State of Filecoin Q2 2024

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Key Insights

Performance Analysis

In Q2’24, over 1,700 PiB was stored on the Filecoin Network through active deals, down 6% QoQ from the all-time high of 1,900 PiB in Q1’24, but on par with the levels last seen in Q4’23. Filecoin’s current focus is on increasing adoption from enterprises. In June, Filecoin announced

In Q2’24, daily new deals on the Filecoin Network continued to decrease by 24% QoQ to 2.5 PiB/day, after reaching an all-time high of 5 PiB/day in Q3’23. While new deals are net growing, they are contributing to an increase in the utilization of the Filecoin Network relative to its storage capacity.

Filecoin’s storage utilization relative to the total available storage capacity increased to over 26% in Q2’24, up from nearly 23% in Q1’24. While this increase is a positive sign in terms of Filecoin’s adoption through active storage deals, it requires the context of the network’s capacity.

As of the end of Q2’24, 2,034 clients

According to the FVM Explorer

While revenue from fees increased 145% in Q2’24 to $4 million, the 19% QoQ decline in average raw byte storage capacity is reflected by the rising penalty fees and batch fees. In this sense, penalty fees grew in Q2’24 to $3.9 million from $1.3 million in Q1’24.

Rewards decreased 30% from $76 million in Q1’24 to $53 million in Q2’24, driven by the FIL/USD price decrease. In FIL terms, rewards were down 15% from 10.6 million FIL in Q1’24 to 9.0 million FIL in Q2’24. The decrease in FIL reward issuance is likely to continue in the coming quarters. For an in-depth discussion and various simulations of future FIL issuance, please refer to Messari’s investigation

In Q2’24, Filecoin’s active storage deals decreased 6% QoQ. Storage utilization grew from 23% in Q1’24 to over 26% in Q2’24, while storage capacity fell 19% QoQ. Simultaneously, 2,034 clients have onboarded data on Filecoin by the end of Q2’24, of which 518 onboarded large datasets over 1,000 TiB, up 2% QoQ from 508 in Q1’24. Rewards decreased 30% from $76 million in Q1’24 to $53 million in Q2’24, driven by the FIL/USD price decrease and by a 15% reduction in FIL reward issuance.

More than a year after the Filecoin Virtual Machine (FVM) was introduced. As of June 30, 2024, over 3,700 unique contracts were deployed on the FVM; driven by token staking and leasing activity, TVL on FVM reached an all-time high of 63 million FIL ($273 million) in Q2’24. As FVM continues to gain traction, it serves as a base for developing monetizable FVM-enabled use cases around data and compute.

Besides growing its FVM ecosystem, the Filecoin community’s focus is on increasing its enterprise adoption with a new grants program. The new grants program aims to increase onchain deal and retrieval payments and settlements, and attract new use cases to the Filecoin Network. Aside from enterprise adoption, there exists a growing pool of AI-oriented projects on Filecoin, which is expected to grow alongside the trend of decentralized compute.

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