Filesharing Crypto Project Filecoin Reports Strong Fundamental Growth Ahead of FVM Launch

Decentralized filesharing protocol Filecoin saw a nearly sevenfold growth of data suppliers since the start of 2022, ahead of plans for a major upgrade in early 2023.

At the FIL Singapore event on Monday, attended by CoinDesk, Colin Evran, co-lead at Filecoin development lab Protocol Labs, said the network’s storage providers were increasing at a rate of 20% each month, 

Filecoin (FIL) is a cryptocurrency that enables users to buy and sell computer storage on a system for decentralized storage of data and files.

The latter is said to help support a truly decentralized ecosystem, where blockchain data itself is stored on networks such as Filecoin, instead of centralized providers such as Amazon Web Services (AWS).

Protocol Labs founder Juan Benet said some 20,000 individual users were currently using Filecoin to store over 50 million data objects, all of which are used to run decentralized applications (dApps).

FIL has a market capitalization of over $1.6 billion as of Monday morning and is up a nominal 1.1% in the past 24 hours.