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What is Ethereum Wrapped Filecoin (EFIL) token?

By Chris Torres | September 17, 2021

What is Wrapped Filecoin? (EFIL)

Wrapped Filecoin (EFIL) is a DeFi compatible ERC-20 token that is pegged 1:1 with Filecoin (FIL). EFIL tokens can be used on DeFi protocols such as Uniswap or exchanged for FIL tokens. This project aims to increase accessibility to the FIL tokens, which Filecoin miners require to scale their operations. 

The creation of new EFIL and the redemption of FIL are managed by a smart contract developed by Gemini and audited by Trail of Bits. Like WBTC, EFIL tokens are minted when FIL holders send their FIL tokens to the smart contract and get burned when EFIL holders send EFIL tokens to redeem FIL tokens. 

Where is EFIL available?

EFIL is currently only available in the United States and Canada. 

How do I acquire EFIL?

Customers within the U.S. and Canada can convert FIL to EFIL using the “Wrap” order type on the web interface and mobile app, or buy new FIL and wrap it in a single transaction. 

What are the current fees to wrap and unwrap  EFIL?

It costs 25 bps (0.25%) to wrap FIL and 50 bps (0.50%) to unwrap EFIL.

What do “wrap” and “unwrap” mean?

Wrapping FIL is the process of converting FIL tokens to EFIL. You can mint new EFIL tokens by wrapping a portion or all your FIL balance. Unwrapping EFIL means converting EFIL back to FIL tokens.

How do I wrap my FIL tokens?

On the App: 

  1. Tap on Filecoin (FIL) from the Market tab of the app.
  2. Tap “Trade” and then “Wrap”.
  3. Enter the quantity of FIL you would like to wrap and confirm the transaction.

On the Web Interface:

  1. Select Filecoin (FIL) from the Market tab. 
  2. Select “Wrap” as the order type. 
  3. Enter the quantity of FIL you would like to wrap and confirm the transaction.

How do I unwrap my EFIL tokens?

On the App: 

  1. Tap on Wrapped Filecoin (EFIL) from the Market tab of the app.
  2. Tap “Trade” and then “Unwrap”. 
  3. Enter the quantity of EFIL you would like to unwrap and confirm the transaction.

On the Web:

  1. Select Wrapped Filecoin (EFIL) from the market tab. 
  2. Select “Unwrap” as the order type.
  3. Enter the quantity of EFIL you would like to unwrap and confirm the transaction.

How long does it take to wrap FIL or unwrap EFIL?

The time it takes to wrap FIL or unwrap EFIL depends on the transaction volume and network availability. Most transactions will be filled almost instantly, but large transactions may take longer to process. Furthermore, transactions may be delayed when the Ethereum and Filecoin networks are congested.

Max Supply: 33,427 EFIL token.

How and Where to Buy EFIL token?

EFIL token is now live on the ETH mainnet. The token address for EFIL is 0x4b7ee45f30767f36f06f79b32bf1fca6f726deda. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.

Just be sure you have enough ETH in your wallet to cover the transaction fees.

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

Source: Coin Introduction <https://morioh.com/p/406cfb82725c>

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