How Does Filet Work?

Filet has been serving thousands of Filecoin holders since May 2021. These holders come from the Filecoin chain, BSC, HECO and Mixin network, with an accumulated staking number of over 300,000 FIL. During this process, some Filet friends (have)participated many times, or participated again after the expiration. We are deeply touched by the trust and support from the community.

The users participating in Filet include those who have been following Filecoin since 2020, and those who have participated in the private sale. Though some friends have not yet fully understood the economic model of Filecoin, they believe that Filecoin can make a big difference in the future, and we do think so as well. This article is to introduce the general economic model of Filecoin mining and how Filet works.

The first thing you need to know is that the income provided by Filet comes from the mining output of the cooperative Storage Provider, rather than going to other lending platforms. The reason why Filet can provide competitive annualization can be summed up in two. On the one hand, Filecoin is still in the first mining period, and the output is relatively large. On the other hand, while rapidly increasing the scale of production, miners give more profits to the stakers, as can be seen from the fact that they only charge 20% of the service fee.

Next, we will briefly describe the economic model of Filecoin mining. The output of Filecoin mining is divided into two parts, of which 25% is a simple release part, which will be released on the day of mining, and the other 75% will be released linearly in a 180-day cycle. For the 25% parts, after deducting the service fee, Filet will push the income to the Filet users through the smart contract. However, in Filet, 75% of the portion will be given to the user as a locked portion, and the user can withdraw at one time after the staking period expires. The longer the staking period, the more earnigns you get.

Thirdly, Filecoin mining is a very systematic and complicated process. It needs to encapsulate the storage space, that is, convert the space of the storage machine into effective mining power, and then generate mining revenue. Storage sealing needs time. Generally, as mining power increases, revenue also increases. The current sealing period defined by the Filet platform is 30 days, which means that if you stake 12 FIL to obtain 1T mining power, you will not get 1T mining power directly on the first day, but a 30-day cycle. On the first day, you obtained 1/30T of effective mining power. Similarly, the income on the first day corresponds to the income of 1/30T of effective mining power, and on the 30th day, your output is 1T of full mining power. The earning data will be more and more in the future.

Finally, the annualized income displayed on the Filet platform is an estimated value and cannot be used as a basis for calculation. The basis for the estimation is based on the calculation of the mining power growth of the entire network and the mining output of the entire network. The actual daily income depends on the actual output of the node. Judging from the data that the Filet platform has been running for one and a half years, the estimated revenue of the Filet platform is conservative, and users may actually get more revenue.

Trust is mutual, and we will continue to uphold our original intention, and give all Filecoin holders a better platform and more stable income.

About Filet

Filet is a Filecoin mining power tokenization protocol that deployed on BSC and HECO network. It tokenizes Filecoin mining power and introduces it into the DeFi ecosystem to provide FIL holders with high-growth FIL staking services. The mining power and assets are completely open and transparent.

Filet is backed by one of the largest storage providers in North America. The project is open source and audited by Certik. It is safe and secure to stake in Filet.

Webiste: www.filet.finance
Telegram: https://t.me/filet_finance
Twitter: https://twitter.com/Filet_finance
Medium: https://filet.medium.com/
Email: contact@filet.finance