Automated staking pools on Filecoin opened by GLIF
|Brittany Hainzinger in Cryptocurrency Wednesday, May 10, 2023|
The Infinity Pool is the first fully automated and decentralized Filecoin staking pool and is built on GLIF Pools: Filecoin’s base layer DeFi protocol for deploying custom liquid staking pools to the Filecoin network.
GLIF announced the opening of Infinity Pool, the non-custodial, fully-automated staking pools on Filecoin. Trusted contributors to the ecosystem, GLIF has been advancing key network milestones for Filecoin since 2018, which include running the recommended wallet and multisig used by Protocol Labs and the Filecoin Foundation; running and maintaining Filecoin recommended nodes; and most recently, deploying WFIL.
A significant milestone for DeFi on the Filecoin network, the Infinity Pool allows community members to stake FIL with a diverse group of storage providers in a decentralized manner for the first time. The Infinity Pool is built on GLIF Pools - a protocol for deploying, managing, and upgrading custom Filecoin staking pools. GLIF also recently deployed the network’s canonical Wrapped FIL, opening the door for the community to conceive and build DeFi apps, collaborate, earn rewards, and drive impact by staking their FIL.
GLIF opens fully-automated staking pools on Filecoin
A marker of this inflection point, GLIF has already secured over 1m FIL staking commitments, underscoring the importance of this moment for the network, the community, and value-driven DeFi as a whole.
"This is the birth of DeFi on Filecoin. Up until the launch of the FEVM, Filecoin only had 11 pre-built smart contracts - no user-programmable smart contracts could exist on the network, which severely limited its potential, flexibility, and usefulness. Certain use cases simply couldn’t exist until now, such as liquid staking, perpetual storage, and data DAOs. At GLIF, our primary goal has always been to help solve Filecoin’s most pressing challenges, which is why we focused on shipping a decentralized, reliable, and secure base layer for DeFi to operate on top of. A healthy DeFi layer will help Storage Providers access the Filecoin they need to store data on the network while enabling other developers to build downstream use cases and protocols that were impossible to build before today. The launch of the Infinity Pool on top of GLIF Pools staking infrastructure is the next step in Filecoin’s story towards useful, decentralized storage at scale," said Jonathan Schwartz, Founder & CEO of GLIF.
- Fully Automated. Fully Non-Custodial: GLIF designs protocols for deploying, managing, and upgrading custom Filecoin staking pools. These protocols enable developers to implement their own custom staking pool strategies without having to worry about accounting, security, and access to off-chain storage provider (SP) data on Filecoin. With the launch of GLIF Pools and the Infinity Pool, GLIF is delivering the first fully decentralized platform upon which to stake FIL.
- Customizability + SP Data = Real-World Impact: With custom staking pools, FIL can be staked not only to earn rewards but to contribute to targeted sectors of the Filecoin economy, from early-stage start-ups to ReFi initiatives. The combination of staking infrastructure and real-time contextual data allows community members to support projects that align with their values and ideals, empowering the community to drive real-world impact through staking. Filecoin’s Proof of Spacetime (PoST) ensures storage providers are storing the data they claim to be by requiring them to submit proof of storage once every 24 hours.
"The launch of Infinity Pool, and GLIF’s underlying FIL collateral markets infrastructure opens up entirely new conversations around what is possible through DeFi. The team's proven track record of providing the engineering backing for some of Filecoin's biggest opportunities remains solidified today with the launch of GLIF Pools and, today, Infinity Pool. GLIF has, once again, architected a new throughline connecting the possible with the deliverable. True to their ethos, GLIF’s innovation leaves the door wide open to the community to take these new rails and build on top of them - the result will be compounding ecosystem-wide innovation. Seeing this level of innovation so soon after FVM mainnet fills our teams with a shared excitement around what developers will do next. Let's build!" said Jonathan Victor, Ecosystem Lead at Protocol Labs.
Become a subscriber of App Developer Magazine for just $5.99 a month and take advantage of all these perks.
MEMBERS GET ACCESS TO
- - Exclusive content from leaders in the industry
- - Q&A articles from industry leaders
- - Tips and tricks from the most successful developers weekly
- - Monthly issues, including all 90+ back-issues since 2012
- - Event discounts and early-bird signups
- - Gain insight from top achievers in the app store
- - Learn what tools to use, what SDK's to use, and more