Messari：Filecoin2023年四季度状态报告
Original author: Filecoin Network
The main points
The Filecoin storage market continued to grow in the fourth quarter of 2023, with active transactions increasing by 23% quarter-on-quarter and 414% year-on-year. At the same time, storage utilization increased from 13% in the third quarter of 2023 to 18% in the fourth quarter, as Filecoin storage capacity fell by 15% quarter-on-quarter.
By the end of 2023, more than 1,800 users have loaded data sets on Filecoin, of which 465 users have data sets of more than 1,000 TiB, a month-on-month increase of 10% and a year-on-year increase of 196%.
The Filecoin Virtual Machine (FVM) introduces Ethereum-style smart contracts to enable new use cases. Since the launch of FVM in March 2023, TVL has exceeded $230 million by the end of 2023.
Deploy Uniswap V3 on FVMproposalhas been successfully executed, it will be possible to usher in a new stage of DeFi applications built on the Filecoin network.
FIP0001v2Community initiative designed to improve and expand Filecoin Improvement Processes (FIPs) and governance processes.
Filecoin basic information
There is a serious problem with relying on centralized data storage: it is difficult to systematically verify the integrity of stored data. Today, the Filecoin storage network is Amazon S 3peer to peerversion, which is built on the InterPlanetary File System (IPFS) above. IPFS is the distributed data storage and sharing layer of the Filecoin network. Filecoin regularly verifies the validity of data storage and dynamically updates data based on supply and demand.Store transactionImplement pricing rather than a fixed pricing strategy.
A storage deal comes with a service level agreement (SLA) contracts - users pay a storage provider to store data for a specified period. To ensure data security, Filecoin uses a cryptoeconomics incentive model.Zero knowledge proofstorage. In order to motivate storage providers to participate in storage transactions, Filecoin will use the networks native token FIL as a reward. There are also penalties if the storage provider fails to provide reliable online times or behaves maliciously against the network (slashed）。
forSearchFor data, Filecoin users pay retrieval providers to obtain the data. Unlike on-chain transactions where transaction proposals are stored, retrieving transaction proposals incurs off-chain settlement fees, making retrieval faster. In addition to storage and retrieval, Filecoin aims to provide a platform that can run data through contract computing power.open market, thus providing a more effective alternative to traditional centralized systems.
Key protocol upgrades to achieve data computing services include smart contracts (Filecoin Virtual Machine-FVM) and extension (interstellar consensus). The Filecoin Virtual Machine, launched in March 2023, will introduce Ethereum-style smart contracts to Filecoin and will facilitate new use cases in areas including liquidity staking, permanent storage, and distributed computing.
Key indicators
Performance analysis
The Filecoin blockchain is used to decentralize data storage in the following ways:
The demand side is the storage user who needs data storage.
The supply side, that is, the storage provider with excess network capacity.
use
Data stored in active storage exchanges between storage users and storage providers measures Filecoin storage demand from Web2 and Web3 users.
Store transaction
In the fourth quarter of 2023, Filecoin continued to adopt decentralized storage through active transaction growth. Nearly 1,700 PiB were stored on the Filecoin network through active transactions during the quarter, a 23% quarter-over-quarter increase from the 1,400 PiB in the third quarter of 2023, and a nearly 4x year-over-year increase from the 332 PiB in the fourth quarter of 2022.
Active storage transactions based on industry use casesSegmentationdisplay, useFilecoinThe top industries are technology (35%) and natural resources (31%). To encourage further adoption, Filecoin offers a variety of storage services, includingNFT.Storage、Web3.Storage、Seal、BanyanandSteeldome。
Meanwhile, daily new transaction volume fell 26% sequentially after growing for the past four consecutive quarters. While the slowdown in new transactions is still positive, this slowdown in new transaction growth corresponds to lower overall returns for storage providers (more on this in the Supply-Side Revenues section below). Furthermore, the increase in new transactions corresponds to an increase in Filecoin network utilization.
