Filecoin Q2 2024 Network ReportByDean Fankhauser – August 13, 2024

Key Insights

1. Active storage deals diminished 6% QoQ, whereas storage utilization grew from 23% to 26%.
2. 2,034 consumers onboarded recordsdata, with 518 gargantuan datasets (>1,000 TiB) onboarded, up 2% QoQ.
3. Filecoin Digital Machine (FVM) saw over 3,700 odd contracts deployed, with TVL reaching 63 million FIL ($273 million).
4. New recordsdata providers and products emerged, alongside with perpetual archiving and records privacy ideas.
5. Filecoin continues to present as a decentralized physical infrastructure network (DePIN) for enterprise storage and AI functions.

Community Efficiency

Storage Deals and Skill

• Q2’24 vigorous storage: Over 1,700 PiB, down 6% QoQ from 1,900 PiB in Q1’24.
• Every day fresh deals: Lowered 24% QoQ to 2.5 PiB/day.
• Storage utilization: Increased to over 26% in Q2’24, up from 23% in Q1’24.
• Raw byte storage capability: Declined 19% QoQ to 6.6 EiB.
• Storage suppliers: Lowered to roughly 2,400 in Q2’24.

Client Adoption

• Total consumers: 2,034 by stay of Q2’24.
• Tall dataset consumers (>1,000 TiB): 518, up 2% from 508 in Q1’24.
• Valuable consumers: The Starling Lab, OpenSea, Solana, Victor Chang Cardiac Research Institute, Democracy’s Library, SETI Institute, UC Berkeley, GenRAIT, Ewesion, DeSci Labs, Opscientia.

Filecoin Digital Machine (FVM)

• Abnormal contracts deployed: Over 3,700 as of June 30, 2024.
• Total Sign Locked (TVL): All-time excessive of 63 million FIL ($273 million) in Q2’24.
• Main protocols: GLIF ($144 million), Parasail ($58 million), stFIL ($22 million).
• Life like DeFi catch deposits: 29 million FIL ($131 million) in June 2024.
• Life like DeFi catch borrows: 21 million FIL ($95 million) in June 2024.

Financial Efficiency

Revenue

• Total revenue: Increased 145% QoQ to $4 million in Q2’24.
• Penalty charges: Grew to $3.9 million from $1.3 million in Q1’24.
• Sinister charges from storage deals: $9,000 in Q2’24.

Rewards

• Total rewards: Lowered 30% from $76 million in Q1’24 to $53 million in Q2’24.
• FIL rewards: Down 15% from 10.6 million FIL in Q1’24 to 9.0 million FIL in Q2’24.

Ecosystem Tendencies

Community Upgrades

• V22 “Dragon” toughen: Implemented on April 24, 2024.
• V23 “Waffle” toughen: Estimated for August 6, 2024.
• Like a flash Finality in Filecoin (F3) initiative: Specs finalized in June.

Partnerships

• SingularityNET: Collaborating to store metadata on Filecoin Community.
• Theoriq: Rising AI agents trained on Filecoin network recordsdata.
• IoTeX: Presented Filecoin as basically the most effectively liked storage feeble for IoTeX 2.0.

Governance

• Onboarding Innovation Grants Program: Launched in June to journey up yell in Filecoin recordsdata onboarding.

Conclusion

Filecoin’s Q2 2024 efficiency reveals a blended characterize with reducing storage deals nevertheless growing utilization. The FVM continues to attain traction, driving DeFi exercise on the network. The first focus stays on growing enterprise adoption and attracting fresh exercise cases, in particular in AI and decentralized compute. The introduction of fresh grants and partnerships goals to gas extra yell and innovation in the Filecoin ecosystem.