cryptonewsz.com
Filecoin recently shared its Q1 2024 report with the general public. The report showcased an overview of the network’s performance this year.
According to the report, Filecoin’s storage market has grown remarkably in 2024. Its active deals have gone up 9% in the Quarter-on-Quarter analysis. Its utilization increased from 18% in 2023 Q4 to 23% in 2024 Q1.
However, its storage capacity has dropped 14% based on the quarter-on-quarter analysis. Before the end of the latest quarter, Filecoin managed to onboard 2,000 clients. Of these, 508 have onboarded the large datasets (more than 1,000 TiB.) The number has also surged by 9% from 465 in 2023 Q4.
FIL is currently trading at 5.95 dollars, with a 4.16% drop since it released the report. The coin is ranked 33rd among the top crypto based on its market cap. As per the latest Filecoin price prediction, the coin can end the year between 5.70 dollars and 8.20 dollars.
While the token has lost some value in the past 24 hours, its performance is expected to make up for the dip. That is because even after one year of the FVM’s (Filecoin Virtual Machine) launch in 2023 Q1, Filecoin’s DeFi ecosystem is growing gradually.
Moreover, the ecosystem has launched Uniswap V3 and Pyth in Quarter 1, boosting the GLIF deposits by more than 2x based on the Quarter-on-Quarter analysis. The FVM has also deployed 3,400 unique contracts in this quarter.
The number is up 26% from 2,700 at the end of 2023 Q4. At the same time, the TVL (Total Value Locked) on FVM has surpassed 600 million dollars in 2024 Q1 alone. The number is also up by 2x based on the Quarter-on-Quarter analysis.
Filecoin also focuses on growing its enterprise adoption rate in the coming quarter. The network is also working on DePIN partnerships to boost its idle computing capabilities.