We announced our support for trading Filecoin [IOU] (XFIL) on June 19, 2020. Learn more about Filecoin and XFIL tokens in our frequently asked questions below.
What is Filecoin?
Filecoin aims to be a decentralized storage network that turns cloud storage into an algorithmic market. Filecoin is being developed by Protocol Labs and builds on top of InterPlanetary File System (IPFS) by serving as a layer for decentralized data storage, retrieval, and value transfer. Filecoin is currently in its testnet stage. Once live, Filecoin will run on its own blockchain. Its native protocol token, Filecoin (FIL), incentivizes miners to provide storage to clients. Filecoin users will also be able to spend FIL to hire miners who would then store or distribute data. Learn more about Filecoin on their website.
What are IOU tokens?
IOUs allow users to buy, sell, and hold the native token of a blockchain that has not yet gone live with its final public network (“mainnet”). By creating markets for IOU tokens, price discovery for the underlying asset can occur before that asset becomes transferable over a live network. Once the underlying asset’s mainnet launches, users will be distributed an amount of the new asset corresponding to the number of IOU tokens they hold at a specified point after the mainnet launch date (at a ratio of 1:1).
What is XFIL?
Filecoin [IOU] (XFIL) is a tradable IOU token on Poloniex that entitles the users who hold XFIL at a specified time in the future to receive Filecoin (FIL).
How can I withdraw XFIL?
XFIL cannot be deposited into or withdrawn from your account. Deposit and withdrawal functionality will be shown as “Disabled” in the Poloniex user interface.
How do I claim my Filecoin?
XFIL tokens on Poloniex will be locked up for 6 months following Filecoin’s mainnet launch, according to the token’s vesting schedule. At the moment that the tokens are unlocked, we will take a snapshot of all XFIL balances and distribute Filecoin (FIL) to customers at a 1:1 ratio. The distribution of FIL will occur within 2 weeks following the end of the lockup period.
Why would I want to trade XFIL?
Filecoin (FIL) has been a highly anticipated token launch. By trading XFIL, you can participate in FIL price discovery before Filecoin launches its mainnet. Additionally, holding XFIL at the time of our balance snapshot will gain you access to FIL mainnet tokens.
When does Filecoin mainnet go live?
While Poloniex can not guarantee a launch window for Filecoin, it is anticipated that the Filecoin mainnet will launch by the end of 2020.