Ethereum Wrapped FilecoinEFIL
$79.2
Market/Exchange
EFIL Price Prediction and Price Movement
EFIL has been down 0 percent over the last three months, and with its small market capitalization, it is very likely that such price movement may continue. However three months is still considered early in the crypto world and it is also likely that EFIL's price may bounce back if it has a solid team and has delivered what they promised on their white papers. Therefore traders should be careful and should research thoroughly and see if EFIL is backed by a solid development team and whether EFIL's technology has any potential to grow.
Please note that this analysis is purely base on EFIL's historic price actions and is by no means financial advice. Traders should always do their own research and be extra careful while investing in cryptocurrencies.
Ethereum Wrapped Filecoin Price Chart
About Ethereum Wrapped Filecoin
Wrapped Filecoin (EFIL) is a DeFi compatible ERC-20 token that is pegged 1:1 with Filecoin (FIL). EFIL tokens can be used on DeFi protocols like Uniswap and Aave or exchange for FIL tokens. This project aims to increase accessibility to the FIL tokens, which Filecoin miners require to scale their operations. As an EFIL holder, you can provide liquidity on Aave and earn lending fees.
The creation of new EFIL and the redemption of FIL are managed by a smart contract developed by Gemini and audited by Trail of Bits. Like WBTC, EFIL tokens are minted when FIL holders send their FIL tokens to the smart contract and get burned when EFIL holders send EFIL tokens to redeem FIL tokens.