MESSARI Report: FileCoin’s second quarter of 20124

Main point of view

In the second quarter of this year, Filecoin’s active storage transactions fell 6%month -on -month.Storage utilization rate increased from 23%in the first quarter to more than 26%in the second quarter, while the storage capacity decreased by 19%month -on -month.
As of the end of the second quarter, 2034 users have stored data sets on Filecoin, of which 518 users have stored large data sets of more than 1,000 TIB, an increase of 2%month -on -month.
As of the end of the second quarter, more than 3,700 independent contracts have been deployed on the Filecoin virtual machine (FVM); driven by tokens pledge and leasing activities, FVM TVL reached 63 million FIL (about $ 273 million) in the second quarter, creating a recordHistory is new.
Filecoin has continued to develop into a decentralized physical infrastructure network (DEPIN) to use the creation of decentralized storage market for enterprises and support decentralized computing and artificial intelligence.
New data services on the Filecoin network have appeared, including sustainable storage, data privacy, and integration with Web2 and Web3 applications.

Filecoin basic information

Filecoin is creating a hardware market -the first service is storage.Filecoin is based on IPFS (Star File System). It uses a transaction based on the provider-based market rather than a fixed pricing structure (https://filecoin.io/blog/how-storage-ndrieval-deals-WORK-On-FILECOIN/).A storage transaction is like a contract with a service grade protocol (SLA: https: //www.cio.com/article/274740/outsourcing-sla-definitions-nd-solutions.html-users pay to storage providersMake data stored data in the specified periodic period.

In order to ensure data security, Filecoin uses an encrypted economics incentive model and through zero-knowledge proofPosts/Zero-Knowledge-And-the-Filecoin-network/) storage.In order to motivate storage providers to participate in storage transactions, Filecoin will use online native currency FIL as a reward.If the storage provider cannot provide a reliable online time or a malicious behavior of the network, it will also be punished accordingly (https://docs.filecoin.io/storage-provider/filecoin-economics/slashing/).

To retrieve data, Filecoin users pay for the retrieval provider to obtain data.Different from the storage transactions involving the trading on the chain, the retrieval transaction uses payment channels to settle the payment to pay the chain to achieve faster retrieval.In addition to storage and retrieval, Filecoin aims to provide an open market that can run data through contracted computing capabilities in this market, thereby providing a more effective alternative to traditional centralized systems.

The key protocol upgrades of data computing services include smart contracts (Filecoin virtual machine-FVM) (https://fvm.filecoin.io/) and extension (interstellar consensus) (https://ipc.space/)).The Filecoin virtual machine launched in March 2023 will introduce Ethereum smart contracts into Filecoin, which will promote new cases including liquidity pledge, sustainable storage, and decentralized computing.

Key indicator

Performance analysis

Filecoin blockchain is used to decentralize storage data through the following ways:

The demand side, that is, the storage user of data storage is required.
Supply end, that is, storage providers with excess network capacity.

network

The amount of data stored in active exchanges between the storage user and the storage provider measures the demand for Filecoin storage.

Storage transaction

In the second quarter of 2024, through active transactions, the Filecoin network was stored more than1,700 PibData, compared with the historical highest level in the first quarter, decreased by 6%month -on -month, but equivalent to the level of the fourth quarter of 2023.Filecoin’s current focus is to improve corporate applications.In June this year, Filecoin announced a itemNew funding plan(https://filecoin.io/blog/posts/announdconcing-onboarding-Inovation-GRAnts-ProGram-), aiming to accelerate the focus of focusing on paid data introduction.The plan supports teams that are dedicated to adding FileCoin transactions on the chain and retrieval payment and settlement, while attracting more cases.The plan may promote the increase in active transactions and new transactions in the next few quarters.

At the same time, after the daily new transaction volume reached the highest level of 5 pib/day in the third quarter of 2023, it continued to decrease by 24%to 2.5 Pib/day.The growth of new transactions is helping to increase the utilization rate of Filecoin network relative to its storage capacity.

Storage utilization and capacity

Compared with the total available storage capacity of Filecoin storage, the use of the storage utilization rate increased to more than 26%in the second quarter, higher than nearly 23%in the first quarter.Although this growth is a positive signal for Filecoin through active storage transactions, it must be placed under the background of the network capacity.

