GLIF, the largest DeFi protocol on Filecoin, has officially launched its native token, GLF.
As part of the launch, the protocol distributed 94 million GLF tokens via an airdrop that rewarded users who accumulated GLIF points through their activity on the platform. The amount distributed via the airdrop accounts for 9.4% of the total GLF supply.
Initially, GLIF had allocated 100 million tokens for the airdrop, but later adjusted the final figure based on user participation. The remaining tokens will be returned to the community reward pool and distributed at a later stage.
Currently, GLF serves as a governance token, but the protocol is working to expand its use case. “We are building a loyalty program inspired by existing programs like airline miles,” Jonathan Schwartz, founder and CEO of GLIF, said in an interview. While specific details were not disclosed, Schwartz hinted at a new mechanism that the protocol aims to introduce to the DeFi and crypto space, which would increase the token’s utility.
The protocol allows FIL holders to earn rewards through liquid leasing, a mechanism that allows them to lend tokens to Filecoin storage providers. These providers use FIL as collateral to provide storage services, while the lenders receive rewards in return.
*This is not investment advice.
