Wrapped Filecoin (EFIL) is an ERC-20 token compatible with DeFi, pegged at a 1:1 ratio with Filecoin (FIL). EFIL tokens can be used in DeFi protocols like Uniswap or exchanged for FIL tokens. The project aims to increase the accessibility of FIL tokens, which Filecoin miners need to expand their operations.

The creation of new EFIL and the redemption of FIL are managed by smart contracts developed by Gemini and audited by Trail of Bits. Similar to WBTC, EFIL tokens are minted when FIL holders send their FIL tokens to the smart contract, and they are burned when EFIL holders send EFIL tokens to redeem FIL tokens.