Filecoin’s average original byte storage capacity decreased by 19%from the previous quarter to 6.6 EIB.About two years ago, the indicator gradually declined after the average original bytes storage capacity reached the historical highest level of nearly 17 EIB in the second and third quarters of 2022.The decline in storage capacity is further reflected in the decline in the total number of storage providers.After the indicator reached more than 4,100 in the third quarter of 2022, it fell to about 2,400 in the second quarter of 2024.

The use of Filecoin needs to be considered from the perspective of data dense activities outside the data storage.For example,Basin(https://blog.textile.io/basin- launch-Overview) andAkave(https://akave.ai/) and other platforms are using Filecoin’s infrastructure to provide data management and artificial intelligence -related services, thereby positioning FileCoin in the emerging artificial intelligence data economy.

Storage user

Messari decentralized storage network guide(Https://messari.io/report/the-essential-guide-to-decentralized -storage-network) shows that FileCoin is currently suitable for providing cold storage solutions for enterprises and developers (suchThe price of force helps to attract traditional enterprises to seek economic and efficient alternatives to store a large amount of file data.

Data storage providers on filecoinDestor(https://destor.com/) Recently with qamcom (https://www.qamcom.com/))DDSCooperation (https://destor.com/resources/news/qamcom-dds-destor-partneership?utm_campaign=Destor20x%20QAMCOM&AMP ;UTM_CONTENT=2999525148&AMP ;UTM_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M_M. EDIUM = Social & amp; UTM_SOURCE = TWITTER & AMP; HSS_Channel = TW-16439783375106050), forIts storage service provides enhanced security, stability and scalability.Partners includeYaypal(https://www.yaypal.io/) and data users such as FieldStream. Yaypal is a web3 game studio. Its flagship game has more than 500,000 users.Fieldstream(https://www.fieldstream.ai/) is an artificial intelligence marketing analysis platform.

Examples of other user solutions include:

Ghostdrive(https:/ghostdrive.com/): Focus on priority and safety by focusing on encryption, decentralization and novel storage optimization technology.
Seal(https://www.sealstorage.io/): Focus on UC Earch-Data), Starling Labs (https://www.youtube.com/watch?v=sx6f9_joxaa), Atlas Experiment (https://atlas.crn/news/hllhc-data-storage) Work (https:///www.youtube.com/watch?v=ukkq5cmtts4) provides storage services.
Steeldome(https://www.steeldomecyber.com/): Focus on corporate data archives, backup and recovery.

In addition to cold storage, other efforts also include storageLighthouse(https://twiter.com/lighthousweb3/status/147791488621458433),Ribs(https://github.com/filcat/ribs),Retriv(https://cryptonet.org/projects/data- restrievability) andFlamenco(https://flamenco.blender.org/usage/shared-storage/) and other companies provided by companies.

As of the end of the second quarter, there was2,034;Data set) increased by 2%over 508 -bit in the first quarter.In order to encourage use through active transactions, FileCoin provides a variety of storage services.Including CID Gravity(https://www.cidgravity.com/),

Titan storage(https://storage.titannet.io/) andDECENTRALLY(https://www.decentrally.cloud/).

According to statistics from the Filecoin Client Explorer (https://destor.com/en-s/filecoin-1etwork-client-), the main users include Starling Lab, NFT platform OpenSea (https://filecoin.io/blog/posts/ Opensea-Decentralizes-And-Persist-NFT-Storage-With-IPFS-FILECOIN/), Layer-1 network Solana (https://twitter.com/triton_one/status/168176170325506)).Other institutions that use Filecoin networks that are worthy of attention are as follows:

