The Borrow feature update in the CrossFi DApp now empowers you to create sFIL and borrow cFIL with sFIL as collateral. sFIL and cFIL are both FIL (Filecoin) synthetics.
What is sFIL?
sFIL is Filecoin synthetic asset that acts as a certificate created by miners' mortgaged storage power.
Borrowers pledge the storage power of the node, and sFIL is generated according to the pledged amount.
Borrower Nodes FAQs
How can I get a loan?
sFIL holders can borrow cFIL with sFIL as collateral. For example, assuming that the collateral ratio is 60%, the maximum number of cFILs a user can borrow after a mortgage of 10,000 sFIL is 60% of 10000 = 6,000.
How do I reclaim effective storage power?
Miners can recover effective storage power by sending sFIL to the designated address.
How much is the loan interest?
The borrower calculates the interest in real-time as soon as the loan begins. For example, assuming that the loan interest rate is 60%, it is calculated as loan interest = loan cFIL quantity * 60% * loan days/365.
How To Use The Borrow Feature?
Follow these steps to start lending or borrowing:
1. Press the burger icon on the top right corner of the DApp screen.
2. Press the [Borrow] button at the top of the menu.
Alternatively, you can press the [Borrow] button shown next to your sFIL Balance in the Wallet screen.
3. Pressing [Borrow] opens the Borrow screen. To pledge storage you can press the orange [Storage Pledge] button and enter your details and your node number.
4. The screen will also show you information about your current sFIL assets and the total sFIL in the market. To borrow, press the blue [Borrow] button and press the [Repay] button to return your previously borrowed sFIL.
5. You can see the Trusteeship List by pressing the [Trusteeship List] button at the bottom of the screen.