All you need to know about Filecoin’s mainnet launch
- Filecoin had one of the most successful launches, positioning itself 23rd by market capitalization on the first day of trading.
- The project is a decentralized storage network and data retrieval method.
Filecoin is one of the most successful cryptocurrency projects. On October 14, the mainnet went live after three years of work. The project was launched in August 2017 and raised over $200 million within 30 minutes of the sale. Most popular exchanges have already listed the coin.
What’s behind the success of Filecoin?
Filecoin is a rare cryptocurrency project that raised a lot of money in 2017 but hasn’t started trading until 24 hours ago. The project's main idea is to act as a decentralized storage network capable of storing files safely thanks to built-in economic incentives.
The FIL coin is used to pay storage miners for storing files. Additionally, it is also utilized to pay storage providers. The team of Filecoin has been working on the protocol for more than three years, finally bringing the $200 million ICO to a successful launch.
This moment marks the culmination of years of innovation and hard work. From the early days designing the novel proofs of storage and replication that are fundamental to trustlessly incentivize storage growth, to the advanced systems engineering required to bring such a complex decentralized marketplace into existence, to the amazing ecosystem of tools and projects that have integrated with Filecoin to make the network more powerful and accessible — we have come so far as a community.
So $FIL got listed today, with an astonishing $320 Billion evaluation (wtf, likely due to low initial supply).
— Boxmining (@boxmining) October 15, 2020
For those who don't know, $FIL was massively shilled in China
Right after the mainnet announcement, several prominent exchanges made their own. Gemini announced trading and custody support for Filecoin. Trading on Kraken started on October 15 with four trading pairs, including FIL/USD and FIL/EUR. Binance also quickly listed the digital asset, among many other exchanges. It also seems that the initial price spike of FIL positioned the digital currency on a $320 billion evaluation, fully dilluted.
Filecoin Interest Over Time Chart
Filecoin is currently trading at around $74 across all exchanges, hitting a market capitalization of $1 billion on its first trading day. It is currently ranked 23rd with a supply of 14 million coins from a maximum supply of 2 billion. Coingecko shows that Filecoin is the number 1 trending search. Similarly, Google shows a massive spike in the interest in Filecoin during the past two days.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
