Filecoin Q2 2024 Network ReportByDean Fankhauser

Key Insights

1. Lively storage offers decreased 6% QoQ, whereas storage utilization grew from 23% to 26%.
2. 2,034 purchasers onboarded knowledge, with 518 massive datasets (>1,000 TiB) onboarded, up 2% QoQ.
3. Filecoin Digital Machine (FVM) noticed over 3,700 distinctive contracts deployed, with TVL reaching 63 million FIL ($273 million).
4. New knowledge providers emerged, together with perpetual archiving and knowledge privateness options.
5. Filecoin continues to develop as a decentralized bodily infrastructure community (DePIN) for enterprise storage and AI purposes.

Community Efficiency

Storage Offers and Capability

• Q2’24 lively storage: Over 1,700 PiB, down 6% QoQ from 1,900 PiB in Q1’24.
• Each day new offers: Decreased 24% QoQ to 2.5 PiB/day.
• Storage utilization: Elevated to over 26% in Q2’24, up from 23% in Q1’24.
• Uncooked byte storage capability: Declined 19% QoQ to six.6 EiB.
• Storage suppliers: Decreased to roughly 2,400 in Q2’24.

Shopper Adoption

• Complete purchasers: 2,034 by finish of Q2’24.
• Massive dataset purchasers (>1,000 TiB): 518, up 2% from 508 in Q1’24.
• Notable purchasers: The Starling Lab, OpenSea, Solana, Victor Chang Cardiac Analysis Institute, Democracy’s Library, SETI Institute, UC Berkeley, GenRAIT, Ewesion, DeSci Labs, Opscientia.

Filecoin Digital Machine (FVM)

• Distinctive contracts deployed: Over 3,700 as of June 30, 2024.
• Complete Worth 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).
• Common DeFi internet deposits: 29 million FIL ($131 million) in June 2024.
• Common DeFi internet borrows: 21 million FIL ($95 million) in June 2024.

Monetary Efficiency

Income

• Complete income: Elevated 145% QoQ to $4 million in Q2’24.
• Penalty charges: Grew to $3.9 million from $1.3 million in Q1’24.
• Base charges from storage offers: $9,000 in Q2’24.

Rewards

• Complete rewards: Decreased 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 Developments

Community Upgrades

• V22 “Dragon” improve: Carried out on April 24, 2024.
• V23 “Waffle” improve: Estimated for August 6, 2024.
• Quick Finality in Filecoin (F3) initiative: Specs finalized in June.

Partnerships

• SingularityNET: Collaborating to retailer metadata on Filecoin Community.
• Theoriq: Creating AI brokers educated on Filecoin community knowledge.
• IoTeX: Introduced Filecoin as the popular storage primitive for IoTeX 2.0.

Governance

• Onboarding Innovation Grants Program: Launched in June to speed up progress in Filecoin knowledge onboarding.

Conclusion

Filecoin’s Q2 2024 efficiency exhibits a combined image with lowering storage offers however growing utilization. The FVM continues to realize traction, driving DeFi exercise on the community. The main focus stays on growing enterprise adoption and attracting new use circumstances, notably in AI and decentralized compute. The introduction of latest grants and partnerships goals to gasoline additional progress and innovation within the Filecoin ecosystem.