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Gemini-Filecoin- Investigating the Cryptoeconomics of the Filecoin Network

A review of the Filecoin network’s advanced model of cryptoeconomics that features a hybrid exponential minting mechanism and FIL coin allocation protocol.

Filecoin: Cryptoeconomics of Decentralized Storage

The Filecoin ecosystem is an equitable structure that benefits miners, storage providers, and customers alike — providing a major incentive for participation.

Filecoin (FIL): Cryptoeconomic and Business Model

Filecoin (FIL)

Explore our collection of Cryptopedia articles related to Filecoin (FIL). Discover new topics and the latest insights.

Filecoin (FIL) Articles - Cryptopedia

Blockchain Development

Explore our collection of Cryptopedia articles related to Blockchain Development. Discover new topics and the latest insights.

Blockchain Development Articles - Cryptopedia

We [launched Wrapped Filecoin (EFIL)](https://www.gemini.com/blog/gemini-launches-wrapped-filecoin-efil-building-a-bridge-to-defi) to provide Gemini users with a bridge to use Filecoin (FIL) across the ever-expanding DeFi ecosystem. Gemini users who hold FIL can convert their assets 1:1 into EFIL through the Gemini mobile app and website and seamlessly withdraw it to any Ethereum wallet.

At Gemini, we are dedicated to keeping your assets secure, and __we’ve implemented on-chain assurances throughout our EFIL minting process to establish confidence in the system__. The wrapping system we built employs an open-source smart contract to convert FIL into an ERC-20 token — EFIL. The smart contract mints and burns EFIL, and we transparently and trustlessly confirm the amount of available EFIL is equal to the amount of FIL held in Gemini Custody, our institutional-grade storage system.

To drive trust in our EFIL wrapping system, we provide on-chain proof of what the EFIL smart contract receives and generates. There are two main prongs to our approach: 

1. Integrating Chainlink’s well-established Proof of Reserve data feed, and 
2. using the hashing function SHA256, allowing anyone to track what happens in the EFIL smart contract. 

__Chainlink Proof of Reserve: Working With Trusted Oracle Infrastructure__

We are thrilled to collaborate with Chainlink to ensure the transparency of our EFIL wrapping system. By using the Chainlink Proof of Reserve (PoR) data feed, which is powered by a [Chainlink decentralized oracle network](https://www.gemini.com/cryptopedia/chainlink-oracle-what-is-chainlink-crypto), anyone can consistently check the balances of our FIL custody wallet. Should a deviation be spotted beyond a predefined threshold (e.g. 1%), Chainlink oracles will push an on-chain update to a specific reference contract that stores the EFIL reserve balance.

DeFi platforms can also call the Chainlink PoR reference contract for current EFIL reserves and compare it to the circulating supply of EFIL on Ethereum to immediately verify the collateralization of EFIL. If EFIL is found to be under-collateralized, DeFi platforms can incorporate customized logic for handling such situations. 

Our collaboration with Chainlink brings additional protection to DeFi users of EFIL, preventing situations like black swan events and fractional reserve practices.

__Ensuring Trust and Transparency__

By using Chainlink’s decentralized infrastructure, users interacting with EFIL can have confidence in __an accurate, highly available, tamper-resistant, and transparent source of information__ regarding current EFIL reserves. The result is a reliable form of collateral and payment throughout DeFi and other smart contract verticals on Ethereum. 

Beyond our collaboration with Chainlink, our engineers have built another level of transparency into the EFIL system by encoding on-chain the Filecoin content identifiers (CID) that correspond to each transaction using the SHA256 hashing function.
![Blog Inline - #EFIL 01](//images.ctfassets.net/jg6lo9a2ukvr/5zydPGX1xipRBrff7d4kyu/0390f214fd56c86b3028ef51f9a9d2db/Blog_Inline_-_-EFIL_01.jpg)
![Blog Inline - #EFIL 02](//images.ctfassets.net/jg6lo9a2ukvr/5lQMj3QtziNJFoP8iqbUcc/8b5e627f166d9c08bafa4094fde55811/Blog_Inline_-_-EFIL_02.jpg)

The above process shows that every transaction that increases or decreases the supply of EFIL on the Ethereum network can be tied to a corresponding transaction on the [Filecoin network](https://www.gemini.com/cryptopedia/filecoin-fil-democratizing-cloud-storage). We believe that for observers of both chains this approach provides further proof that EFIL always wraps and unwraps on both chains and no excess EFIL is minted or burned.

We are excited to provide FIL holders with a transparent pathway onto the Ethereum network as we continue to empower the individual through crypto.

Onward and Upward!

Team Gemini

Exploring Wrapped Filecoin (EFIL) and Chainlink Proof of Reserve

Today, we are delighted to announce the launch of Wrapped Filecoin __(EFIL)__. You can now easily convert [Filecoin (FIL)](https://www.gemini.com/prices/filecoin) 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](https://exchange.gemini.com/buy/EFIL).*

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](https://www.gemini.com/cryptopedia/wtbtc-vs-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](https://gemini.com/blog/upcoming-support-for-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](https://www.gemini.com/cryptopedia/filecoin-fil-democratizing-cloud-storage). 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](https://www.gemini.com/prices).

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!

Team Gemini

**[Fees apply](https://www.gemini.com/fees/mobile-fee-schedule)*

Gemini Launches Wrapped Filecoin (EFIL), Building a Bridge to DeFi

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Wrapped Filecoin (EFIL) was created by Gemini to bring Filecoin (FIL) onto the Ethereum Network, and allow it to be used across the decentralized finance (DeFi) ecosystem. All minted EFIL is backed 1:1 by FIL held in Gemini Custody®, Gemini’s institutional grade storage system. EFIL is minted using an open-source Ethereum smart contract that wraps FIL and converts it into an ERC-20 token. EFIL is converted back in FIL using the same process. 

FIL can be converted to EFIL on Gemini’s Mobile App and website using the wrap function. EFIL can be easily converted back into FIL using the same steps. You can also purchase FIL and immediately wrap it by toggling “Wrap Your Filecoin Purchase” before completing your order. EFIL is also available via CoinList. 

## Token

EFIL is the ERC-20 wrapped version of FIL.

View the latest Wrapped Filecoin price movements, charts, and supply details. Learn more about Wrapped Filecoin history, use cases, and learn how to buy & store

Wrapped Filecoin Price, Chart, & Supply Details - EFIL Price

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