Filecoin, a decentralized storage network, saw a decrease in active storage deals by 6% in Q2’24, but storage utilization grew from 23% to 26%. Over 2,000 clients onboarded data, with 518 large datasets (>1,000 TiB) onboarded, showing a 2% increase from the previous quarter. The Filecoin Virtual Machine (FVM) saw over 3,700 unique contracts deployed, with a Total Value Locked (TVL) reaching 63 million FIL ($273 million). New data services like perpetual archiving and data privacy solutions emerged during this period, showing Filecoin’s evolution as a decentralized physical infrastructure network for enterprise storage and AI applications.
In terms of network performance, Q2’24 saw over 1,700 PiB of active storage, a 6% decrease from the previous quarter. Daily new deals decreased by 24% to 2.5 PiB/day, while storage utilization increased to over 26%. The raw byte storage capacity declined by 19% to 6.6 EiB, with approximately 2,400 storage providers on the network. Client adoption also saw growth, with a total of 2,034 clients onboarded by the end of Q2’24, including notable clients such as The Starling Lab, OpenSea, and Solana.
The financial performance of Filecoin in Q2’24 showed promising results, with total revenue increasing by 145% to $4 million. Penalty fees grew to $3.9 million, and base fees from storage deals were $9,000. However, total rewards decreased by 30% to $53 million, with FIL rewards down by 15% compared to the previous quarter. The ecosystem also saw significant developments, including network upgrades like the V22 “Dragon” upgrade and partnerships with companies like SingularityNET and IoTeX.
In conclusion, Filecoin’s performance in Q2’24 demonstrates a mix of challenges and opportunities. While storage deals decreased, utilization and client adoption increased, showing potential for further growth. The FVM and DeFi activity on the network are driving innovation and attracting new use cases in AI and decentralized compute. With new grants and partnerships in place, Filecoin is poised to accelerate its growth and continue to evolve as a leading decentralized storage network.
