[WFIL] MIP6 Collateral Onboarding Application

[WFIL] Collateral Onboarding Application

  1. Who is the interested party for this collateral application?

Details about the FIL token and Filecoin have been furnished via wrapped.com.

  1. Provide a brief high-level overview of the project, with a focus on the applying collateral token.

Filecoin is a decentralized storage network designed to utilize unused data storage throughout the world by creating an althogritmically driven market for both providers and purchasers of storage. By unlocking the potential of vast sums of unused storage capacity, Filecoin has potential to not only decentralize data storage but also provide far better price dynamics at scale through incentives for all participants in the network.

The total supply of FIL is capped at 2 billion and a majority of it is released through block rewards over time.

  • 70% of FIL is dedicated to Filecoin Miners through mining block rewards, providing data storage services, maintaining the blockchain, distributing data, running contracts, and more.
  • 15% of FIL is dedicated to Protocol Labs at genesis with a 6-year linear vesting period to be used for research, engineering, deployment, business development, marketing, distribution, and more.
  • 10% of FIL is dedicated to Investors at genesis with a 6 month to 3 year linear vesting period. For funding network development, business development, partnerships, support, and more.
  • 5% of FIL is dedicated to the Filecoin Foundation at genesis, with a 6-year linear vesting period which will be used for long-term network governance, partner support, academic grants, public works, community building, etc.

To read more about the crypto-economics of FIL, please reference: https://filecoin.io/blog/filecoin-cryptoeconomic-constructions/

The Wrapped Filecoin token (WFIL) is an ERC20 standard token which represents a 1:1 value of WFIL to Filecoin (FIL) held in custody by Anchorage, a US-based trust. WFIL allows for FIL to be used in traditional defi applications such as Uniswap, Balancer and Curve.

  1. Provide a brief history of the project.

Filecoin was started by Juan Benet, the founder and CEO of Protocol Labs in 2014. Protocol labs also created projects such as IPFS, lib p2p, and others. The token sale for Filecoin lasted roughly minutes and raised over $200 million USD. The protocol reached its mainnet launch milestone on October 19th through the 23rd quickly reaching a $900 million USD market capitalization.

Wrapped is a joint-initiative started in July 2020 by Tokensoft and Anchorage with the purpose of creating greater interoperability between blockchains. Wrapped accomplishes this by wrapping layer one blockchains and issuing 1:1 representations on the Ethereum blockchain.

Both Tokensoft and Anchorage separately established in 2017, are cutting edge leaders in their respective technology expertise. Tokensoft is an industry leading provider of AML/KYC services for issuance of security tokens allowing for precise regulatory compliance during all stages of fundraising. Tokensoft also manages the smart contract security of the minting, burning and distribution of the wrapped tokens. Anchorage is a Qualified Custodian which secures over 100 billion in transactions annually through cutting edge cyber security architecture.

  1. Link the whitepaper, documentation portals, and source code for the system(s) that interact with the proposed collateral, and all relevant Ethereum addresses. If the system is complex, schematic(s) are especially appreciated.

Whitepaper: https://filecoin.io/filecoin-jul-2014.pdf

Documentation: https://docs.filecoin.io

Source Code: https://github.com/filecoin-project

Tokensoft Github: https://www.github.com/tokensoft/tokensoft_token

  1. Link any available audits of the project. Both procedural and smart contract focused audits.

All audits and security related content regarding Filecoin can be found at: https://security.filecoin.io

Tokensoft Smart Contract Audit: https://certificate.quantstamp.com/full/token-soft-token

  1. Link to any active communities relating to your project.

Twitter: https://twitter.com/Filecoin

Reddit: https://www.reddit.com/r/filecoin/

Telegram: https://t.me/filecoin

Slack: https://filecoin.io/slack

WeChat: https://weixin.qq.com/r/1xz54Y-EctINrcuC90nF

Forum: https://discuss.filecoin.io/

Matrix: https://riot.im/app/#/group/+filecoin:matrix.org

Wrapped Twitter: https://twitter.com/wrappedfi/

Wrapped Telegram: https://t.me/wrappedfi/

Tokensoft Twitter: https://twitter.com/tokensoftinc

Tokensoft Blog: https://medium.com/tokensoft

Anchorage Twitter: https://twitter.com/Anchorage

Anchorage Blog: https://medium.com/anchorage

  1. How is the applying collateral type currently used?

Filecoin (FIL) is the native cryptocurrency asset to the Filecoin blockchain and powers the data storage and data retrieval markets as a means of payment.

