Filecoin Storage Utilization Surpasses 7% in Q2: Report

Although usage has increased, protocol and provisioning revenue has declined as more vendors reduce fees for encourage adoption.

According to a July 13 report from Messari, Filecoin currently averages 954.2 pebibytes (1.07 billion gigabytes) of storage agreements on its network, compared to 12.2 exbibytes (14.1 billion gigabytes). ) of raw storage capacity. Until recently, adoption was slow due to high storage costs compared to centralized alternatives such as Amazon Web Services.

In the last quarter, the protocol generated 2.5 million of its own Filecoin (FIL) revenue, or $11.5 million, a decrease of 40.7% compared to the second quarter of the year in dollars. However, the drop was partly due to a sharp drop in the price of FIL tokens due to the cryptocurrency bear market in 2022, which was somewhat offset by the sharp increase in active storage agreements.

The price crash has also affected supply-side revenue, or money earned from block rewards, anchored storage offers, and trade tips. Supply-side revenue fell 66.9% year-on-year to $85.7 million in Q2 2023.

Additionally, many storage vendors have started charging near-zero storage fees to encourage adoption. A large majority of stored data comes from the information technology sector (41%), followed by natural resources (31.3%), health (16.7%) and social services (9.2%) . A total of 1,750 customers have integrated data on Filecoin. The researchers also wrote:

“To address storage recovery needs, a content delivery network (CDN) for Filecoin and IPFS – called Project Saturn – is currently under development. Saturn aims to serve the Filecoin recovery market through fast, low-cost content delivery."

Earlier in March, Filecoin