Victor Chang Heart InstituteMaintenance and sharing research data (https://blockworks.co/news/filecoin-cardiac-nstitute-decentralized -storage).
Democracy ’s Library Storage Internet ArchivesData sets collected at the end of the management (https://fil.org/blog/Democracy%E2%80%99S- Labrary-Announdcess-More-THAN-A-Petabyte-OFVERNMENT-UPLOADED-TO-The-Filecoin-network/).
Seti InstituteUse Filecoin to store astronomical research data (https://destor.com/seti).
Uc BerkeleyCooperate with Seal Storage for Storage Physics Research (https://www.newswire.ca/news-reases/UC- Berkeley-eal-Storage-WECHNOLOGY-Innovative-Neutr Ino-PHYSICS-Research-883282087.html).
GenraitUse Estuary to store key genomic data in FileCoin (https://filecoinfoundation.Medium.com/case-study- level- levels-1etwork–Greater-Access-Anim -storage-OF-1D56897A2D73).
Research Center Starling LabStore human historical sensitive digital record (https://medium.com/@ffdweb/announdconcing-the-starling-lab-4f1ce0204F07).
EWese(China’s fastest graphics file host) Use Filecoin for data storage (https://filecoinfoundation.medium.com/storage- company- levelrages-Filecoin-Neta-data-preeccc8 4E0E).
Desci LabsUse decentralized data storage on FileCoin to enable research to be copied and independent verification by other researchers (https://fil.org/blog/case-study-desci-des-nd-filecoin-enabling-A-FUTURE-of-post-science/).
OpScientia(OPSCI) By using Filecoin (https://fil-foundation.on.fleek.co/hosting/opsci-casestudy.pdf), scientists around the world can share data easier.
Destor and Seal Storage and STORAGECyber SmartCooperative development (https://dor.com/resources/news/seal-filecoin-destor–Data-project) and Cyber Smart (https://cybersmartCenter.org/) AI data integrity improvement improvement improvement improvement improvement StudyThe project, Cyber Smart is an industry -academia cooperation organization funded by the National Science Foundation and industry members.

Retrieval

In order to meet the needs of hot storage cases, more and more Layer 2 and protocols are constructed above Filecoin and IPFS.Examples include:

Basin(https://medium.com/@airdropking689/textile-basin-unveiled-a -storage-oodyssey-decentralized-ai-ml-B73F907dd9bf): Focusing on decentralized AI/ML.
Akave(https://akave.ai/): Provide the data lake on the chain for decentralization AI.
StoraCha(https://medium.com/@storacha/storacha-x-decentralized-storage-to-transform-the. AMing.

As the Filecoin and IPFS content distribution network (CDN), the Saturn project has completed the internal test, and it has been announced that it has integrated with Web3.storage (https://filecoinproject.slack.com/archives/c04v51bhz0w/p17170417373819). Bid the construction for construction forFast storage and retrieval combined products and networks.At the same time, tools such as station (https://www.filstation.app/) will introduce decentralized search function into the desktop, spark (https://www.youtube.com/watch?v=adwz3dtnoyi) and Voyager (HTTPS: //twitter.com/filecoinstation/status/1757805439410950265) Module allows searches on the Internet.Specifically, Station uses idle computing resources and provides FIL rewards.

FVM usage situation

Filecoin virtual machine (FVM) launched in the first quarter of 2023, bringing Ethereum smart contracts to Filecoin.As of the end of the second quarter, the FVM deployed more than3700 copiesIndependent contract (https://dashboard.starboard.ventures/fvm#total-Mique-Contracts-Deployment), which has contributed to more than 2.5 million transactions.At the same time, the TVL on Filecoin reached 63 million Fil (https://defillama.com/chain/filecoin?currency=USD) at the end of the second quarter.: //www.glif.io/en) Agreement ($ 144 million), Parasail (https://www.parasail.network/) protocol ($ 58 million) and STFIL (https://stfil.io/) protocol($ 22 million) Promoting.

According to FVM Explorer (https://fvm.starboard.ventures/explorer), in June 2024, the average net deposit of FVM’s net deposit was 29 million Fil (about 131 million US dollars), which was mainly used for pledge and liquidity pledge(https://filecointldr.io/how-to-stake-filecoin) and DEXS.Among them, the flowing protocol Glif (https://www.glif.io/en) accounted for most (64%at the end of the second quarter), followed by the SFT protocol (10%) (https: //www.sftproject.IO/), Filfi (10%) (https://filfi.io/) and other (16%).The relevant background is as follows:

GlifPublished (https://medium.com/@glifio/liquid-ile-A–Chapter-FOR-FORCOIN-Defi-8EB52DBDB7E9) was a reward plan to motivate the Defi community.
ParasailIntroduced (https://medium.com/@z1286679231/restaking-wrings-new-value-filecoin-filecoin-defi-ecological-refl-67a2b1e82F17) can pass through. Storage provider locks Fil to get rewardsmechanism.
Filliquid(https://filliquid.io/) It is proposed to provide the storage provider with FIL loan (https://medium.com/@filliquid/three-reasons-filliquid-s-dhe-back-market-In-Crypto-D4D9722A9638).
Thetanuts Finance(https://www.thetanuts.finance/) The launch of Fil covered the bullish option insurance library to earn benefits.

