SEP 02, 2021
Gemini Launches Wrapped Filecoin (EFIL), Building a Bridge to DeFi
Today, we are delighted to announce the launch of Wrapped Filecoin (EFIL). You can now easily convert Filecoin (FIL) into EFIL and move it seamlessly onto the Ethereum network, providing more opportunities to create value across the burgeoning DeFi ecosystem.
All Gemini users who hold FIL can convert their assets 1:1 into EFIL through the Gemini Mobile App and Website using the wrap button on the FIL price page. You can also purchase FIL and immediately wrap it by toggling “Wrap Your Filecoin Purchase” before completing your order. You can unwrap your EFIL to receive FIL by visiting the EFIL price page.*
Once you hold EFIL in your Gemini wallet, you can withdraw it to any Ethereum address you specify. You’ll be able to use EFIL across various Ethereum-based protocols, including DeFi platforms.
All minted EFIL will be backed 1:1 by FIL held in Gemini Custody, our institutional-grade storage system. As a qualified custodian regulated in New York, the safety of our clients’ assets is our top priority, and we employ top-of-the-line security, compliance, and operational protocols across our custody product — ensuring your assets remain secure.
We are also excited to extend our collaboration with CoinList, which will also offer EFIL wrapping for their customers, providing another avenue to interact with the EFIL smart contract while creating more opportunities for users across the Filecoin and Ethereum ecosystems. CoinList already supports wBTC and tBTC minting on its platform, and will now allow users to instantly convert FIL for EFIL, and vice versa, via the CoinList Wallet.
To develop this wrapping functionality, we built our own open-source Ethereum smart contract that wraps FIL and converts it into an ERC-20 token — EFIL. The EFIL smart contract mints and burns EFIL, and ensures that the amount of available EFIL is equal to the amount of FIL held in Gemini Custody.
Filecoin is the native token of the Filecoin Network, a decentralized data-sharing platform. FIL is used to purchase storage space on, and retrieve files (i.e., data) from, the Filecoin Network. Miners receive FIL for storing your files and verify their services via cryptographic proofs. This decentralized model offers a compelling alternative to existing centralized cloud storage offerings.
At Gemini, we offer trading for more than 45 cryptos, with a further 14 cryptos available for custody. Learn about all the cryptos we support, and more, here.
As DeFi continues to show its far-reaching potential to redefine financial services, we are dedicated to empowering you, the individual, with more opportunities to engage across Ethereum’s DeFi ecosystem. EFIL is just our first act.
Onward and Upward!
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