Storage Utilization and Capacity
Filecoin storage utilization relative to total available storage capacity increased to 17.6% in Q4 2023, up from 12.6% in Q3 2023. While this growth is a positive sign for Filecoin adoption through active storage transactions, it must be placed within the context of network capacity.
In the fourth quarter of 2023, Filecoin’s average raw byte storage capacity dropped 15% quarter-on-quarter to 9.4 EiB. The metric has been gradually declining since about a year ago, after average raw byte storage capacity reached an all-time high of nearly 17 EiB in the third quarter of 2022.
The decline in storage capacity is further reflected in the decline in the total number of storage providers. After reaching an all-time high of more than 4,100 companies in the third quarter of 2022, the indicator continued to decline to more than 3,390 companies at the end of the fourth quarter of 2023.
Store user
Messari on distributed storage networksguideIt shows that Filecoin is currently suitable for providing cold storage solutions (such as archiving and recovery) to enterprises and developers. Its competitive pricing and ease of access make it an attractive option for Web2 users looking for a cost-effective alternative to bulk archive data storage. In addition to cold storage, we are also actively carrying out other work:Banyan、Lighthouse、RIBS、retriv、SealandFlamenco。
As of the end of the fourth quarter of 2023, there were 1,808userLoading datasets on Filecoin, 465 users loaded large datasets (storage size over 1,000 TiB), a 10% increase from 421 in Q3 2023.
According to FilecoinUser ExplorerStatistics, the main users range fromNew York CityandUSC Shoah FoundationarriveOpenSeaor Layer-1 networkSolanaWaiting for Web3 platform. Other noteworthy organizations using the Filecoin network include:
Victor Chang Heart Institute maintains and shares research data
SETI Institute uses Filecoin to store astronomy research data
UC Berkeley partners with Seal Storage on storage physics research。
GenRAIT uses Estuary to store critical genomic data on Filecoin.
Research center Starling Lab stores sensitive digital records of human history。
Ewesion (the fastest growing graphics file host in China) uses Filecoin for data storage.
An overview of featured users of the Filecoin network can be found athereObtain.
Search
To meet storage and retrieval needs, Filecoin and IPFS’ Content Delivery Network (CDN), also known asSaturn Project. The Saturn project aims to serve the Filecoin retrieval market with fast and low-cost content delivery, and its node operators fulfill retrieval requests by earning FIL from a pool of approximately 30,000 FIL per month. at the same time,FILStationApplication brings distributed retrieval to the desktop, retrieval of inspections over the networkSPARK moduleNow available on FILStation.
In terms of retrieval performance, Saturn is designed to provide reliable content retrieval for Web2 and Web3 use cases. The focus is on improving retrieval speed and performance, with most data mirrored from IPFS.hereGet an in-depth look at Saturns decentralized CDN, its highlights to date and its roadmap. An overview of Saturn node performance is available at Saturndash boardobtained from.
FVM usage
The Filecoin Virtual Machine (FVM) brings Ethereum-style smart contracts to Filecoin. Since its launch in March 2023, TVL has reached over $230 million by the end of 2023. DeFi applications provide storage providers with greater access to FIL, making data loading more efficient. As of December 31, 2023, there were more than 2,700 deployed on FVMindependent contract, with more than 22,000 monthly active users and a total of more than 1.8 million transactionstrade。
According to FVM Explorer statistics, the total net deposits in DeFi are 14.2 million FIL (approximately $85.2 million), distributed as follows:GLIFThere are 9.1 million FIL,stFILThere are 3.8 million FIL,SFT ProtocolThere are 2.8 million FIL,HashKingThere are more than 1.9 million FIL in . According to FVM DeFiRanking listIt shows that as of December 31, 2023, the total net borrowing in DeFi was 12.3 million FIL (approximately $73.8 million). Throughout the fourth quarter of 2023, both monthly net deposits and net borrowings showed restorative growth.