At the same time, according to the FVM DEFI ranking (https://fvm.starboard.ventures/explorer/leaderboard), in June 2024, the average net borrowing amount of Defi was 21 million FIL (about 95 million US dollars).Although deposits and borrowings have increased in the first quarter, they have cool down in April.This cooling is mainly due to the overall market environment and the stop of the STFIL loan plan.

Financial aspect

The Filecoin income framework is similar to Ethereum, because its GAS system is designed based on the EIP-1559 mechanism (https://filecoin.io/blog/posts/eip-1559-in-filecoin/).The GAS system consists of network expenses and compensates the resources used by combustion network costs.Store users and storage providers will generate agreement income.

income

According to the MESSARI income analysis (https://messari.io/article/demystifying-filecoin-s-s-revenue), the FileCoin agreement includes the following four sums:

Base Fees -depending on the condition of the message, any storage certificate needs to be used.
Batch Fees -use it in batch packing storage certification.
OverESTIMATION Fees -is used to optimize GAS use.
Penalty Fees -a fine when the storage provider fails.

Although the cost income in the second quarter increased by 145%to 4 million US dollars, the average original bytes’ storage capacity decreased by 19%month -on -month, which was mainly reflected in the aspect of no fee and batch fee.From this level, the penalties did not increase from $ 1.3 million in the first quarter to US $ 3.9 million in the second quarter.

At the same time, the basic cost of storage and transaction in the second quarter was $ 9,000, which is consistent with the overall decline of the demand for the decentralized cloud storage space to the user.includeDecentralization Storage Alliance (DSA)(https://dsalliance.io/about) Organization, including), is actively committed to reducing the data on the Filecoin network (https://filecoin.io/blog/posts/dsa-decentralized-storage-by-40-Percent/) storage costs.

award

Filecoin reward includes:

Block rewards distributed by network distribution to storage providers.
The “TIPS” cost used to accelerate the transaction.

In the second quarter, block rewards constituted more than 99.9%of the supply terminal income, while “TIPS” only accounted for a small part.New FIL tokens casting mechanism (https://spec.filecoin.io/systems/filecoin_token/minting_model/#: ~: Text = Baseline%20Minting%20Mints%20more, of%20minting%20File coin%20TOO%20quickly.)Rely on the following two items:

Index attenuation mode (total 30%): In order to encourage participation, block rewards are the highest in the early days.Over time, it presents index attenuation.
Base line mode (70%total): Block rewards are allocated as the storage capacity increases.

The combination of these two modes helps to continue to maintain the participation (see the index attenuation mode) after the end of the early block reward distribution phase, and it also helps the continuous reward to increase the additional value brought by the network storage capacity to the network.(See the baseline mode).

Due to the decline in the FIL/dollar price, the supply side rewards fell from $ 76 million in the first quarter to US $ 53 million in the second quarter, a decrease of 30%.In terms of FIL, the reward dropped from 10.6 million FIL in the first quarter to 9 million FIL in the second quarter, down 15%.In the next few quarters, Fil’s rewarding may continue to decrease.Regarding the in-depth discussions and various simulations of FIL distribution in the future, please refer to MESSARI Research on Fil’s recent supply volume (https://messari.io/report/cryptoECon-Iries-Investigating-Filculating-SUPPLY).

Ecological overview

Filecoin ecology has a variety of applications, from DEFI and AI to corporate storage and DEPIN.Filecoin Ecology (https://ecosystem.filecoin.io/?Results=115) Related teams have been actively developing builders’ channels.Many hacker marathon and accelerators are committed to built on Filecoin have helped early projects and teams get funds from all parties and affiliated entities, including communities such as the Hacker Marathon ETH Global and Filoz.

