FilDA Alliance AMA

The Enter Elastos Supernode held a community Q & A with Song Sjun from Elaphant Team and Song Bao from Manhattan Fund regarding the FilDA Alliance. Thank you to everyone who contributed a question. We look forward to continuing these events as the Alliance progresses.

1. Who will be doing the technical integrations from Elastos’ side? Will it be CR Regions and ETH Task Force, EF devs, or others? Please be specific. Will developers from Filecoin’s side be assisting as well? It’s important that we try to expand our developer pool, and this alliance could offer a good opportunity to introduce the larger crypto community to the benefits of the Elastos tech stack.

SJun Song: The Elaphant Team is primarily in charge of the technical development for FilDA, but the team will also cooperate with ETH Task Force, ElaNodes, Elastos Core Team members, and StorSwift. Other members of the alliance will also participate in specific tasks relevant to their work. We hope to establish a strong basis for cooperation among all parties through the FilDA project, as it is our goal to set the stage for a wide range of future collaborations as well. Our partners come from the Filecoin community, and we will be jointly examining the role of Filecoin miners in Elastos’ decentralized storage network.

2. Is there any info regarding ELA’s estimated Annual Percentage Yield (APY) for this future product? Is it higher than the current staking rewards for DPoS Supernodes on Elastos?

Song Bao: FilDA is essentially a borrowing and lending platform, so the APY of the participants is determined by a floating interest rate and mining rewards. The floating interest rate will vary with the market, and mining rewards will depend on the number of participants. Therefore, no one can guarantee that the APY will remain at a specific value for any period of time, and developers certainly cannot make such guarantees either. However, it is widely accepted that ELA’s APY will be higher than rates of return offered by DPoS Supernodes.

3. Can you please provide general milestones and an expected timeline of execution – i.e. A roadmap?

Song Bao: In mid-November, we plan to release our lending product that supports ELA, FIL,USDT. By end-November, our liquidity mining and corresponding safety pool will both be live.

4. This question is about the Shadow tokens dApp. Why is Tron in its scope? Is there any sponsorship or partnership from Tron’s side?

SJun Song: FilDA is a commercial project, and we have thus considered product design from a commercial perspective. Tron was introduced to attract Tron users and funds, and there is currently no official cooperation with Tron. Based on our current progress and priorities, we will integrate ETH first, and add TRX at a later stage when the platform is stable and fully functional. For ShadowTokens, we will be accessing additional chains as well, including Filecoin, BTCm, BCH, and Polkadot.

5. Once the DeFi platform has been built and tested, what is FilDA’s strategy to market the platform to global financial institutions? What are the main selling points? Are there any financial institutions that are already interested in using the DeFi platform once it is ready?

Song Bao: We will first focus on the borrowing and lending market for ELA and FIL. It is estimated that FilDA will achieve volume upwards of $500 million USD in 2021 with the Filecoin market joining in. A robust security strategy, an attractive rate of return, and prime liquidity will act as our main selling points.

By uniting several major IPFS mining pools and FIL early investors, we will forge a strong connection with the Filecoin community early on, and we will draw on our exchange network to open up liquidity. By keeping costs at practical levels without taking away from robust security mechanisms, we expect to attract users in the mining market.

In the mid- and long-term, we will expand innovative services in both the upstream and downstream industrial chain to help the mine pools market. For example, we will help asset-heavy miners realize the tokenization of computing power and monetization of future assets. We can also tokenize computing power to support secondary market transactions, in which miners obtain additional credit resources. Therefore, with tokenization and subsequent trading of the computing power, miner’s assets and data will be capitalized.

6. How does this project benefit the Elastos ecosystem and ELA? If all goes well, where do you see this project in 5 years?

Song Bao: The digital asset space is one of the world’s most rapidly evolving industries, so it is difficult to predict what the next 5 years will look like – let alone the year ahead. That said, we have confidence of the following initiatives:

1) FilDA will greatly expand ELA’s liquidity, thereby providing a major benefit to long-term ELA holders, while debt-related mining incentives act to stimulate new interest in ELA.

2) The lending platform will be gradually launched on Ethereum and the Elastos ETH Sidechain, which will enrich the Elastos ecosystem and expand its native asset offering.

7. I read somewhere that Filecoin miners are leaving due to cost concerns. Since miners represent one of the most important demographics in the project, how does FilDA plan to prevent miners from leaving?

Song Bao: The economic model of FIL requires miners to pre-stake FIL, whose high volatility produces substantial downside risk. The capital market established by FilDA allows FIL holders to lend their FIL to miners in a decentralized system, thereby reducing mining costs and enabling multiple parties to share FIL-denominated mining dividends.

8. Can you please tell us more about the Manhattan Project Fund and how it relates to Elastos, as well as Song’s role?

Song Bao: The Manhattan Project Fund is an independent digital asset fund. The fund’s portfolio contains Elastos assets, which naturally aligns its goals as a capital fund with the development progress and long-term success of the Elastos ecosystem. Since its inception, the Manhattan Project Fund has been and continues to be committed to promoting the ecological development of Elastos thorough its investment activity.

The fund was initiated by Han Feng in association with other industry veterans, with myself acting as CEO.

9. How does the FilDA Alliance plan on building a customer base? What are the primary services and markets for the Alliance? How will this Alliance affect the Elastos Smartweb ecosystem?

Song Bao: The FilDA Alliance is open to all industry players, and currently consists of Elastos, FIL mining pools and investors, as well as media producers. In FilDA’s early stages, FIL mining pools and investors will act as the platform’s main suppliers and borrowers. However, as FilDA’s development advances, more individual FIL holders and miners will begin participating in the FilDA protocol, contributing to its community, and enjoying the related benefits.

Hive 2.0, Elastos’ decentralized storage solution, can integrate IPFS into the Elastos Smartweb’s base infrastructure. In the future, it is also feasible that Elastos’ tokenomics may provide certain incentives for Hive and IPFS miners as well.