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What is pFIL?

pFIL is the tokenized representation of pledged FIL that’s considered safe. According to the design of the Repl protocol, 1 pFIL is backed by 1 FIL that’s pledged and locked with the Filecoin blockchain at all time.

What is Safe Pledge?

Safe pledge is the portion of pledged FIL in a MinerActor that will not be affected by any mining penalties. It ensures that each pFIL is always backed by a pledged FIL.

Specifically, the protocol does the following things to protect the value of pFIL:

  • SP withdrawal limitations. By default, Storage Providers can only withdraw funds from their pledge MinerActor when they reclaim ownership, once they have repaid their oustanding pFIL. If they wish to do so ahead of time, the withdrawals will decrease the safePledge amount, in order to reduce the protocol risks.

  • Sufficient and Efficient Buffer. The protocol implements adequate buffers to safeguard the value of pFIL while ensuring capital efficiency is not compromised.

  • Rigorous Risk Control. The protocol actively tracks the state of MinerActors under its ownership as well as the condition of their respective pledged FIL assets. If necessary, Repl will issue warnings or enact termination of sectors to safeguard the pledged FIL assets backing pFIL.

How Do I Mint pFIL?

You can mint pFIL permissionlessly if you own any MinerActor(s). To mint pFIL, there are three general steps you can follow:

  • Create an Agent Contract. You need to create a new agent contract with the Repl protocol as the custodial owner of your pledged Miner Actor.
  • Transfer Ownership of MinerActor(s). You need to transfer the ownership of the Miner Actor(s) to the agent contract that you have created in order to mint pFIL.
  • Mint pFIL. After you have completed the transfer of ownership, a pFIL minting allowance will be calculated and assigned to the agent contract, and you can mint any amount of liquid pFIL tokens below the allowance line after a 24-hour period.

You can manage pFIL minting under the “Mint pFIL” section on the Repl frontend.

How Do I Acquire pFIL?

You can stake/unstake your pFIL tokens under the “Stake” section on the Repl frontend, which connects to the liquidity pool for pFIL.

Behind the scenes, wrapped pFIL (wpFIL) and wrapped FIL (wFIL) are used in the liquidity pool to facilitate the exchange, ensuring that liquidity providers also receive pFIL rewards. Our frontend will automatically wrap your FIL or pFIL when entering into the liquidity pool (including both staking/unstaking and providing liquidity). Therefore, there might be multiple transactions that require user approval.

How Do I Claim Back My Miner?

SPs can reclaim ownership of their MinerActors once their outstanding pFIL amount is reduced to zero. The pFIL outstanding amount is reduced when the protocol auctions off liquid FIL retrieved from the MinerActor to acquire pFIL. The pFIL acquired is burnt so outstanding asset risk becomes zero. Once all pFIL minted by this agent contract is acquired from the auction and burnt, the MinerActor can be reclaimed. MinerActor reclamation can only be done by the original address that created the agent contract.

There are 3 ways to fulfill the pFIL recovery requirement:

  • Operating mining operations normally to recover FIL until pFIL acquired by auctions equal to the amount of pFIL minted initially;
  • Manually topping up FIL to the agent contract (which triggers the typical auction process to acquire pFIL);
  • Manually topping up pFIL to the agent contract.

How Do I Earn Rewards on my pFIL?

pFIL is passively minted periodically on all miner actors with non-zero outstanding pFIL amount. All passively minted pFIL will be distributed to pFIL holders as rewards and will increase the outstanding pFIL amount of the corresponding storage providers.

For example, a miner mints 100 pFIL against 100 pledged FIL under the Repl protocol, and unstakes them for liquidity. Meanwhile, passive minting will happen periodically proportional to pFIL outstanding of the miner. The passively minted pFIL will be distributed to pFIL holders via a rebasing mechanism and will increase the pFIL outstanding of the miner.