As of June 2024, FileCoin Ecosystem Explorer (https://fil.org/ecosystem/) has included more than 160 known projects (https://fil.org/ecosystem/). This is a non -detailed community network network network network network network)Project database.Most projects using Filecoin provide data services:

Lighthouse;
Seal storage(https://www.sealstorage.io/): Unchanged data storage solution.
Steeldome(https://www.steeldomecyber.com/): Data protection and data storage solution.
FLUENCE(https://flonece.network/): allow developers to expand its web3 project.
StoraCha(https://github.com/storacha- network): Decentralized hot storage network, focusing on depin gaming.
Ramo network(https://www.web3mine.io/): A idle computing power monetization.
Bagel(http://bagel.net/): GPU reconstruction and artificial intelligence infrastructure.
IOTEX(https://iotex.io/2.0): Open modular infrastructure for DEPINS.

Agreement to focus on media and entertainment includes:

Huddle01(Https://huddle01.io/): Decentralized video conference.
Opgames(Https://www.opgames.org/): Game -related NFT casting.
Filemarket(Https://filemarket.xyz/ ):web3 store builders and markets.

The following examples are designed to use Filecoin infrastructure to drive data requirements in specific fields:

Cryptosat(Https://protocol.ai/blog/satellites-For- CryPography-Protocols/): Use the mini satellite to prevent side attacks and implement security verification.
ZKSIG NFT(Https://ethglobal.com/showcase/zksig-nfts-j597n): Market access control.
Datamarket(Https://ethglobal.com/showcase/datamarket-nstant-data-purchase-pages-zz5z0): Data purchase and settlement function.
Bacalhau(https://www.bacalhau.org/): Data computing platform for running decentralized computing operations.

Projects that focus on AI include:

Basin(https://github.com/tablelandNetWork/basin-provider): Data management and collaboration, by Tablela ND, Weatherxm (https://mirror.xyz/tableland.eth/jxwm36joaw4ptlpqpgrri Duth75ljhvjj0bifwba) network and Bacalhau (https: // www.Bacalhau.org/) computer network use.
EQTY LAB(https://www.eqtylab.io/): Use the encryption method to verify the snapshot of the AI model spectrum, and use IPFS and FileCoin and other decentralized technologies to anchor the model data.
SingularityNet(https://singularyityNet.io/): The leading AI platform developer.
Bagel(http://bagel.net/): GPU re -pledge and artificial intelligence infrastructure.
Akave(https://akave.ai/):l2 Storage to create the data lake on the chain.
Theoriq(https://www.theoriq.ai/): Modular and combined AI proxy base layer.
Nuklai(https://www.nukl.ai/): Collaborative data ecology and infrastructure provider of special data networks.

Qualitative analysis

Critical development

Network upgrade

V22 dragon upgrade(https://messari.io/intel/event/9AA7D940-1193-4098-8721-FCB397228581) It was successfully implemented on the Filecoin main network on April 24, 2024.The scope of this network upgrade has been determined, including the following FIP:

FIP-0063(https://github.com/filecoin-project/fips/blob/master/fips/fip-0063.md): Switch to the new DRAND main network network.
FIP-0074;
FIP-0076(https://github.com/filecoin-project/fips/blob/master/fips/fip-0076.md): Direct data loading.
FIP-0083(https://github.com/filecoin-project/fips/blob/master/fips/fip-0083.md): Add built-in Actor Events to verified registry, storage providers and market participants.

V23 WAFFLE upgrade(https://github.com/filecoin-project/Community/discussions/74) The following FIP was introduced on August 6, 2024:

FIP-0065;
FIP-0079(https://github.com/filecoin-project/fips/blob/master/fips/fip-0079.md): Add BLS aggregation to Filecoin virtual machine (FVM).
FIP-0084;
FIP-0085(https://github.com/filecoin-project/fips/blob/master/fips/fip-0085.md): Convert F090 Mining Reserve Actor to ACTOR.
FIP-0090;
FIP-0091(https://github.com/filecoin-project/fips/blob/master/fips/fip-0091.md): Add support for Homestead and EIP-155 Ethereum transactions, called the “leftover” Ethereum transaction.

