GLIF

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

GLIF is a credit layer for Filecoin storage providers: liquidity providers deposit and earn rewards while hardware operators borrow to scale. At the 2026-08-14 survey it held about $20M in TVL across 2 pools on Filecoin and Base, a fifth of our $100M materiality floor. Rejected on size: one practice advising 100 households moves $1M to $8M into a venue on the same research, and below $100M TVL that book becomes the exit crush. Size alone decides it, whatever the protocol’s quality. A full review would treat the lending-to-operators structure, not the staking label, as the exposure.

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

The research file

Mechanism applicability

GLIF documents a pooled Filecoin credit market: liquidity providers deposit FIL and receive iFIL, while storage providers borrow against miner-actor economics. Borrowing limits use debt-to-liquidation thresholds, so the exposure is operator credit, Filecoin collateral and liquidation execution rather than generic staking.

Current observation and class applicability

The DefiLlama protocol API read on 2026-08-15 reported approximately $20.3M of GLIF TVL across Filecoin and Base. That remains far below the shared v1 below-materiality dossier’s $100M threshold and does not supply decision-grade borrower breadth or exit depth.

Control and exit applicability

GLIF Agents separate owner and operator permissions, while borrowing quotas rely on signed off-chain credentials and keeper enforcement. iFIL redemption requires sufficient FIL in the pool; GLIF reserves 10% from borrowing and pauses new borrowing below that reserve. This control does not guarantee stressed redemption or prevent credit loss.

Why the class rule decides

The shared v1 below-materiality dossier controls. Reopen after reproducible GLIF TVL sustains at least $100M for 30 days. Then verify borrower concentration, collateral and DTL calibration, credential and keeper controls, liquidations, governance, audits and incidents, FIL volatility, fees, reserve adequacy, stressed iFIL redemption, and named Filecoin credit alternatives.

Sources

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

• GLIF Docs — liquidity-provider exit · primary · accessed 2026-08-15
  Supports: iFIL redemption, pool liquidity, 10% reserve, borrowing pause, exit constraint
• GLIF Docs — borrowing limits and DTL · primary · accessed 2026-08-15
  Supports: storage-provider credit, borrowing limits, debt-to-liquidation, liquidation threshold
• DefiLlama — GLIF survey record · secondary · accessed 2026-08-15
  Supports: current TVL, Filecoin and Base, survey category, survey perimeter

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.