What is pFIL?

A pFIL token represents one pledged FIL that is free from any slashing penalties. When the pledged FIL used to mint pFIL becomes liquid, Repl protocol will use the FIL to acquire pFIL through auctions and rewards pFIL holders. Therefore, pFIL tokens are fully fungible with no idiosyncratic risks and generating returns.

pFIL is actively traded at various venues and a reward rate is implied by the pFIL/FIL ratio. Filecoin SPs can mint and unstake pFIL to obtain liquidity, effectively borrowing FIL at a fixed rate. FIL holders can stake and hold pFIL to earn rewards.

With pFIL, anyone can participate in Filecoin mining in the most efficient way. No permission or human negotiation is required.

Outstanding pFIL is backed by more pledged asset at work, generating larger and faster liquid FIL inflows. Hence, Repl can recover liquid FIL faster than mining.

pFIL is therefore supported by strong natural demand pressure, which makes the protocol highly resilient and robust.