Filecoin Team Rolled out Multiple Measures to Alleviate the Pledge Collateral Pressure on Miners

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After the successful launch of the Fileocin mainnet, the total network storage growth has flattened a bit but still maintained a steady growth. At present, the total storage power of the Filecoin network has reached 607.94 PiB, with a moderate increase of about 50 PiB compared to when it was launched, lower than the average daily computing power growth rate at the peak of the space race. And the main reason is the Pledge Collateral.

Multiple Measures Taken to Help Filecoin Miners

To help miners, the Filecoin project team has launched multiple measures to alleviate the Pledge Collateral pressure.

All Pledge Collateral and Block Rewards Transferred from Testnet to Mainnet

The Filecoin mainnet is a smooth migration from the test net, all the Pledge Collateral locked in the sectors and block rewards are fully transferred to mainnet, one way to help miners cold start the mainnet mining. Still, both the Pledge Collateral and the earned block rewards will follow its vesting mechanisms, respectively.

Miners will also receive all the pledge collateral for migrated sectors as rewards, which will be vested to miners when their sectors expire (by default 540 days after sealing).

Block rewards earned during Space Race will continue to vest linearly over 180 days since the block was mined. *

Since the vested block reward will not fully cover the Pledge Collateral needs for new sectors, the Filecoin team has rolled out multiple additional measures to alleviate the pressure on miners.

FIP-0004

As a prompt response to miner’s concern, the Filecoin team also proposed FIP-0004 early last week, which plans to unlock 25% of storage-mining rewards immediately available to miners with no vesting. The FIP-0004 has been approved early this week. The Filecoin team is planning a consensus breaking upgrade this week to introduce FIP0004. The immediate unlock of 25% of block rewards will definitely make it easier for miners.

FIL DeFi Lending

Besides, CodeFi, a Consensys backed DeFi project, will launch a DeFi Bridge.

The Filecoin DeFi Bridge connects Filecoin to the thriving DeFi financial system on the Ethereum Mainnet. It enables conversion of the Filecoin FIL cryptocurrency to ERC-20 tokenized FIL using a token bridge powered by Ren Protocol. Once on Ethereum, FIL holders and miners can deposit their tokenized FIL as collateral in a DeFi lending market to earn interest or borrow more FIL to stake on storage mining operations.*

Once the Filecoi DeFi Bridge is available, it will add circulation supply to the FIL token. FIL token holders can choose to lend out their FIL. In addition to buying it from the spot market, Miners will have one more channel to get FIL tokens for Pledge Collateral.

But the CodeFi Filecoin DeFi Bridge has yet come online.

Third-Party Lending

In addition to the DeFi lending solution, the Filecoin team has also rolled out more immediate lending solutions through trusted third-parties. Due to confidentiality concerns, we will not disclose any details here.

6Block is happy to see all the above measures quickly executed by the Filecoin team. We believe these measures combined will help miners greatly. The Filecoin network will continue to grow at a healthy rate.

And See You at the Filecoin Liftoff Week from Oct 19th -23rd!

Happy mining!