Friday, March 5, 2021

FilDa Update, the DeFi Lending Platform on Heco Chain

 

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TLDR Summary:

FilDa reached $200 million in total deposits and loans on January 28th. Staking awards are live in multiple pools: FilDa Insurance, FilDa/ELA, FilDa/HUSD and FiLDa/HT. MDEX is the AMM (Automated Market Maker) hosting these pools.

MDEX has over $1 billion in liquidity locked in only its first few weeks of inception. Elastos and Huobi have quietly but swiftly built a DeFi ecosystem that consists of a DEX, Lending, Borrowing, Yield Farming, and more.

All of these features can be utilized without having to analyze the gas mempool as needed on Ethereum. Most gas fees cost 0.003 Huobi Token which is roughly below 2 cents. This is a significant advantage in crypto as many pay exorbitant fees to participate in DeFi services on Layer 1 Ethereum.

Finally,  Sunny Feng Han has announced some explosive news about FilDa and partnership with a province in China.

FilDa

FilDa began with only a handful of assets: Elastos/Filecoin/Huobi Token/Tether. In the past couple of weeks, the number of supported assets has grown to a robust 13. 

New coins/tokens include: ETH, HUSD, HBCH, HBSV, HBTC, HDOT, HLTC, HPT, HXTZ. 

Traders throughout the entire DeFi space can borrow, lend, and trade 7 out of the top 40 coins in crypto for practically no fees. Not to mention that the lending and borrowing of these assets yield FilDa token.

With a plethora of high liquidity coins, it’s no wonder the deposits and loans reached a couple hundred million dollars. 

Liquidity Mining on FilDa has been lucrative for users. APY’s have reached the 1700% range between Filda/HT, Filda/HUSD and FilDa/ELA pools.

The FilDa Single Asset Insurance pool has an APY in the 800-900% range with a leading $1.5 million staked.

Users can also participate in supplying or borrowing tokens to earn FilDa as a reward. 

MDEX

By working with MDEX, FilDa has established ideal liquidity. Users can trade FilDa for any one of the 13 other assets with very low slippage on MDEX, making it very attractive to arbitragers. Essentially, MDEX is the Uniswap of Heco Chain, with the extremely low fees and the full spectrum of wrapped tokens that represents multiple networks.

In turn, the ELA token is getting more exposure on the Heco Chain. The ELA/FilDa pool has enough liquidity to trade with competitive pricing.


Fuzhou Province [Edit: This Section Below is Pending Further Clarity/Verification]

Elastos Leader Sunny Feng Han recently tweeted that the Fuzhou Government in China signed a Credit Oracle agreement for the total of 10 billion RMB (More than $1 billion) which will be settled on FilDa. More agreements with different provinces within China using FilDa will set a finer standard of banking and smart contract applications within the region. 

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