Wrapped FileCoin Tokens Enter DeFi On Ethereum: Report

Wrapped Filecoin tokens have now entered the DeFi space with the help of Anchorage- a crypto custody provider.
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Anchorage partnered with Tokensoft to bring the wrapped Filecoin tokens to Defi markets as we are reading more in today’s latest altcoin news.

Wrapped Filecoin tokens use third-party custodians to create 1:1 replicas on the native FIL token onto other blockchains like Ethereum.
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Filecoin worked with other cross-chain wrapping services like Ren, in order to bring FIL tokens to a wider audience. The platform became one of the biggest decentralized storage projects on the market right after it launched in October and is getting a major boost from crypto custody provider Anchorage to access the liquidity from the DeFi industry.

Anchorage announced the release of Wrapped Filecoin tokens in cooperation with Tokensoft as well as the investment company CMS Holdings. Wrapped Filecoin is a part of the wrapped program that is designed to bring cross-chain assets to the ETH blockchain which could bring much-needed liquidity to the nascent Filecoin storage market while helping other protocols generate returns for users.

Decentralized finance is actually a group of protocols that are designed to provide financial services like these of the traditional banks without having to rely on centralized infrastructure. Wrapped cross-chain tokens became a huge part of the DeFi mix so solutions like wrapped BTC helped bring more than $2.3 billion of value to the entire DeFi ecosystem according to DeFi pulse. Like WBTC, Wfil uses a system of custodians to hold the underlying asset and issue 1:1 wrapped token versions on the blockchains like ETH. The head of Ecosystem Colin Evran said:

 “Wrapped Filecoin will enable some really creative DeFi products that create huge opportunities for Filecoin miners and storage users. We’re seeing so much innovation every day from dozens of individuals and institutions interested in decentralized storage, and are excited to see what happens once the deep DeFi talent pool can join in.”

Ethereum’s DeFi market offers huge amounts of liquidity or value in the form of tokens which makes it quite easier for traders to find fair prices for assets or to provide credit to invest in building new technology. This makes compatibility quite attractive for Filecoin which uses a separate market for pricing storage capacity for other use cases. Filecoin pursued cross-chain trading for FIL tokens in partnership with Ren which is designing a system of smart contracts to hold custody of the native tokens without having to rely on third-party custodians.