Network Insights From Messari’s Q2 2024 Filecoin Report

Messari’s State of Filecoin Q2 2024 report is out, and it offers a 360-degree view of the network, including a jump in network utilization rates, more data client onboarding, and continued network maturation as the DePIN backbone for AI advancements. Here are five insights from the report:

Storage utilization grew from 23% in Q1’24 to over 26% 

Fueled by a burgeoning interest in DePIN, compute, and AI, and a surge of data in these sectors, network storage utilization grew to over 26% in Q2. While there has been a decline in storage capacity, utilization of Filecoin needs to be regarded in terms of data-intensive activities beyond data storage. Platforms like Basin, Storacha, and Akave are leveraging Filecoin’s infrastructure to provide data management and AI-related services, positioning Filecoin as a key player in the data economy.

More than 2,000 clients have onboarded data onto the Filecoin network

Over 500 data clients use the Filecoin network to store large datasets (over 1,000 TiB+), including some critical to human rights, journalism, and climate, for preservation and access. 

Over 3,700 unique smart contracts have been deployed on Filecoin

FVM has transformed the Filecoin ecosystem, unlocking new use case opportunities, empowering builders, and advancing platform capabilities. Apps built on FVM have connected Filecoin token holders with storage providers to pledge collateral, fueling increased capacity and data on the network. As FVM continues to gain traction, it serves as a base for developing more use cases around data and compute.

The network matures as the DePIN backbone for AI

The Filecoin ecosystem features a diverse range of applications –– from AI, to enterprise storage, to DePIN. The Messari report highlighted the growth of AI-focused projects including: 

• Basin: Data management and collaboration, used by Tableland, the WeatherXM network, and the Bacalhau computer network.

• EQTY Lab: Uses cryptographic methods to validate snapshots of an AI model's lineage, leveraging decentralized technologies, like IPFS and Filecoin, to anchor model data.

• SingularityNET: Leading AI platform developer storing metadata on the Filecoin network.

• Bagel: GPU marketplace and AI infrastructure allowing AI developers to train and store their models using the compute and storage power of the Filecoin network.

• Akave: Storage L2 on Filecoin creating on-chain data lakes.

• Theoriq: Modular and composable AI Agent Base Layer with a series of agents trained on data from the Filecoin network.

• Nuklai: Collaborative data ecosystem and infrastructure provider for private data networks.

New data services have emerged

New data services on the Filecoin network have emerged, including perpetual archiving, data privacy, and integration with Web2 and Web3 applications with a range of tools designed to cater to different storage needs. The report highlighted Lighthouse, Seal Storage, Steeldome, Fluence, and Storacha, among others. 

Network News 

The NV23 Waffle upgrade for the Filecoin network went live on Mainnet on August 6. This upgrade brings significant enhancements focused on simplified processes, optimized proof mechanisms, streamlined sector commitments, enhanced cryptographic support, and strengthened security. Several Filecoin Improvement Proposals (FIPs), such as FIP0065, help the network operate more efficiently and lay the groundwork for more flexible data commitment methods. Read more.

Filecoin has been recognized in Grayscale’s latest research report as key infrastructure for decentralized AI. According to the report, Grayscale Research believes that DeAI holds the potential to bring AI governance, resources, and development “out from walled gardens and into public ownership.” Tools like Filecoin are a hedge against Big Tech's Al dominance. Dive into the report. 

The Decentralized Storage Alliance (DSA) released new reference architecture for Filecoin. The architecture utilizes Seagate's Exos CORVAULT technology and OpenZFS to deliver significant benefits for storage providers. Key improvements include: reduced compute infrastructure requirements, improved economic viability for onboarding commercial-grade storage loads, increased network resiliency, and more. Learn more about this release by reading the DSA's blog post.

How Basin enhances long- and short-term archiving with Marla Natoli. This week on DWeb Decoded, learn about Basin, a decentralized object storage solution providing both hot data storage and long-term archiving capabilities.

Build with Us

The Filecoin community is heading to Bangkok. Dive into decentralized AI infrastructure, DePIN, and the evolving data economy at FIL Bangkok. Set in Thailand's vibrant capital and hosted by Filecoin Foundation, FIL Bangkok unites the Filecoin ecosystem and broader Web3 community for innovation and collaboration. Reserve your spot now and keep an eye out for programming announcements.

The Developer Working Group will begin meeting monthly. The DevWG is an opportunity for developers, community members, researchers, and others interested in the development of the Filecoin protocol to come together to discuss the most important topics among developers. Join the #dev-wg Slack channel to get the latest news on the meetups.

Ecosystem Spotlight 

Akave

Revolutionizing data management with a decentralized, modular L2 solution that combines the robust storage of Filecoin with cutting-edge encryption and seamless integration, Akave is the first L2 storage chain enabling on-chain data lakes for ​scalable and decentralized AI. 

Governance

We want your input — contribute to the community governance conversation! Anyone can participate through the monthly Community Governance calls, the Fil-Gov Slack channel, Metropolis, or upcoming Filecoin events. 

Rolling allocator applications are open for submissions. Allocators are a core part of the Fil+ program and help incentivize the storage of useful data on the Filecoin network. Allocators designing new pathways, such as those listed in the Request for Allocators (RFA), are receiving priority review. Visit the Filecoin Incentive Design Labs (FIDL) blog for application instructions.