The decentralized storage system Filecoin [FIL] has seen an increase in income owing to the engagement of storage providers and consumers over the last year. The active participation of these stakeholders suggested that both demand and supply increased across the board.
According to Messari, the Filecoin supply-side and protocol income contributed significantly to the network’s KPIs. Active storage deals and capacity expansion resulted in Filecoin’s storage growing by 1755.7% YoY, per crypto-data library data.
This increase meant that consumers now had more storage capacity for data, making it more accessible and trickier to filter. Will the project, however, achieve this milestone as the Filecoin Virtual Machine (FVM) Mainnet launch approaches?
Did you hear? The #Filecoin EVM (FEVM) launch is closer than you think 😉
After the completion of the calibrationnet upgrade earlier today, FEVM is on track to bring smart contracts & user programmability to Filecoin mainnet on March 14th, 2023! 📅
— Filecoin (@Filecoin) February 22, 2023
Filecoin aims to establish a smart contract runtime environment on its network through the FVM update. This implies that users can participate in an open-data economy while Filecoin becomes fully Ethereum [ETH] Virtual Machine (EVM) compliant.
As a result, ERC-20 tokens would be launched directly on the Filecoin network. Regarding storage, the FVM would give long-term storage proofs so that providers could duplicate and rectify blockchain flaws.
The Rise and Fall Of Filecoin’s Social Dominance
Despite the promise of improved storage performance, the Filecoin ecosystem has yet to reach its peak. According to the Santiments Statistics, the weighted sentiment was -0.335 at the time of writing.
The on-chain analytic engine used most messages and the unique social volume condition to understand this statistic. The fall demonstrated that Filecoin had received more negative attention than usual.
Therefore, the project’s social dominance peaked between March 1 and 4, despite having decreased to 0.162% at the time of publication. The trend of this measure displays the proportion of attention an asset receives among the top 100 cryptocurrencies by market capitalization. According to the previous discovery, FIL has no significant market share.
Meanwhile, FIL demonstrated what the FVM might accomplish on March 4 at the Ethereum Denver event. Per the project, the Mainnet launch will strengthen Filecoin’s position as the leading L1 with access to the open data ecosystem.
Colin Evra, the Interplanetary File System (IPFS) Head at Filecoin, stated, The FVM launch is the first stage in the Filecoin master plan, introducing smart contracts and user programmability to the open data market.