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

The creation of new EFIL and the redemption of FIL is governed by a smart contract developed by Gemini and audited by Trail of Bits. Like WBTC, EFIL tokens are minted when FIL holders send their FIL tokens to the smart contract, and are burned when EFIL holders send EFIL tokens in exchange for FIL tokens.