Following Ren Protocol, US compliant exchange Gemini announced plans to introduce Filecoin (FIL) to the Ethereum network

On November 11, Gemini, a compliant cryptocurrency exchange in the United States, published a statement revealing that it is developing the Filecoin (FIL) anchor coin wFIL in order to use FIL on the Ethereum network.
Gemini's proposed wFIL can be exchanged for FIL at a 1:1 ratio. Users can convert FIL in their accounts into wFIL and withdraw it to any Ethereum address. According to the introduction, "all FIL will be stored in the Gemini institutional storage system in a completely transparent manner, and users can verify at any time whether the amount of FIL held by the platform is equal to the amount of wFIL in circulation."
The exchange is currently seeking to work with Ethereum developers interested in adding wFIL to their products, as well as platforms that want to offer wFIL to their customers.
Coincidentally, Ren Protocol, an asset cross-chain protocol, also plans to cross-chain FIL to the Ethereum network. On November 7, the Ren Protocol developer documentation showed icons of four new cross-chain assets, including Dogecoin (DOGE), DGB, Filecoin (FIL), and Terra (LUNA), which may mean that Ren will give priority to supporting cross-chain for these four types of assets. Prior to this, Ren officials revealed plans to cross-chain FIL to Ethereum in late October.

In fact, to a certain extent, the explosion of DeFi this summer has driven assets to cross the chain to the Ethereum network. Since most DeFi protocols are built on Ethereum, non-ERC-20 tokens need to be tokenized to enter the network. The booming BTC anchored coins are an example.
DeBank data shows that from mid-June to mid-October, the total issuance of BTC-pegged coins increased from more than 6,000 to more than 140,000, an increase of about 1,900%. Among them, WBTC has developed at an astonishing speed, with an increase of 2,072% over the same period, accounting for 73% of the market share. The issuance speed of this asset basically reflects the development of the BTC-pegged coin market.

According to previous reports by Mars Finance, ETC Labs also plans to launch the ETC cross-chain asset wETC. Ethereum Classic plans to issue the cross-chain asset wETC on Ethereum through the Ethereum Classic Bridge (ETC Bridge). This means that through the ETC Bridge, ETC will be tokenized on the Ethereum blockchain.
“Users holding ETC assets can lock their assets through smart contracts on the Ethereum Classic blockchain, and obtain the corresponding asset wETC on the Ethereum blockchain, and then participate in ETH ecological projects through wETC.”
As of press time, Coco Finance shows that FIL is quoted at $30.71, up 0.44% in 24 hours. (Mars Finance)