The report discusses the potential impact of the Filecoin Virtual Machine (FVM) on the Filecoin ecosystem. Filecoin, a decentralized alternative to AWS, allows users to engage in deals with storage providers, paying subscription fees in the FIL marketplace. The network has realized ~$10.7M YTD through the burning of gas fees, making its token deflationary. The launch of the FVM in 2023, which supports smart contracts, opens up new possibilities for developers. The FVM also enables automatic subscription renewals for storage customers and FIL leasing for storage providers to increase storage capacity.
- Monitor the Filecoin ecosystem: The launch of the FVM is a significant catalyst for Filecoin. It’s crucial to watch the ecosystem for the rest of 2023, especially as the network tests its new Interplanetary Consensus subnet framework.
- Explore FVM dApps: The FVM has enabled the development of dApps like Waterlily, an AI image generator that pays tokens to artists when their images are used. This opens up new opportunities for developers and users alike.
- Consider the potential of FIL leasing: The FVM allows storage providers to lease FIL to increase storage capacity. This could be a game-changer for storage providers and could potentially increase the value of FIL.