Glif, a liquid leasing protocol for Filecoin token holders, has secured USD 4.5 million in seed funding by Multicoin Capital, with participation from Zee Prime Capital, Fintech Collective, Big Brain Holdings, and Protocol Labs, among others.

The company plans to use the funds to expand the platform and spur growth of its total value locked. Moreover, the company plans to launch a points program that enables Glif users to earn rewards based on how much value their iFIL tokens have accrued.

Glif offers a liquid leasing protocol built on Filecoin, a decentralized storage blockchain that enables Filecoin users to earn yields on their token holdings. Holders can deposit their FIL tokens, the native token of the Filecoin blockchain, into a lending pool to earn yield from interest payments. The protocol provides depositors a derivative token named iFIL that acts as a receipt on their deposit and grows in value weekly in line with interest payments.