GLIF

GLIF is a credit layer for Filecoin storage providers. Liquidity providers deposit funds and earn rewards, while hardware operators borrow to grow. At the 2026-08-14 survey, it held about $20M in TVL across 2 pools on Filecoin and Base, a fifth of our size floor. We do not open an individual review until it clears that floor. One practice advising 100 households may move $1M to $8M into a venue based on the same research. At this size, that book becomes the exit crush. Size alone decides the judgment, whatever the protocol’s quality. A full review would treat lending to operators, not the staking label, as the exposure.

Review triggers: events that reopen the verdict
• TVL sustained above the retired TVL threshold for 30 days

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.

The research file

Mechanism applicability

GLIF describes a pooled Filecoin credit market. Liquidity providers deposit FIL and receive iFIL, while storage providers borrow against miner-actor economics. Debt-to-liquidation thresholds set borrowing limits. Depositors therefore face operator credit risk, Filecoin collateral risk, and the risk that liquidations fail, rather than generic staking risk.

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 size floor in the shared v1 below-materiality dossier, so we have not opened an individual review. The reported size also does not show enough borrower breadth or exit depth to support a decision.

Control and exit applicability

GLIF Agents give owners and operators separate permissions. Borrowing quotas depend on signed off-chain credentials and enforcement by keepers. An iFIL holder can redeem only when the pool has enough FIL. GLIF keeps 10% from borrowing and pauses new borrowing below that reserve. These controls do not guarantee redemption during stress or prevent credit losses.

Why the class rule decides

The rule in the shared v1 below-materiality dossier decides the judgment. We will reopen the review after reproducible GLIF TVL stays at or above the size floor for 30 days. We would then check 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.

Research status

This is a capacity-unproven record for GLIF, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.

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 research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.