Author: Kyle Samani, Multicoin Capital Management Partner; Translation: 0xjs@作 作 作 作 作

Filecoin virtual machine (FVM) was launched on March 14, 2023 (Percerated Day).In the field of encryption, there is nothing better than FVM.It allows developers to bind the real -world primitives on the DEFI and DEFI and the DEFI and the Filecoin network, starting from storage.Over time, we expect that FVM will also allow direct programming bandwidth and computing resources.

We started the Fil position before FVM launch.In our understanding of what developers can use it, we discovered Glif and became our first investment in the Filecoin ecosystem.

On February 6, 2024, we are glad to announce that Multicoin Capital has led GLIF $ 4.5 million in financing. GLIF is the basic original language of Filecoin and the first liquid lease agreement for cryptocurrencies.

GLIF is the basic language of Filecoin’s DEFI

Today, the main function of the Filecoin network is file storage.Storage providers (SP) must represent their customers pledged FIL as a mortgage.

In order to provide storage, SP must provide two forms of capital: hardware and financial capital (in the form of FIL).Glif uses FVM to create a market without licenses between people with FIL and SP with hardware.GLIF solves the core capital efficiency of the Filecoin ecosystem, similar to the role played by JITO and Lido in their respective ecosystems.Specifically, GLIF allows Fil holders to deposit Fil into the liquidity pool and get ifil as a return.IFIL is operating as a liquidity of tokens: Over time, it will be rewarded from SP.SPs can be leased FIL for pledge from the Liver Relic Pond based on the number of collateral they locked in the agreement.After leasing, the SP must pay from the pool every week.These payments are rewards for liquidity providers.Due to the complexity of Filecoin underlying encryption economics, GLIF’s mechanism is similar to encrypted “lease”.

Flexible foundation

One of the interesting and not fully observed aspects of GLIF is that the agreement can use its own custom assets and rules to deploy multiple interoperable capital markets (currently only one market).This feature opened the door for GLIF to cooperate with LP and SP in a customized method, and to expand horizontally with the maturity of Filecoin to adapt to new use cases.

For example, GLIF can deploy a custom pool dedicated to reducing the entry threshold for new SPs to join the network, and using the storage transaction flow of SP as a stable currency -based pool of borrowing mortgages, and/or/or the pool deploying capital to SP capital is being stored in storageSpecific data sets or running specific computing programs.In the end, we imagined a Filecoin economy with many custom pools to motivate ecological or specific cases in data storage, retrieval and final computing.In this way, the GLIF architecture is completely unique, and it can also expand with new use cases with Filecoin and FVM maturity.

Strong growth

Today, Glif is the leading Defi protocol on Filecoin. About 10 million FIL has been borrowed and 8 million FIL is leased.

Source: GLIF team

Glif is the leader of the Filecoin ecosystem

The leaders of the GLIF team are Jon SCHWARTZ and Peter Andersen. They have built basic products in the Filecoin ecosystem since 2019.Before launching GLIF’s liquidity leasing agreement, they built: the first online wallet of the Filecoin main network; a multi -signature wallet, for Filecoin’s SAFT token distribution (Agreement Lab and the Filecoin Foundation still use this to this day.Wallets are managed); de facto Filecoinrpc services (processing more than 85 million requests per day); and several other key applications and tools of Filecoin networks.

We like to cooperate with Jon and Peter because they have built the basic DEFI primitive for Filecoin.