Can Filecoin [FIL] keep up the pace as the FVM Mainnet draws near
Filecoin [FIL] , the decentralized storage system, registered a hike in revenue due to the participation of storage providers and users over the past year. The active involvement of these stakeholders implied that demand and supply both jumped across the board.
Read Filecoin’s [FIL] Price Prediction 2023-2024
According to Messari, the Filecoin supply-side and protocol revenue were able to contribute immensely to the network’s KPIs. Information from the distributed crypto-data library revealed that active storage deals and storage capacity ensured that Filecoin’s storage increased by 1755.7% on a Year-on-Year (YoY) basis.
Source: Messari
This hike implied that users now have more space to store data while making it easily retrievable and difficult to censor. However, with the Filecoin Virtual Machine (FVM) Mainnet launch approaching , will the project be able to surpass this milestone?
Filecoin maintains that the idea behind the FVM upgrade is to create a runtime environment for smart contracts on the network. This means that users can access an open-data economy while Filecoin becomes fully Ethereum [ETH] Virtual Machine (EVM)-compatible.
As a result, it would translate into a direct launch of ERC-20 tokens on the Filecoin network. In terms of storage, the FVM would provide long-term storage proofs so providers can replicate and repair the blockchain’s defects.
Despite the possibility of better storage performance, the bias towards the Filecoin ecosystem is far from hitting the pinnacle though. As of the time of writing, the weighted sentiment was down to -0.335, based on Santiment’s data .
In interpreting this metric, the on-chain analytic platform took the vast majority of messages and the unique social volume
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