Glif Raises $4.5M in Seed Funding, Introduces Reward Points Ahead of Token Launch
Glif's future plans include launching a governance token, operating similarly to other vote escrowed governance token models like veCRV.
Glif, a leading liquid leasing protocol for Filecoin holders and storage providers, has secured $4.5 million in a seed funding round led by Multicoin Capital. Other notable investors in the round include Zee Prime Capital, Fintech Collective, Big Brain Holdings, and Protocol Labs, among others. This marks Multicoin Capital's first investment in the Filecoin ecosystem, according to report by The Block.
The funding round, finalized in November, was structured as a simple agreement for future equity (SAFE) with token warrants. While the exact valuation remains undisclosed, Glif's CEO Jonathan Schwartz confirmed the participation of prominent investors.
Glif stands as the largest protocol within the Filecoin ecosystem, boasting a total value locked of over $139 million. The platform enables Filecoin token holders and storage providers to earn rewards by depositing tokens into its protocol. Functioning akin to a liquid staking platform, Glif facilitates capital efficiency within the Filecoin network's DeFi ecosystem.
According to Kyle Samani, managing partner of Multicoin Capital, Glif's traction is remarkable, positioning it as one of the fastest-growing DeFi protocols across the crypto landscape. With Filecoin's integration of a virtual machine supporting smart contracts, Glif emerged in March 2023, marking a significant milestone in the network's evolution.
While the specifics of point allocation remain undisclosed, sources familiar with the matter suggest that rewards will be based on both past and future activity. Points will be awarded historically based on rewards received by liquidity providers and rental fees paid by storage providers. These points will then determine the initial number of tokens to be airdropped to users.
