Introducing HashMix FIL Liquid Staking

4 min readMar 16, 2023


The fully trustless and risk-free liquid staking protocol on FVM

HashMix FIL Liquid Staking is a decentralized staking protocol on Filecoin, connecting FIL holders and miners in the ecosystem.

FVM is the Key

In the past few years, IPFS and Filecoin have shown the future of data storage to us, not only for web3 but for the broader adoption of decentralized data storage and retrieval. Since its launch, Filecoin has attracted thousands of Storage Providers, sealed nearly 20 EiB Storage Power for the whole world, and it’s still growing every minute.

Based on this growth and the unique technology Filecoin enables, we can build applications, both centralized and decentralized, to manage and operate vast amounts of data, and ultimately be the infrastructure of the future.

However, the vision Filecoin provides lacks an essential piece of the puzzle, programmability. Without programmability, all the application side of the data operations and all the actors in the decentralized data economy have to rely on some sort of centralized services and can’t be 100% permissionless. FVM is the vital piece.

As an early builder, HashMix has been exploring the Filecoin ecosystem for years and built our first Filecoin staking application in early 2021. We’ve helped dozens of miners get loans, sealed an additional 300 PiB SP, and FIL holders received an average of 20% APY. Peak TVL exceeded 1 million FIL. But we knew that we could improve our existing product, and trustless programmability is the key.

Key Features of HashMix FIL Liquid Staking

With the programmability FVM provides, we designed HashMix FIL Liquid Staking, a fully trustless and risk-free liquid staking protocol serving the Filecoin ecosystem. We believe this protocol will be the infrastructure of Filecoin and help more miners and holders join the Filecoin economy.

Filecoin is not like any other blockchain, its ecosystem is bound by the data economy. The miners need to manage their Storage Power and storage equipment, which is more important than their sealing hardware. And FIL stakers can receive a much higher staking APY than other blockchains because of the initial pledge needed to seal new storage sectors.

With the uniqueness of Filecoin design in mind, we designed our protocol to meet needs from both ends. It has the following key features:

1. Permissionless for Both Holders and Miners

Like any DeFi protocol, users don’t need to trust anyone, the fund and miner accounts are self-custody, and the protocol is fully operated by smart contracts, which means FIL holders and miners can operate anytime they want, with no single point of failure possibility.

For holders, the smart contract controls the pooled fund and loans, no one can beat the system. For miners, you still hold your precious miner account.

2. Revolutionary Valuation and Stake Model

We designed the valuation, pledge, and staking models to eliminate as many risks as possible for both ends. The core design of the protocol is the valuation process. We assume the worst-case scenario for pledged future income of the loans and ensure that all loans can be repaid as promised.

Additionally, we also utilize the rate curve from pooled lending protocols, to balance supply and demand. When more miners need more FIL, the APY should rise as a result. And any FIL deposited into the protocol, a cWFIL will be sent to the depositor as a claim token, which can be used to get extra liquidity in decentralized exchange or lending protocols on FVM.

3. Tested Safety in the Real Environment

Our valuation model follows a risk-free first principle, all parameters are precise & conservative, and have been tested in the real environment for two years.

HashMix FIL Liquid Staking Protocol Demo

Plans and Schedules

Currently, we’re working hard on the first version of the protocol and will launch it as soon as it’s ready. Please follow us on social media to keep updated.

There will be more details along with the design as development continues. Please contact us if you’re interested in any topics listed above or want to learn more!

About HashMix

HashMix is an open staking and lending platform connecting different roles in the crypto industry. HashMix provides reliable staking solutions and attractive yields for the most innovative blockchains, aiming to accelerate the integration among various on-chain & off-chain blockchain assets.

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HashMix is a fully decentralized hash power tokenization and circulation platform. Empower hash power with NFT and DeFi tools!