Deploying Uniswap V3 on FVMproposalIt was adopted in October and successfully implemented. The deployment of Uniswap contracts on the main network is expected to usher in a new stage of DeFi applications based on the Filecoin network. As Filecoin continues to acquire new users and valuable data sets, it may become the basis for developing monetizable FVM data use cases.
income
Filecoin’s revenue framework is similar to Ethereum in that its transaction fees are designed similar to EIP-1559mechanism. This gas system consists of network fees that are burned to compensate for the resources used. Both storage users and storage providers generate protocol revenue.
Agreement income
According to Messarirevenue analysis, Filecoin protocol revenue includes the sum of the following four items:
Base fees - required for any proof of storage, depending on message congestion.
Batch fees - used when packaging and storing proofs in batches.
Overestimation fees - used to optimize gas usage.
Penalty fees - Penalty fees when a storage provider fails.
While demand for FIlecoin storage rises, protocol revenue from FIL fees fell 58% in the fourth quarter of 2023 to 300,000 FIL (down 58% in U.S. dollars to $1.3 million). The decline in protocol revenue and the overall demand-side revenue of decentralized cloud storage spacedeclineThe amplitude is consistent.
The main reason for the decline in Filecoin protocol revenue is demand-side basic fees, which dropped 80% month-on-month in FIL terms. Filecoin is actively reducing the cost of data import into the network, for example, through the Decentralized Storage Alliance（DSA）Initiative to decentralize storage costs40% lower 。
supply side revenue
Filecoin supply-side revenue includes:
Block rewards distributed by the network to storage providers.
Payments are made via contract-anchored storage deals.
A tips fee used to speed up transactions.
In the second quarter of 2023, block rewards constituted more than 99.9% of supply-side revenue, while “tips” accounted for only a small part.New FIL Token Mining MechanismDepends on the following two items:
Exponential decay mode (30% total): To encourage participation, block rewards are highest in the early stages. Decays exponentially over time.
Baseline mode (70% total): Block rewards are distributed as storage capacity increases.
The combination of these two models helps maintain participation beyond the early block reward distribution phase of the network (see Exponential Decay Model), and also helps to continue to reward the additional value brought to the network by increasing the networks storage capacity. (See Baseline Mode).
FIL supply-side revenue fell 15% to 12.6 million FIL in the fourth quarter of 2023 (down 4% in US dollars), with this decline related to a reduction in overall FIL reward issuance due to exponential decay mode and baseline minting mode. The reduction in FIL award 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 recent analysis of FIL’s circulating supplyResearch。
Ecosystem overview
Filecoin Ecologyhas been actively growing its builder channel, and it regularly hosts hackathons and accelerator events to help early-stage projects and teams obtain funding from Protocol Labs or affiliated entities. The ecosystem is designed to support various use cases in different areas: namely data infrastructure, streaming, metaverse and gaming. As of December 2023, there are more than 100 known projects being developed in the Filecoin ecosystem, with most projects using Filecoin’s applications and protocols to provide data services:
Banyan: Web2-like decentralized storage, suitable for areas other than corporate archives.
Lighthouse: Permanent data storage service with one-time payment pricing model.
Numbers Protocol: Maintaining data authenticity in digital media and generative AI.
Berty: Secure messaging and social media application.
Dether: Cash deposit and withdrawal and diversified financial transaction mechanisms.
Tableland: SQL-based cloud database.
Basin v2: Data management and collaboration, powered by Tableland,WeatherXM NetworkandBacalhauComputer network use.
Media and entertainment-focused contracts include:
Mona: A 3D art gallery in the Metaverse.
NFTwitch: NFT minting platform for Twich content.
Huddle 01 : Decentralized video conferencing.
OPGames: Game-related NFT minting.
FileMarket:Web3 store builder and marketplace.
Xone: A metaverse solution that connects artists and fans.
The following use cases are designed to leverage Filecoin infrastructure to drive domain-specific data needs:
Cryptosat: Use mini satellites to prevent side-channel attacks and enable secure verification.
