Anchorage and Tokensoft bring wrapped Filecoin (wFIL) to Ethereum

Anchorage is pleased to welcome wrapped Filecoin (wFIL) to the DeFi and broader Ethereum ecosystems. Through Wrapped, Anchorage and Tokensoft are working together to bridge layer one protocols with Ethereum, bringing an increasing amount of liquidity to the space and improving the utility of assets on non-native blockchains, all while giving network participants continued exposure to the underlying asset itself. We’re proud to offer a solution that brings one more way for institutions to securely participate in the digital asset space, and excited for wrapped Filecoin to join our expanding list of wrapped layer one assets.

“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.”

—Colin Evran, Head of Ecosystem for the Filecoin project

Institutions increasingly want more and better ways to put their assets to work. They want access to DeFi applications like lending and borrowing with Filecoin, with Zcash — with all of their layer one assets. And they want to maintain exposure to those assets at the same time. Wrapped lets them do that. From a technical standpoint, wrapped Filecoin relies on Tokensoft’s ERC-20 standard, which allows for the utility of assets on numerous additional protocols while also ensuring compliance with applicable requirements.

Like wrapped Zcash (wZEC) before it and many others to follow, wrapped Filecoin allows users to participate in a large and expanding list of decentralized applications — from Compound to Maker to Uniswap — all while maintaining exposure to Filecoin itself. There are already pools of wFIL on Uniswap, Sushiswap, and Mooniswap, and a Maker DAO collateral proposal for wrapped Filecoin was greenlit poll queued just this week.

“We’re seeing huge demand from clients to be able to use their assets to capitalize on opportunities in the DeFi space,” says Ryan Salame from Alameda Research. “Wrapped Filecoin feeds directly into that demand.”

Even before mainnet launch, institutional demand for Filecoin was high, and that demand has only grown. And with a nearly $800 million market cap at time of writing, Filecoin stands to be a significant provider of liquidity to the DeFi and broader Ethereum ecosystems in its wrapped form.

In the coming months, Anchorage and Tokensoft look forward to bridging a growing list of assets to Ethereum. If there’s a layer one protocol you’d like to see Wrapped, please get in touch.