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project screenshot
project screenshot


Filend is the first algorithmic, autonomous interest rate protocol on the filecoin virtual machine


Created At

FVM Space Warp

Project Description

The Filend Protocol is a series of interest rate markets running on Filecoin. When users and applications supply an asset to the Filend Protocol, they begin earning a variable interest rate instantly. Interest accrues every Ethereum block (currently ~13 seconds), and users can withdraw their principal plus interest anytime.

Under the hood, users are contributing their assets to a large pool of liquidity (a “market”) that is available for other users to borrow, and they share in the interest that borrowers pay back to the pool.

When users supply assets, they receive fTokens from Filend in exchange. fTokens are ERC20 tokens that can be redeemed for their underlying assets at any time. As interest accrues to the assets supplied, fTokens are redeemable at an exchange rate (relative to the underlying asset) that constantly increases over time, based on the rate of interest earned by the underlying asset.

How it's Made

This project was inspired by the Compound protocol. It is a fairly huge undertaking, with more than 5000 lines of code and a substantial amount of effort with solidity smart contracts. The market is an erc-20 smart contract with functions that allow users to supply, withdraw, repay, and borrow tokens. The markets are regulated by a filtroller contract, which provides a list of all markets and methods for managing them. The smart contract is composed of additional smart contracts that support and complete the protocol. The deployment of the smart contracts occurs on Filecoin Hyperspace and Goerli Tesnet. The Frontend is constructed with Nextjs and numerous libraries; the ethers library is utilized to interface with the smart contract and retrieve data onchain. The project is hosted by Spheron.

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