Filecoin just lately shared its Q1 2024 report with most people. The report showcased an outline of the community’s efficiency this yr.

In line with the report, Filecoin’s storage market has grown remarkably in 2024. Its lively offers have gone up 9% within the Quarter-on-Quarter evaluation. Its utilization elevated from 18% in 2023 This fall to 23% in 2024 Q1.

Nonetheless, its storage capability has dropped 14% based mostly on the quarter-on-quarter evaluation. Earlier than the tip of the newest quarter, Filecoin managed to onboard 2,000 shoppers. Of those, 508 have onboarded the big datasets (greater than 1,000 TiB.) The quantity has additionally surged by 9% from 465 in 2023 This fall.

FIL is at the moment buying and selling at 5.95 {dollars}, with a 4.16% drop because it launched the report. The coin is ranked thirty third among the many prime crypto based mostly on its market cap. As per the newest Filecoin value prediction, the coin can finish the yr between 5.70 {dollars} and eight.20 {dollars}.

Whereas the token has misplaced some worth prior to now 24 hours, its efficiency is predicted to make up for the dip. That’s as a result of even after one yr of the FVM’s (Filecoin Digital Machine) launch in 2023 Q1, Filecoin’s DeFi ecosystem is rising steadily.

Furthermore, the ecosystem has launched Uniswap V3 and Pyth in Quarter 1, boosting the GLIF deposits by greater than 2x based mostly on the Quarter-on-Quarter evaluation. The FVM has additionally deployed 3,400 distinctive contracts on this quarter.

The quantity is up 26% from 2,700 on the finish of 2023 This fall. On the similar time, the TVL (Complete Worth Locked) on FVM has surpassed 600 million {dollars} in 2024 Q1 alone. The quantity can also be up by 2x based mostly on the Quarter-on-Quarter evaluation.

Filecoin additionally focuses on rising its enterprise adoption price within the coming quarter. The community can also be engaged on DePIN partnerships to spice up its idle computing capabilities.