Filecoin miners are paying large investors an annual percentage rate as high as 40% to borrow FIL, the closely-held native token required to participate in the decentralized storage network. This dynamic has created a lending market and is leading to more questions about Filecoin’s economic model. The lack of liquidity in tokens required to mine on the proof-of-stake storage network is forcing desperate miners to borrow FIL rather than going into the open market to purchase tokens. The token’s price skyrocketed to $114 when the mainnet launched Oct. 15, settling…
Desperation Among Filecoin Miners Creating a Big Market for FIL Borrowing
