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Crypto Companies Partner to Assimilate Filecoin and Ethereum

After many years of eagerness, the Filecoin mainnet went live last October 15, allowing the users to pay for and provide decentralized storage with the FIL token. And now Protocol Labs is clearing out space for major Ethereum integrations.

ConsenSys announced recently about a far-reaching collaboration with the Protocol Labs that connects Filecoin with “Ethereum at every layer of the decentralized technology stack,” which includes DeFi protocols, Web 3.0 portal Metamask, Infura, and other ConsenSys products and projects.

ConsenSys founder and CEO Joseph Lubin stated,

“We are eager to build out greater functionality for IPFS and introduce new tools that will enable developers and consumers to easily make use of Filecoin and IPFS for their app development and pure storage needs.”

Consensys now had been familiarly involved with the launch and is planning to assist with future development.

Before the launch, ConsenSys Diligence had audited the parts of the Filecoin protocol and then “identified some vulnerabilities that were addressed before Filecoin’s mainnet launch on October 15, 2020.”

And now that it’s life, ConsenSys provides tools for miners and developers.

ConsenSys’ platform for launching new blockchain networks, Codefi Activate, had published Filecoin Storage, it is a tool for viewing the storage prices on the Filecoin. It also found the Filecoin DeFi bridge, which changes FIL into an ERC20 token. Release states that “Once on Ethereum, FIL holders and miners can deposit their tokenized FIL as collateral in a DeFi lending market to earn interest, or borrow more FIL to stake on storage mining operations.”

Both Codefi Activate integrations were initially broadcasted on October 1.

The ConsenSys service that is hosting many nodes used by Ethereum projects, Infura, had also released a Filecoin API beta that “allows developers to quickly and easily connect to the Filecoin mainnet and build applications, features, or services on top of the Filecoin network.”

And now, ConsenSys Labs focuses on its current Tachyon Launchpad Accelerator regiment on Filecoin applications.

“Through Infura, Codefi, MetaMask, and other ConsenSys projects over time, developers will easily integrate IPFS and Filecoin functionality into their apps and seamlessly interoperate with Ethereum-based functionality and other apps at every layer of the stack, from the protocol layer to the financial layer with DeFi,” Lubin stated, he is also one of the Filecoin Foundation Board of Advisors.

“Rich interoperation between decentralized protocols that subserve very different functionalities, like Ethereum, IPFS, Filecoin and libp2p, is the hallmark of the decentralized web really starting to take shape.”

Protocol Labs had raised $205 million to propel Filecoin in a 2017 ICO. The protocol’s fresh launch has been challenging to watch, at least from a price viewpoint. The price is now just above $31, however lesser than the $114 fee, and it was going for some time after being registered on exchanges; on the other hand, it is above the max ICO price of around $5.

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