Turning FILLiquid Into a Multi-Chain Platform With Axelar and Squid
FIG
FILLiquid is proud to announce its latest product, a cross-chain exchange function that allows users to easily swap assets across ecosystems into FIL through an integration with Squid, powered by Axelar.
With the Squid integration now live, users can effortlessly swap any of the supported assets across 70+ chains into FIL directly on the platform, ready to be leased into the FILLiquid liquidity pool.
This new initiative not only promotes FILLiquid to new audiences across multiple chains but also opens up exciting opportunities. It allows users to easily attain FIL for leasing on the platform, paving the way for a more diverse and vibrant community.
Bringing More Liquidity to Filecoin
FILLiquid is thrilled to announce that users of the platform can easily move assets across chains thanks to Squid’s powerful cross-chain swapping solution.
The cross-chain initiative propels FILLiquid into new realms, engaging a broader audience and fostering a more diverse and vibrant community. By simplifying access to FIL for leasing, we’re paving the way for enhanced participation and interaction within the platform.
The new exchange integration allows users to connect their wallets from over 70+ different blockchain ecosystems, swapping thousands of assets into FIL to be lent on the FILLiquid platform. To put this into perspective, a user holding ETH on the Ethereum network can now swap into FIL on the Filecoin network through the FILLiquid exchange in just a few seconds.
This is an important milestone for FILLiquid as it introduces FIL-based leasing to a wide variety of new users who would otherwise struggle to attain FIL for leasing. Through the cross-chain exchange, users can easily swap into FIL in a decentralized manner and instantly deposit it into the liquidity pool to generate interest through leasing.
What are Axelar and Squid?
Axelar is a cross-chain messaging protocol that pushes interoperability in the Web3 ecosystem to a new level. With over $8 billion in value transferred across 70+ blockchains, Axelar is the leading cross-chain messaging protocol in the space, making it the perfect partner for the FILLiquid cross-chain exchange solution.
The integration with Axelar is facilitated through Squid Router, a platform that has developed an interface on top of the Axelar infrastructure to provide a seamless user experience for those wanting to conduct cross-chain swaps easily.
With Squid’s product integrated into FILLiquid, users can easily connect their wallets from over 70+ blockchain ecosystems to directly swap assets into FIL tokens using a decentralized swapping solution. This removes the need to attain FIL through a centralized service.
Squid is one of the most notable cross-chain swapping products on the planet, with over $1.5 billion in value swapped by over 350,000 people.
Why Bring Cross-Chain Transactions to FILLiquid?
FILLiquid is positioning itself as one of the leading FIL-based liquidity platforms in the Filecoin ecosystem. Our product allows FIL holders to deposit liquidity into a pool for leasing, allowing them to generate interest. The interest is paid from SPs, who can use locked liquidity in their miner nodes to easily secure FIL loans from the pool.
The mechanism of unlocking liquidity for SPs to borrow allows FILLiquid to stand apart from its competition while helping SPs reduce their financial burden. Instead of using operational capital to pledge FIL when onboarding new clients, SPs can leverage the locked liquidity in their miner nodes to secure loans for the sole purpose of pledging more FIL.
The project’s long-term goal was always to turn FILLiquid into a cross-chain platform, and integrating a cross-chain exchange is the first step to making that happen. The cross-chain exchange has been designed to remove as much friction as possible for those looking to swap into FIL. It allows users to connect their wallets and execute a swap into FIL in just a few clicks.
By making it easier for users to swap directly into FIL through a decentralized solution, FILLiquid will potentially see increased deposits in its platform by opening the doors to a wide variety of new users.
