Frequently Asked Questions
1. What is Filet？
The Filet protocol is a decentralized mining activity deployed on the Binance Smart Chain (BSC) and HECO smart chain (Heco). Filet efficiently tokenizes Filecoin mining power and introduces it into the DeFi ecosystem by offering FIL holders risk-free and high-growth FIL staking services. As a result, the annualized FIL return is as high as 30%.
2. What is Filecoin?
Filecoin is a decentralized distributed storage network and the only incentive layer of IPFS. Filecoin uses the blockchain token system to issue a token named FIL.
Filecoin builds a decentralized storage trading market for cloud storage based on the IPFS protocol, including two markets: “distributed storage” and “ distributed retrieval”. The marketplace runs on a blockchain with a native protocol token (FIL), and miners can obtain FIL by providing storage space for users; similarly, users can spend FIL to hire miners to store or distribute their data.
As the leader of distributed storage, Filecoin is a potential project to eliminate the shortcomings of the current centralized storage and eventually replace it. It is also considered to be the infrastructure of the metaverse and Web3.0.
3. Why Choose Filet?
Compared with traditional Filecoin mining, the entry barrier of Filet is very low. Users do not need to purchase expensive mining machines, nor to have professional mining knowledge. They only need to stake a certain amount of FIL to mine, which is greatly convenient for users. Secondly, the annualized rate of return of Filet staking mining is as high as 30%, which is much higher than other DeFi projects, that’s why it is the best choice for users.
4. How does Filet keep the security of users’ assets?
Filet ensures the high-end security of user assets. The protocol was developed by the largest Filecoin miners in the North-American region, with its code audited by Certik. The unique novel feature of the platform allows users to stake some form of tokens and get the mining power of FIL. It also ensures a low threshold with no extra investments in equipment.
Unlike any of its competitors, the Filet protocol provides a trusted staking service openly and transparently by deploying decentralized smart contracts and cross-chain bridges. Users can always stake FILE to Filet and generate earnings as 1 FILE represents 1GiB Fileocin mining power.
5. How long is the staking period in Filet?
Filet’s flexible staking period is also noteworthy, as it allows users to withdraw their staked FIL at any time. Additionally, users acquire a fixed yield rate during the staking period, which is periodically determined by an algorithm in Filet. Nevertheless, the annualized return of staking 1024 FILE is slightly higher than the return of staking 12 FIL (fixed 180 days staking period). However, both receive 1 TiB Fileocin mining power.
6. How to join Filet?
For users who hold Filecoin mainnet token, download HiWallet (https://www.hiwallet.org/en ) and tap “Filet” on the homepage to stake.
For users who hold FILs on BSC or HECO chain, open Filet official website (https://www.filet.finance/ ) and connect to the wallet to stake.
7. How to join the community of Filet?