Key Insights
- Active storage deals decreased 6% QoQ, while storage utilization grew from 23% to 26%.
- 2,034 clients onboarded data, with 518 large datasets (>1,000 TiB) onboarded, up 2% QoQ.
- Filecoin Virtual Machine (FVM) saw over 3,700 unique contracts deployed, with TVL reaching 63 million FIL ($273 million).
- New data services emerged, including perpetual archiving and data privacy solutions.
- Filecoin continues to develop as a decentralized physical infrastructure network (DePIN) for enterprise storage and AI applications.
Network Performance
Storage Deals and Capacity
- Q2'24 active storage: Over 1,700 PiB, down 6% QoQ from 1,900 PiB in Q1'24.
- Daily new deals: Decreased 24% QoQ to 2.5 PiB/day.
- Storage utilization: Increased to over 26% in Q2'24, up from 23% in Q1'24.
- Raw byte storage capacity: Declined 19% QoQ to 6.6 EiB.
- Storage providers: Decreased to approximately 2,400 in Q2'24.
Client Adoption
- Total clients: 2,034 by end of Q2'24.
- Large dataset clients (>1,000 TiB): 518, up 2% from 508 in Q1'24.
- Notable clients: The Starling Lab, OpenSea, Solana, Victor Chang Cardiac Research Institute, Democracy's Library, SETI Institute, UC Berkeley, GenRAIT, Ewesion, DeSci Labs, Opscientia.
Filecoin Virtual Machine (FVM)
- Unique contracts deployed: Over 3,700 as of June 30, 2024.
- Total Value Locked (TVL): All-time high of 63 million FIL ($273 million) in Q2'24.
- Leading protocols: GLIF ($144 million), Parasail ($58 million), stFIL ($22 million).
- Average DeFi net deposits: 29 million FIL ($131 million) in June 2024.
- Average DeFi net borrows: 21 million FIL ($95 million) in June 2024.
Financial Performance
Revenue
- Total revenue: Increased 145% QoQ to $4 million in Q2'24.
- Penalty fees: Grew to $3.9 million from $1.3 million in Q1'24.
- Base fees from storage deals: $9,000 in Q2'24.
Rewards
- Total 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
Network Upgrades
- V22 "Dragon" upgrade: Implemented on April 24, 2024.
- V23 "Waffle" upgrade: Estimated for August 6, 2024.
- Fast Finality in Filecoin (F3) initiative: Specifications finalized in June.
Partnerships
- SingularityNET: Collaborating to store metadata on Filecoin Network.
- Theoriq: Developing AI agents trained on Filecoin network data.
- IoTeX: Announced Filecoin as the preferred storage primitive for IoTeX 2.0.
Governance
- Onboarding Innovation Grants Program: Launched in June to accelerate growth in Filecoin data onboarding.
Conclusion
Filecoin's Q2 2024 performance shows a mixed picture with decreasing storage deals but increasing utilization. The FVM continues to gain traction, driving DeFi activity on the network. The focus remains on increasing enterprise adoption and attracting new use cases, particularly in AI and decentralized compute. The introduction of new grants and partnerships aims to fuel further growth and innovation in the Filecoin ecosystem.
