Gemini Exchange Is Developing A Wrapped Filecoin Token (wFIL) for Ethereum; Backed 1:1

  • Winklevoss-backed exchange is building a wrapped Filecoin (wFIL) on the Ethereum network.
  • Users can withdraw and convert Filecoin (FIL) to wFIL on a 1:1 ratio.

Gemini cryptocurrency exchange is working on the launch of an Ethereum-based Filecoin (FIL) token – wrapped Filecoin (wFIL). The exchange is currently looking for developers interested in adding wFIL to their platform to enhance the decentralized file storage token usage on Ethereum.

On launch, users will be able to convert their FIL tokens stored on the Gemini exchange to wFIL in a 1:1 ratio and vice versa. Once converted, users can send and withdraw the wrapped tokens to any ERC 20 compatible address.

For transparency, all FIL tokens held in the Gemini exchange will be transferred to safe institutional-grade storage. This allows users to directly match the amount of wFIL in circulation to FIL backing the wrapped tokens.

FIL is the native token of Filecoin network, a decentralized file storage system that raised over $200 million in its public offering in 2017. The network launched its mainnet in mid-October, listing on three major exchanges before the event.

However, issues among Filecoin miners – who earn rewards for adding files to the network – on mainnet launch caused a slow hitch on the network taking off. 100% of miners’ rewards were held on the protocol for a vested period at launch, which saw miners operate at a loss.

FIL storage power surges over 40%

Chinese miners held a strike protesting the vesting period, which saw the overall network effective mining power decline. However, the miners seem to be back on their saddles, with the overall FIL storage power surging over 40% since the “strike days.”

Protocol Labs, the lead development team of Filecoin, activated a proposal to release 25% of miners’ rewards immediately without the vesting period on October 22 to increase the supply of FIL. The token is needed by miners as collateral to store the files.

As miners return to work, data shows the FIL storage power has grown over 40% in the past three weeks to 862.17 PiB, as of writing from 660 PiB on October 19.

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Author: Lujan Odera

Momo Wang Drops New CryptoKitty on Winklevoss-backed Nifty Gateway; Sells Out in 3 Minutes

  • The launch of a new Cryptokitty token has flooded the Winklevoss-backed NFT exchange Nifty Gateway, the high-brow digital art marketplace.

CryptoKitties just launched 100 tokens representing ‘Catterina’, a new collectible drawn by the project’s brand ambassador and Chinese artist Momo Wang. Wang is popularly known for illustrating a sticker of a white rabbit ‘Tuzki’ shared by tens of millions of users on WeChat and Facebook everyday. Her new illustration dubbed Catterina has gone live on Nifty gateway marketplace with one hundred images up for sale at $100 a piece.

Sold out in three minutes

Two and a half years ago, CryptoKitties briefly crushed the Ethereum network under the weight of its popularity. This time around and within an hour of Momo Wang announcing the limited run, Nifty gateway posted on its official twitter account that they’d had over 100 user sign ups already and urged people not to miss out. Within three minutes of launching, all of the 100 tokens depicting Momo Wang’s Catterina had already been sold out.

It turned out that the craze following the previous announcement had resulted in a massive number of users accessing the platform all at once. This in turn led to the service growing slower and slower. The Nifty exchange announced their systems had experienced an unanticipated volume which resulted in payment issues arising. They added that all who had paid without receiving a kitty would be immediately refunded. Moments after the sale, Nifty posted that one of Catterina’s non-fungible tokens (NFT’s) had sold for a whopping $450 on a secondary market.

NFT’s bullish rise to the top

As if knocking out the Ethereum exchange was not astonishing enough, NFT‘s ecosystem has continued to evolve significantly. The recent announcement of Dapper Labs partnering with the NBA and the Ultimate Fighting Championship (UFC) in a bid to launch tokenized representations of MMA fighters just proves of how NFT is making progress associating with prominent public figures. Nifty first produced tokenized collectibles depicting MMA competitor Cris Cyborg and after a few hours they had sold out.

NFT also sets to revolutionize the blockchain gaming industry by ensuring that games are embedded with tokenized items that can be privately owned, purchased and traded.

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Author: Lujan Odera