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Filecoin Storage Usage Exceeds 7% in Q2

According to Messari’s report of 13 July, file coins there is now on average 954.2 pebibytes (1.07 billion gigabytes) network storage opportunitiesCompared to 12.2 exbibytes (14.1 billion gigabytes) of raw storage capacity. Until recently, adoption of the protocol was rather slow due to the high cost of storage compared to centralized alternatives such as: Amazon Web Services.

In the last quarter, the protocol generated 2.5 million Filecoins (ELEPHANT) total revenue of $11.5 million, In dollar terms, a decrease of 40.7 percent was recorded compared to the second quarter of the previous year.. The decrease is partly due to the sharp drop in FIL price due to the 2022 bear market. sharp increase in active storage agreement.

The price drop also impacted supply-side revenue, which is money earned from block rewards, linked storage operations, and transaction tips. Supply-side revenues decreased by 66.9% compared to the previous year, It drops to $85.7 million in the second quarter of 2023.

Additionally, many storage vendors began charging near-zero fees to increase adoption. Most of the archived data comes from the industry IT (41%), followed by natural resources (31.3%), health (16.7%) and social services (9.2%). In total, 1,750 customers entered data into Filecoin. The researchers also wrote:

“To meet storage retrieval needs, a content delivery network (CDN) for Filecoin and IPFS is currently under development – Project called Saturn. Saturn aims to serve the Filecoin retrieval market through fast, low-cost content delivery”.

At the beginning of March, Filecoin Releases Filecoin Virtual Machine (FVM)brings Ethereum-style smart contracts to the network. Since that time, More than 2,300 smart contracts implemented in FVMIn Q2 2023, blockchain consumes 7% of gas fees.

The growth of Filecoin adoption rate. Source: Messages

Translation of Matteo Carrone

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