Ethereum Wrapped FilecoinEFIL
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.