FilBonDA, a FIL-native project initiated by FilDA Labs, aims to leverage the potential of FVM and lead the DeFi paradigm shift in the Filecoin metaverse by providing a suite of lending and bond products for data markets.
For the benefit of FIL holders and miners, FilBonDA is here to address the issue of capital inefficiencies.
As is well known, only 20% of circulating FIL is used for stake mining, with the remaining 80% having few practical applications. Filecoin Storage Miners place a significant amount of FIL on the network, which is locked by the owner account and immobile, making the entire system capital inefficient. The traditional DeFi lending protocol like Compound or AAVE cannot solve this problem because it is based on an overcollateralization model.
In the future, the Filecoin Plus plan will be widely adopted, and 10x payouts also mean 10x commitments. How can miners and owners of FIL collaborate to advance the Filecoin network? This is what FilBonDA stands for.
FilBonDA will introduce a non-custodian, decentralized, and dependent bond market on FVM. Depending on the reputation, bond size, and APY of the bonds, FIL holders can decide which pool to deposit their FIL in.
In order to borrow money from the market, miners can convert their accounts to FilBonDA. Miners are unable to evade the terms of the smart contract because all borrowing is based on the account's sector commitment and all loans may only be utilized to make new sector pledges. So the lent FIL is safe, and holders can lend their FIL in the bond markets with confidence. Once the miner has fully repaid the loan, he can switch the account back at any time to regain full control of the node.
A Smart Contract Miner in FilBonDA is a smart contract account. Smart contracts make it possible to program features into the account, like multi-layer control over the miner node, or automatically sharing the mining rewards.
Para-bonds, which do not require additional collateral, are the first scenario of programmability. A Smart Contract Miner can qualify for FIL loans and issue para-bonds as long as it's an active miner node in the FIL network. The loan size is dependent on the amount of its FIL staked in a node and its history of performance. algorithm evolves as more bonds are issued and repaid. Once para-bonds are issued, the miner retains control over the node, though certain abilities are limited by predetermined bond clauses.
Para-bonds, which don't require any additional collateral, are the first programmable scenario for a smart contract miner. As long as it is an active mining node in the FIL network, a Smart Contract Miner is eligible for FIL loans and can issue para-bonds. The size of the loan is determined by the FIL staked in a node and the node's track record of performance. As more bonds are issued and repaid, the algorithm evolves. The miner still has power over the node after para-bonds are issued, although some abilities are constrained by pre-established bond terms.
Storage space is currently the primary source of computing power. Filecoin will eventually be able to hold more important data. The future of Filecoin lies in this vital data. These files ought to be saved by five or ten nodes rather than just one.
In order to back each other up, we plan to create a node alliance where all Filecoin Plus data will be kept by several nodes. If necessary, they can read one another's data and aid in each other's backup restoration, at least among the alliance's members. If this alliance is formed, every file it stores will be incredibly safe because it has several backups and can always be recovered. When using such information as collateral, FilDA is able to extend more borrowing lines because we can more fully ensure the security of mortgage FIL. Due to the fact that asset safety is more important than huge returns, even FIL depositors are willing to offer loans with reduced interest rates.
In conclusion, we anticipate that FilBonDA will create a "layer 2" network in the latter stages. When nodes join this network, they will backup Filecoin Plus data on several occasions and offer data access interfaces. By borrowing more money at a reduced rate, one can reap the benefits of joining this layer 2 network.
Email: contact@filda.io
Web: https://filda.io
Twitter: https://twitter.com/FilDAFinance