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pFIL: Parasail Filecoin Liquid Token

Parasail creates a delegation pool where:

  • Storage providers onboard their nodes to request FIL delegation (up to a Safe Pledge limit).
  • Delegators deposit FIL into the pool to receive pFIL (a liquidity receipt for 1 FIL) and automatically earn a share of providers’ revenue.

How It Works

  1. Onboard Node: A storage provider onboards their node to Parasail and requests delegation from the pool, capped by their Safe Pledge amount.

  2. Delegator Deposit: Delegators deposit FIL and receive pFIL at a 1:1 ratio. pFIL automatically accrues rewards (revenue share) via rebasing.

  3. Safe Pledge Mechanism: The Safe Pledge mechanism ensures storage providers prepay potential slashing fees for on-chain accountability. This also buffers the overall balance between the delegation pool and the provider node under Parasail’s control.

  4. Reward Rates (Jump Rate Model): The reward for pFIL holders is determined by the pool’s utilization:

    • 0–90% Utilization: 12–17% (increases linearly)
    • 90–100% Utilization: 17–35% (increases linearly)

  5. Node Retrieval: Once a storage provider repays all delegated FIL (i.e., burns the equivalent amount of pFIL), they can retrieve their node ownership from Parasail.