Compound Finance’s smart contract modules. There are a number of steps in order to participate in testing out the QuickSilver platform.

    1. Install Metamask
    2. In Metamask’s “Networks,” tab, select “Ropsten Test Network.”
    3. Visit either or both of the Ethereum Test Coin Faucets, at Ropsten and Metamask and request ETH test coins.
    4. Switch to the ELA test net using Metamask’s custom RPC parameters below:

RPC URL: https://rpc.elaeth.io

ChainID: 21

Explorer: https://testnet.elaeth.io/

 

5. Then visit the Elastos Test Coin Faucet and request ELA test coins.

6. Migrate ETH test coins to ELA’s test network via ShadowTokens. For detailed instructions, please visit the following GitHub page: [ShadowTokens Test Coin Migration].

 

Once testnet tokens have been transferred to ETH and ELA test nets, users can do a number of transactions. They can use Tokswap in order to swap ELA and ETH test net coins for other ERC-20 tokens on the exchange. Users can act as a lender and/or a borrower on the Quicksilver platform. Lenders and borrowers earn “s tokens” which can then be traded for other tokens on Tokswap. SIL and s tokens will be generated based on the number of transactions made, transaction types, and profit generated. 

Between the Tokswap Exchange, QuickSilver Lending, Shadow Tokens cross-chain bridge and FilDa project with Filecoin, Elastos has a DeFi infrastructure that provides utility to crypto users worldwide. 

Jeremy
CR Press Senior Writer. Believer in the new Smart Web. In pursuit of true decentralization.