Filet Finance

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

Filet routes FIL to Filecoin storage-provider mining and offers flexible or fixed-term staking, with nFIL used as the FVM receipt for circulation and redemption. Returns depend on storage-provider mining output; fixed terms cannot exit early and 75% of mining rewards follow Filecoin’s delayed release. The 2026-08-16 survey measured about $0.98M across Filecoin, Binance and Mixin, under 1% of the $100M materiality floor. Those dependencies require full underwriting at scale, but current capacity is institutionally unusable.

Kill criteria: the events that revoke this verdict
• TVL sustained above $100M for 30 days

The research file

Mechanism applicability

Filet describes staking returns as Filecoin network mining rewards generated through storage-provider power rather than external lending. FVM users stake FIL and receive nFIL one-for-one for circulation; the receipt is also required to redeem the underlying order. Flexible and 90-, 180- or 360-day fixed products create materially different liquidity profiles.

Control and exit applicability

Storage-provider operation, network mining output, sealing progress, smart contracts and Filet’s service fee determine realized returns. Filet says flexible FIL can be withdrawn at any time, fixed-date stakes cannot exit early, and matured stakes require a manual withdrawal. Mining rewards release 25% initially while 75% unlocks over time and is withdrawn at the end of the staking period.

Current observation and perimeter

The DefiLlama API read on 2026-08-16 classified Filet Finance as Liquid Staking and reported approximately $0.98M: $0.96M on Filecoin, $0.01M on Binance and a small Mixin balance. Filet’s current site emphasizes FVM, native Filecoin and BNB access, while the survey retains residual Mixin value. This corrects the stale Filecoin-only registry perimeter.

Why the materiality dossier still applies

Measured TVL is about 0.98% of the $100M floor, so a normal advised-client book would exceed or dominate observable capacity before Filet-specific diligence could make it usable. Reopen only after TVL remains above $100M for 30 days, then review storage-provider concentration and collateral, nFIL redemption depth, fixed-term maturity ladders, fees, realized reward variance, audits and proposed-size exits.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Filet — current staking products and mining economics · primary · accessed 2026-08-16
  Supports: FVM and BNB access, fixed terms, storage-provider mining rewards, service fee, reward release
• Filet — holder FAQ and redemption mechanics · primary · accessed 2026-08-16
  Supports: nFIL receipt, flexible withdrawal, fixed-term lock, manual redemption, 30-day sealing
• Filet — storage-provider cooperation requirements · primary · accessed 2026-08-16
  Supports: storage-provider role, owner and earning address control, borrowing ratio, provider requirements
• Filecoin — FVM staking and leasing protocols · primary · accessed 2026-08-16
  Supports: Filecoin staking perimeter, storage-provider collateral, beneficiary address control, FVM mechanism
• DefiLlama — Filet Finance survey record · secondary · accessed 2026-08-16
  Supports: current TVL, Liquid Staking category, Filecoin, Binance, Mixin

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.