Loans on the FilDA platform can be borrowed and repaid at any time without fixed term.
The interest rates are automatically calculated according to specific algorithms. It is dynamically adjusted based on the deposit pool and the loan pool, mainly dependent on the utilisation rate of the fund on the platform.
Filda token is a governance token. Its value is based on the governance rights of the protocol. It is essentially used to motivate and reward the users who participate in the governance.
The max supply of FilDA is 500 million, 95 percent of which is used as rewards. Filda tokens will be gradually released in the forms of interests for lenders, liquidity rewards, insurance protocol rewards, etc. Generally speaking, Filda tokens will be released linearly in the next 4 years. Specifically, in the first 4 weeks after FilDA was launched, users were rewarded with additional Filda tokens. 1 percent was released every week. After that, 0.47 percent is released every week, for 208 weeks.
You will always repay what you borrow. In this case the ELA borrowed, plus interest accrued in ELA, should be repaid.
There is no due date of the loan. Users can borrow and repay at any time. If the loan is not repaid, when the sum of the loan principal and the interest accumulates to 100 percent of the loan limit, liquidation will be triggered.
Users can mine through both deposit and lending. For example, users can earn interest in the HUSD deposit pool after depositing HUSD, or they can generate yields in the ELA loan pool by lending out ELA.
For each asset, the mining ratio for the deposit pool and the loan pool is 50-50. For example, assuming that the total HUSD in deposit pool is 1 million and the total HUSD in the loan pool is 200 k, the user can earn 1% of the total rewards of the deposit pool with 10k deposit or can earn 1% of the total rewards of the loan pool with 2k lending.
It can never happen that the borrower doesn't repay the loan because the borrowers provide collateral that can be used to repay the loan.
The lending protocol on FilDA is a revision of a project leading in the market. It can defend against the attacks that have happened so far.
As of now, FilDA's source code has passed audits by Knowsec Slowmist and Codesafe, a Certik audit are in progress.