F3: Filecoin Fast Finality

Filecoin developer announced (https://github.com/filecoin-project/Community/discussions/74 #DiscussionComment-9866172), Filecoin Fast Finality (HTTTTTA) ps: //github.com/filecoin-projectThe agreement specifications of /fips/blob/master/fips/fip-0086.md) plan have been completed in June.Fip-0086 (https://github.com/filecoin-project/fips/blob/master/fips/fip-0086.md) proposed in December 2023 to shorten the end time of Filecoin.This specification introduces a F3 component, which is operated with the current consensus mechanism (Expected Consensus (EC) in the current consensus mechanism in Filecoin user nodes (participants).Due to the changes in the EC fork selection rules, FIP-0086 will need to upgrade the network.

Partnership

AI platform developerSingularityneT (https://singricityNet.io/) and Filecoin Foundation are cooperating (https://medium.com/singularityNet/singularityNet-nd-foundation-Collaboraate-to-en Hance-AI-CAPABITIES-Through-Depin-6B6DB3EA224A) Slim SingularityNet metadata on the Filecoin network.In order to support archives data requirements, the cooperation will also integrate Filecoin technology stacks, thereby enhancing the stability and security of decentralized data storage.

AI basic layer platformTheoriq(https://www.theoriq.ai/) and FileCoin Foundation are developing (https://mirror.xyz/0xbcaa90c8ba95ba6c8aa692fe70B97EF7/y8zhbr6Zees9v9bmt qyzebm0oshosbeyvn3mki) A series of AI agents trained based on Filecoin network data, making open data easier to access and useEssenceAt present, a Filecoin AI agent (https://infinity.theoriq.ai) trained based on Filecoin documents and GitHub repository can be used for testing.The agent allows users to query on the answer to how to build, solve common questions, and how to become storage providers on FileCoin through natural language query.In addition, Filecoin Foundation and theoriq are exploring an AI agent to use Muckroll stored on FileCoin 25 years of decrypting the CIA data set (https://www.muckRock.com/news/archives/2017/17/cias-dec Lassify-DataBase-NOW-OnLine/) to achieve efficient and verifiable research on 1 million files.

at the same time,IOTEX DEPIN LAYER-1Announcement (https://cotelegraph.com/press-releases/iotex- launchs-20-upgrade-l1-blockchain-inte-modular-infra-fact-all-edems) FileCoin X 2.0 modular DEPIN foundationThe preferred storage base of the facility.

Key governance decision

Storage and Innovation Funding Plan

In June of this year, Filecoin released (https://filecoin.io/blog/announdcing-nboarding-Inovation-GRAnts- ProGram //), a new plan called “Storage Innovation Funding Project” aims to promote innovation innovationAnd accelerate the growth of Filecoin data storage.Funding by Filecoin Foundation and Protocol Labs supports teams dedicated to adding FileCoin transactions and retrieval and settlement teams on the chain, thereby expanding Filecoin network use cases.

Summarize

In the second quarter of this year, Filecoin’s active storage transactions fell 6%month -on -month.Storage utilization rate increased from 23%in the first quarter to more than 26%in the second quarter, while the storage capacity decreased by 19%month -on -month.At the same time, as of the end of the second quarter, 2034 users have stored data on Filecoin, of which 518 places have stored large data sets of more than 1,000 TIB, an increase of 2%month -on -month.Due to the decline in FIL/USD prices and the decrease of FIL award distribution by 15%, rewards dropped from $ 76 million in the first quarter to 53 million US dollars in the second quarter, a decrease of 30%.

After the launch of the Filecoin virtual machine (FVM) for more than a year, as of June 30, 2024, more than 3700 independent contracts were deployed on FVM; driven by tokens pledge and leasing activities, the TVL on FVM reached the second quarter to reach the second quarter.63 million FIL (about $ 273 million), a record high.As FVM continues to pay attention, it will become the basis for developing monetized FVM cases around data and computing.

In addition to the development of FVM ecology, the focus of the Filecoin community is to improve corporate applications through new funding plans.The new funding plan aims to increase the transaction on the chain, retrieve payment and settlement, and attract new use cases for the Filecoin network.In addition to the adoption of enterprises, there are more and more projects for artificial intelligence on Filecoin, which are expected to grow with the trend of decentralization.