Filecoin
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Filecoin in numbers
Filecoin (FIL) ranks #73 by market capitalization, at $905.40M. It belongs to the DePIN sector (File Storage). It has traded since Jul 18, 2019, across 114 markets on 40 exchanges, with $290.21M of volume in the last 24 hours. Its all-time high of $232.82 was reached on Apr 1, 2021; the current price is 99.7% below that peak. Its cycle low of $0.615737 came on Aug 18, 2026.
845.44M FIL are in circulation. 82.4% of the token allocation has been unlocked. 7 investors are recorded as backers, including Digital Currency Group, Andreessen Horowitz, Sequoia Capital. Development data lists 55 core developers and 129,827 code commits.
About Filecoin
Filecoin is a decentralized storage network for securely monetizing, storing, retrieving, and computing data. It is built as an incentive layer for the InterPlanetary File System (IPFS), a peer-to-peer protocol leveraging a content address system for sharing, routing, and storing data. Designed to facilitate a data storage marketplace, Filecoin enables any user with excess data storage to trade available space for a fee with users needing storage space. Subsequently, Filecoin ensures that users needing data storage services are guaranteed quality and secure storage space.
Background
Juan Benet established Protocol Labs, a research and development company, in 2014. Protocol Labs introduced Filecoin in May 2017 as a decentralized storage network for monetizing, storing, and retrieving data securely. Filecoin is built as an incentive layer for the InterPlanetary File System (IPFS), a peer-to-peer protocol also developed by Protocol Labs that leverages a content address system for sharing, routing, and storing data.
Notable milestones in the history of Filecoin’s development include:
Since the mainnet launch in October 2020, Filecoin has undergone several network upgrades, including Hyperdrive and Watermelon. The latest upgrade (Watermelon upgrade - V21) was activated successfully on Dec. 12, 2023. The upgrade simplifies storage provider operations and introduces improvements to the protocol and to the FVM.
Filecoin is scaling with the Interplanetary Consensus (IPC), a framework that addresses challenges with transaction volume and application heterogeneity by enabling the creation of hierarchical subnets that execute transactions in parallel and facilitate cross-subnet transactions. On April 25, 2023, Filecoin deployed the first phase of the IPC Framework to the network’s Spacenet. An eventual mainnet release is planned for 2024, although a commercially reasonable search found no disclosures on a definite release date.
As of May 3, 2024:
Filecoin’s 2024 roadmap highlights the following key goals: