DMEX joined forces with IPFSUnion for an AMA: The future of FIL mining and the technical roadmap of DMEX
Recently, DMEX announced a strategic cooperation with IPFSUnion to release a new batch of Filecoin (FIL) mining power NFT in April. On April 2, DMEX invited Mr. Mao, the CTO of IPFSUnion, and Will, the CPO of DMEX to share their insight on the future of FIL mining with the DMEX Chinese community. Will also introduced the technical roadmap of DMEX.
The FIL price has risen rapidly in recent months. DMEX, as a decentralized mining power financial service platform, has launched a series of products to reduce the entry barriers to FIL mining for average users. IPFSUnion is the co-founder of IPFS (InterPlanetary File System). They have also made significant progress in mining this year. How will the cooperation between DMEX and IPFSUnion benefit the DMEX community?
Host: According to official sources, FIL will reduce its output on April 15. How will the reduction affect FIL miners?
Mr. Mao: According to the Filecoin Simple Agreement for Future Tokens (SAFT), the FIL distributed to all SAFT holders is subject to linear locking restrictions for 6 months, 1 year, 2 years, and 3 years respectively. The first 6 months term of SAFT will expire on April 15. At present, the total FIL output is about 648,000 tokens per day. After the linear release of 6-month’s SAFT on April 15, the daily circulation of FIL will be reduced by 280,000 tokens, a 43.2% reduction in daily production.
According to the FIL mechanism, the upcoming FIL production cut will not reduce the total FIL mining output. The reward of FIL mining will be halved every six years. Currently, the total FIL mining output basically reaches its limit. With FIL miners increasing rapidly, the FIL mining power has been dramatically improved. In the near future, the output of every single T of FIL mining power will decrease. Overall, the total output of FIL miners will remain unchanged.
Host: If the total FIL mining output remains unchanged, what would happen to FIL mining yieldings on DMEX?
Will: The FIL production cut will not impact the FIL mining on DMEX. For one thing, the FIL mining industry is still in its early and most profitable stage. Average users can earn high profits as soon as they participate in FIL mining. For another, DMEX is continuously increasing our FIL mining power by 20 to 30P on a daily basis to improve users’ mining incomes. Meanwhile, DMEX is also fortifying its risk management system to prepare for the future reduction of mining income when the FIL network reaches its limit. At present, FIL miners in DMEX’s HFIL pool and HUSD pool are earning a relatively higher mining income than many other cloud mining platforms. I’d highly recommend our users to participate in FIL mining the sooner the better.
Host: Does the rising price of FIL have an impact on FIL mining?
Mr. Mao: The rising price of FIL does not slow down the growth rate of FIL mining power. Many people still want to obtain more FILs. In particular, FIL’s potential value attracts an increasing number of crypto whales such as listed companies and state-owned enterprises. However, for those mining machine buyers and individual users with insufficient collateral tokens, the entry barrier to participating in FIL mining would increase with FIL price.
Host: How does DMEX maximize user welfares?
Will: As FIL price rises, the cost of user participating in FIL mining becomes higher. Currently, the price of FIL is around 200 USDT, and the cost of a single T mining power is more than 3,600 USDT. However, numerous investment institutions are still looking for opportunities to participate in FIL mining. From the investment perspective, the FIL mining industry is still in its early and most profitable stage. Average users can earn high profits upon early participation in FIL mining.
Decentralized mining power financial service platforms like DMEX make it possible for average users to participate in FIL mining with extremely low entry barriers. DMEX endeavors to mobilize uses’ idle assets. Users can purchase FIL mining power NFT on DMEX and earn mining income on a daily basis. They can also stake NFTs as collateral to obtain a loan and reinvest the loan back into mining power NFT purchases. In addition, with the DMEX platform tokens DMC, users are entitled to in-depth participation in the DMEX community and share the revenue generated from DMEX’s development.
Host: When will DMEX launch the NFT collateral loan product?
Will: We will release the NFT collateral loan product after we launch the Ethereum mining power NFT. We are planning on launching more innovative mining power products in the future, including the DMEX Lending Pool. Currently, crypto lending service is in great demand. However, the security issue of lending remains to be addressed. DMEX will seek to cooperate with high-quality mining power providers with strong technical background in the cryptocurrency industry to launch the NFT collateral loan product in a safe and rewarding way.
Host: Besides the Huobi Ecological Chain (Heco), will DMEX deploy on other public chains?
Will: Currently, we are planning on deploying the Binance Smart Chain (BSC). DMEX is an international decentralized mining power financial service platform. To provide better services to its international users, DMEX will deploy and explore more innovative mining power products on BSC. In addition to that, DMEX sees a great demand for Bitcoin and Ethereum mining power in the current cryptocurrency market. In the near future, DMEX will also provide more investment options for users all over the world.
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