Filecoin Ecosystem Contributor Glif Raises $4.5M to Expand DeFi Offerings

According to CoinDesk, Glif, a longtime contributor to the Filecoin ecosystem, has raised $4.5 million in seed funding from Multicoin Capital and other venture capitalists. The funds will be used to expand Glif's liquid leasing setup, which focuses on its yield-bearing liquid staking token iFIL, according to CEO Jonathan Schwartz. The company aims to increase deposits tenfold for Filecoin's largest decentralized finance (DeFi) protocol, nearly a year after its major tech upgrade. Glif offers liquid leasing for Filecoin, a process similar to liquid staking on Ethereum. Both methods generate yield for token holders by tapping into computer networks and providing essential services. Glif has created a bridge between regular FIL holders seeking yield and storage providers who generate it. Storage providers borrow from a pool of FIL loans, increasing their collateral and yield, and pay interest to the pool weekly. Currently, holders receive an iFIL derivative token that acts as a receipt for their deposit, with its value increasing weekly as interest payments grow. Glif plans to launch a points program later this quarter, which will reward users based on the value their iFIL tokens have accrued. More iFIL will equal more points, and the tentative plan is for points to determine the number of tokens initially airdropped to users. The company's goal is to deploy 100 million FIL to storage providers within a couple of years, with 10 million tokens currently locked from 1,600 depositors.