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Filecoin's Largest DeFi Protocol Glif to Give Away 100 Million Tokens

Filecoin's Largest DeFi Protocol Glif to Give Away 100 Million Tokens

HappyCoinNewsHappyCoinNews2024/10/31 04:11
By:HappyCoinNews

Liquid leasing platform and the largest protocol DeFi Network Filecoin under the name Glif plans to release its own token GLIF, with 100 million tokens to be distributed among users.

The total supply of GLIF will be 1 billion, with 10% going to those with at least 1 GLIF point in a 1:1 ratio. Point holders will have access to 25% of the tokens received, with the remaining 75% being distributed over 180 days, reflecting the network's block reward structure. Filecoin .

Glif founder and CEO Jonathan Schwartz said that there are currently over 82 million points awarded, with the number set to reach 100 million in the near future. The tokens will be issued either later this year or early next year, with the claim window open for 12 months.

GLIF is the first token management for protocol DeFi …which is fundamental to the network Filecoin , protocol Lido for Ethereum or Jito for Solana , — added Schwartz.

Glif operates as a liquid leasing platform that allows network token holders to Filecoin FIL earn rewards by lending their FIL to storage providers Filecoin for mining storage. It is the largest protocol in the ecosystem Filecoin with a total locked value of more than $124 million, according to Filfox and DefiLlama.

In addition, it is announced that the GLIF Foundation will be established to represent GLIF. DAO and be governed by GLIF token holders.

Glif is backed by investors such as Multicoin Capital, Big Brain Holdings, and Protocol Labs. The project raised $4,5 million in seed funding earlier this year.

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