👋 GM frens — Leo here. Welcome back to Builder Spotlight, our weekly deep-dives with the folks actually shipping the next wave of crypto.
This week we sat down with Wayne Tang, CPO & Co-Founder of FILLiquid and founding memeber of FILLiquid Foundation — a decentralized liquidity pool on Filecoin that lets FIL holders earn while Storage Providers (SPs) borrow the FIL they need to onboard more data. Think Aave-meets-Filecoin, purpose-built for storage growth.
✅ Key Summary
- The problem: SPs must lock FIL as pledge collateral to add storage capacity; scaling fast means constant FIL needs. Historically, many tapped expensive CeFi credit or bought FIL at market.
- The FILLiquid answer: An algorithmic, open-source lending pool on FVM where FIL lenders earn interest and SPs borrow at dynamic, utilization-based rates. No interest skim — the protocol takes only small fees on unstake/repayments.
- FIT & FIG, in plain English:
- FIT = your liquid staking derivative (LST), proof you deposited FIL (like stETH for ETH).
- FIG = the governance & fee-sharing token you can farm by staking FIT; used for proposals and revenue share.
- Why it matters: Converts idle FIL → network growth, lowers capital costs for SPs, and keeps Filecoin’s value loop on-chain & permissionless.
👤 Wayne Tang — From CEX trenches to Filecoin rails
Wayne’s been in crypto since 2017 — truly early. He cut his teeth in community & growth at Quoine/Liquid (yes, the team behind the QASH ICO), then Bybit and OKX, before stints in metaverse/NFT gaming and a tour helping storage providers in Asia. That combo — community intuition + operator grit — is exactly what you feel in FILLiquid’s design: keep it simple, transparent, and builder-aligned.
“We’re just the rails. Lenders and borrowers set the market through utilization. We don’t ‘tweak’ rates by hand — the smart contracts do. If we ever change mechanisms, we ship a new contract.” — Wayne
🧠 Why Filecoin needs a purpose-built lending pool
On Filecoin, adding storage isn’t only racks and power — it’s FIL pledge. If your FIL is locked for 180–540 days, growth hits a wall. You either (1) pay high-APR credit, or (2) buy FIL and eat market risk. That friction slows data onboarding.
FILLiquid flips the loop:
- FIL holders stake → earn interest (and extra FIG via farming).
- SPs borrow FIL when rates are attractive to expand storage capacity.
- Rates float with utilization: lower utilization → cheaper borrow, higher utilization → higher APY for stakers.
- Protocol fees (tiny) keep the lights on; interest flows peer-to-peer between lenders and borrowers.
⚙️ How FILLiquid works (no jargon version)
-
Deposit FIL → get FIT
FIT is an on-chain receipt for your staked FIL. It accrues value vs. FIL over time and stays liquid so you can move it around. :contentReference -
Stake FIT → farm FIG
You can stake FIT to earn FIG, the governance/fee-sharing token. -
Borrowing for SPs
SPs post the required collateral and borrow directly from the pool at algorithmic rates based on pool utilization. -
Fee-sharing & governance
FIG holders participate in governance and fee-share distributions (with defined rules/thresholds), aligning users with protocol growth.
Analogy time: Lido’s stETH : ETH ≈ FILLiquid’s FIT : FIL. Then FIG adds a governance + revenue layer on top.
🧩 What’s different vs generic DeFi?
- Filecoin-native design on FVM — built around storage economics, not just generic collateral.
- Open-source & hackathon-hardened (Defi Rocket winner at ETHGlobal’s FVM Space Warp).
- No human rate switches — parameters live in code; upgrades = new deployments, not back-room changes.
- Clear token roles: FIT = LST receipt; FIG = governance & fee-share. Docs, guides, and explainer posts are refreshingly direct.
📊 By the numbers (from our August 2025 chat)
- Stakers: ~1–2k wallets with FIT.
- Borrowers: Half-dozen+ active SPs tapping the pool.
- TVL: Low-millions worth of FIL staked/borrowed; tens of millions of FIG circulating with a material chunk restaked for fee-share.
(Wayne’s live figures change fast; treat these as interview-time snapshots.)
🛠️ Builder notes & gotchas
- Risk lives in utilization. Attractive yields usually coincide with higher borrow utilization. That’s the market doing its job — price the liquidity.
- Understand redemption math. FIT has an exchange rate vs. FIL; read the docs before you size positions.
- Governance ≠ memes. If you stake for FIG, use your vote — parameters and new deployments shape long-term returns.
🚀 What’s next
- Multi-chain staking: FIT staking live on BSC, with broader EVM expansions on the roadmap so FIL capital can meet demand wherever users are.
- Ecosystem Grants (“FIG Grants”) to fund integrations, dashboards, and DeFi lego around FIT/FIG.
- Centralized listings (Tier-2 target) to deepen liquidity for FIG.
If you’re a wallet, explorer, or Filecoin tooling team: this is the perfect moment to integrate FIT balance, APY, and utilization surfaces into your UX.
💬 Quick FAQ
Q: What’s the difference between FIT and FIG again?
FIT is the LST you receive for depositing FIL (your claim on the pool). FIG is the governance & fee-share token you earn by staking FIT.
Q: Where do FIG rewards come from?
From defined emission rules plus protocol fee-share; see announcement/whitepaper for specifics and the threshold-based distribution logic.
Q: Is this audited / open-sourced?
The protocol is open-source and designed for FVM; always review repos, audits, and docs before depositing.
🗣️ Wayne’s advice for Web3 operators
- Research deeply. If you work in DevRel/ops, know the economics.
- Translate, don’t hype. Clear, reproducible docs > slogans.
- Sell the vision with receipts. If it matters, it should be coded and measured.
🔗 Learn more & build
- Site: filliquid.io — overview & app.
- Docs: FIT/FIG, staking guides, FAQs.
- Ecosystem listing: Protocol Labs’ explorer entry.
- Launch/fee-share posts: Mainnet + fee-sharing explainer.
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Want intros or context on this topic? Ping me on Telegram: @Leo_LHL.