  1. Does one organization bear legal responsibility for the collateral? What jurisdiction does that organization reside in?

Tokensoft and Anchorage are responsible for the Wrapped tokens custody, minting, burning and distribution. Anchorage is headquartered in San Francisco, CA and Tokensoft is headquartered in Austin, TX. They are both incorporated in Delaware.

  1. Where does exchange for the asset occur?

FIL is traded on centralized exchanges including Coinbase, Coinlist, Binance, Kraken, Gemini, Bitfinex, Huobi, and Poloniex

An Ethereum ERC-20 asset called Wrapped Filecoin, or WFIL will also be traded on Uniswap. Wrapped Filecoin is an asset issued by Wrapped.com in partnership with Anchorage, a US-based trust and Tokensoft (an AML/KYC platform).

  1. (Optional) Has your project obtained any legal opinions or memoranda regarding the regulatory standing of the token or an explanation of the same from the perspective of any jurisdiction? If so, those materials should be provided for community review.

Protocol Labs has filed with the SEC: https://sec.report/CIK/0001675225

  1. (Optional) Describe whether there are any regulatory registrations for the token and provide related documentation (including an explanation of any past or existing interactions with any regulatory authorities, regardless of jurisdiction), if applicable.

FIL is issued by Protocol Labs, a private company incorporated in Delaware and it bears responsibility for the issuance of FIL.

Protocol Labs has filed with the SEC: https://sec.report/CIK/0001675225

  1. (Optional) List any possible oracle data sources for the proposed Collateral type.

Please refer to the exchanges where FIL is traded (Q9).

FIL Coinmarketcap page: https://coinmarketcap.com/currencies/filecoin/

FIL Coingecko page: https://www.coingecko.com/en/coins/filecoin

The centralized exchanges listed may offer data feeds that can be used for a FIL/USD oracle.

Uniswap trading pair pricing can be a source of price and trading data for WFIL with additional decentralized exchanges to be added soon.

  1. (Optional) List any parties interested in taking part in liquidations for the proposed Collateral type.

N/A

5 Likes

hi @masonic,

I will make the assumption that FIL is fairly well known among people that have been in the space for some time.
With FIL being focused on storage and so having applications outside of the present hotbed of DeFi related tokens, is there any way of measuring the growth of the ecosystem outside of traditional measures such as Coinmarketcap?

Examples:
Maker has Makerburn
REN has Command Center

Does FIL have anything similar to measure how the ecosystem is doing things like stored amount of data or hosted websites?

3 Likes

This is good stuff–looking forward to seeing WFIL come into fruition in 2021!

The FIL token has a capped supply of 2 billion set to be released over the course of several decades. As of now there is no indication that the Filecoin protocol will commit to a burning of any tokens already in existence or otherwise in the future, however depending on the demand for storage on the Filecoin protocol and also the competition among storage providers, this could potentially increase the token’s scarcity beyond its own emission rate. Will let Filecoin Foundation chime in themselves, this is based on public info I could find.

Thanks - this is live now and in custody as outlined in the app.

There’s a small pool here: https://info.uniswap.org/pair/0x4f9356293dda89a31a924fe1f867825b3adda4d8

1 Like

Institutions can onboard at wrapped,com to wrap today.

Sweet–thanks for the details @masonic – perhaps you have an NDA in place (which is cool) but are other protocols in the pipeline for Wrapped? I heard Algorand is working it–not sure if they’re using your services… Totally get it if you can’t disclose

Just tell us what you want and we’ll do it :+1:

2 Likes