Research Summary
The report provides an in-depth analysis of the Filecoin network’s performance in the second quarter of 2023. The report highlights a significant growth in Filecoin’s storage market, with active deals rising by 64% QoQ. Despite a decrease in storage capacity by 12%, storage utilization grew from approximately 4% in Q1 2023 to nearly 8% in Q2 2023. The report also notes the introduction of the Filecoin Virtual Machine (FVM), which brought Ethereum-style smart contracts to the network, enabling new use cases such as liquid staking, perpetual storage, and decentralized compute.
Actionable Insights
- Filecoin’s storage market is growing: Active deals rose by 64% QoQ in Q2 2023, indicating a growing demand for Filecoin’s storage services.
- Storage utilization is increasing: Despite a decrease in storage capacity, storage utilization nearly doubled from 4% in Q1 2023 to 8% in Q2 2023.
- Introduction of Filecoin Virtual Machine (FVM): The FVM brought Ethereum-style smart contracts to the network, enabling new use cases such as liquid staking, perpetual storage, and decentralized compute.
- Revenue from fees increased: A 91% increase in Q2 2023 was driven by a 64% QoQ increase in active storage deals and a 60% increase in the number of large dataset clients.