Bela Supernova: Store patient health data.
ZKsig NFT: Market access control.
DataMarket: Data purchase and settlement functions.
Qualitative analysis
Main progress
Filecoin Watermelon upgrade (V2 1)
Filecoin Watermelon upgrade (V21) succeeded on December 12, 2023activation, this upgrade simplifies operations for storage providers and includes improvements to the Filecoin protocol and FVM.
Sushi deployment on Filecoin
Sushi isfirst deploymentDEX on Filecoin, Sushi V2 and V3 users will be able to trade and trade on the Filecoin networkProvide liquidity, no bridge or native FIL token required.
Filecoin MetaMask Wallet
Filecoin MetaMask wallet in the fourth quarter of 2023roll out, which allows users to use MetaMask to connect to Filecoin decentralized applications, manage Filecoin accounts, send FIL to local and FEVM accounts, and obtain FEVM transaction information.
Global Privacy Alliance
Protocol Labs and Filecoin Foundation join forces with Nym, Oasis and AztecJoined the Global Privacy Alliance. The UPA aims to promote “privacy by design” in technology, creating a legal fund that supports privacy-focused practices in the industry.
key events
FIL Bangalore Summit and ETH India Summit
Members of the IPFS, Filecoin, FVM and lib p2p ecosystem participated in December 2023FIL Bangalore SummitandETH India Summit. The Filecoin project track received more than 150 submissions,PragmaThe Filecoin project track also received more than 70 submissions.
FIL Developer Summit
FIL Developer SummitFocusing on Filecon retrieval and data availability, the Retrieval topic focuses on improving data retrieval, and the Data Usability topic focuses on how to effectively structure data and transfer it efficiently.
Protocol Labs Week 2023
Protocol Labs’ annual gathering——Lab Week 2023，Focused on the discussionFilecoin DeFi growth unlocked by Interstellar Consensus (IPC), Filecoin Virtual Machine (FVM), and new Filecoin projects and developer tools. At the same time, FilecoinPlus faces the notary publicelection processcarried out majorRevise。
key decisions
Deploy Uniswap V3 on FVM
Deploying Uniswap V3 on FVMproposalIt was adopted in October and successfully implemented. The deployment of Uniswap contracts on FVM may usher in a new stage of DeFi applications built on the Filecoin network. As Filecoin continues to acquire new users and valuable data sets, it may become the basis for developing monetizable FVM use cases around the data.
FIP 0001 v2
FIP 0001 v2 is a coordinated effort to improve and expand Filecoin governance. The FIP 0001 v2 draft proposes five different types of Filecoin Improvement Proposals (FIPs): Technical FIP, Cryptoeconomic FIP, Community FIP, Security FIP, and Filecoin Request for Comments (FRC). See FIP 0001 v2 for detailsdraft。
Summarize
Filecoin data storage accelerated its growth in the fourth quarter of 2023, with active storage transactions increasing by 23% quarter-on-quarter and 414% year-on-year. Although storage capacity fell by 15% sequentially, storage utilization increased from 13% in the third quarter of 2023 to 18% in the fourth quarter.
As of the end of 2023, more than 1,800 users have loaded datasets on Filecoin, of which 465 users have dataset sizes exceeding 1,000 TiB, a month-on-month increase of 10% and a year-on-year increase of 196%. On a FIL basis, storage fee revenue fell 58% in the fourth quarter of 2023 (down 58% on a dollar basis), which is consistent with the overall decline in demand-side revenue for decentralized cloud storage space.
Deploying Uniswap V3 on FVMproposalhas been successfully executed and will likely usher in a new phase of DeFi applications built on the Filecoin network. As Filecoin continues to acquire new users and valuable data sets, it may become the basis for developing monetizable FVM use cases around the data. Prominent examples include persistent storage (something likeArweave), mortgages on storage providers, and distributed computing. If Filecoin can continue to meet demand, it has the opportunity to become a major provider of distributed storage and cloud services for Web3 and traditional applications.
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