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FilDA and IoTeX Partnership Exceeds Expectations of TVL within Week

UTC by Julia Sakovich · 3 min read
FilDA and IoTeX Partnership Exceeds Expectations of TVL within Week
Photo: Depositphotos

The FilDA co-founder pointed to synergies between both projects, particularly Web3 machine financialization (MachineFi).

Within a week of launching its decentralized finance (DeFi) protocol on the IoTeX platform in late December 2021, FilDA has reported a total locked value (TVL) of almost $14 million in the Silicon Valley blockchain network. That represents nearly 15% of the approximately $98.9 million TVL on FiLDA since its launch in January 2021.

The report comes shortly after FilDA and IoTeX signed a partnership agreement by which FilDA will generate greater liquidity within the fast-growing IoTeX ecosystem. The deal also allows FilDA to deploy a lending protocol on IoTeX, enabling community members to leverage their assets to long and short the market, among other strategies.

FilDA describes itself as a highly secure decentralized digital asset banking platform that allows users to earn interest by lending, borrowing, and staking digital assets.

“After 11 months of operations, FilDA has created nearly $20 million in interest income for deposit users,” FilDA Co-Founder Song Sjun recently revealed. “It has been a time of gains, a chance to discover shortcomings, how to empower tokens, and how to help users capture more value. This constitutes FilDA’s core values.”

Thanks to its partnership with IoTeX, FilDA will launch a multi-chain deployment and operation to expand their business opportunities and help the project become a “true cross-chain network bank,” said Sjun.

“When the multi-chain operation is completed, we will start FilDA 2.1, which is ready to support cross-chain lending,” he added. “Users can deposit on one chain, and then borrow and withdraw money on another chain, just like you can withdraw money on any ATM in the ‘real world.’”

Sjun said his project’s decision to join the IoTeX ecosystem is mainly based on their strong technical strength and community.

“We have clearly seen how strong the IoTeX team’s confidence in expanding their ecosystem is,” Sjun said. “FilDA hopes to help jointly promote the development of the IoTeX ecosystem.”

The FilDA co-founder also pointed to synergies between both projects, particularly Web3 machine financialization (MachineFi).

“We noticed that IoTeX proposed the concept of MachineFi, which runs in accord with some of our exploration directions,” Sjun stated. “We will explore off-chain scenarios with IoTeX, look for landing scenarios in supply chain finance, equipment leasing finance, etc., and provide a larger market scenario for lending based on MachineFi. We hope to achieve success together.”

IoTeX Head of Growth Art Malkov welcomed FilDA to one of the fastest-growing Web3 ecosystems and a proven machine economy leader. The IoTeX ecosystem grew from a couple of dozen to over 130 projects this year alone.

“Above all, IoTeX wants to empower users to take ownership of their data and devices. DeFi is a core component to this mission, and FilDA demonstrates the power of such platforms,” said Malkov. “FilDA is opening a whole new world of possibilities for individuals to conduct borderless, accessible, digital financial transactions.”

Malkov added that “IoTeX wants to connect the world with blockchains, without the need for any intermediaries or centralized identities. FilDA provides this opportunity by granting users access to many asset options, instant and unlimited loans, 24% average APY, and over 28 million total deposits on the platform. Clearly, FilDA stands by IoTeX’s user-centric model of bringing the most benefits and rewards to users as possible.”

The Silicon-Valley-based project’s head of growth concluded by saying, “we are thrilled to have FilDA on board for this journey that is only getting started and growing every day!”

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