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Can Filecoin’s latest achievements pull FIL out from the bears’ grip

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Can Filecoin's latest achievements pull FIL out from the bears' grip
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  • Filecoin to deploy InterPlanetary File System in space in partnership with Lockheed Martin.
  • FIL was among the top blockchains by revenue in the last week.

Filecoin [FIL] recently revealed that it is on a mission to deploy the InterPlanetary File System in space. According to the official announcement, the mission will take place in 2023 aboard Lockheed Martin’s LM 400 Technology Demonstrator spacecraft.

The evaluation of in-space use cases for decentralized storage is being done on this mission for the first time.

Read Filecoin’s [FIL] Price Prediction 2023-24

FIL’s fate about to change?

This new project can be a game-changer for Filecoin as it is a first-of-its-kind mission. The mission will showcase an IPFS use case for space-to-ground communication. Through the use of IPFS, data from space will be “content-addressed” and made accessible on the IPFS network. 

Marta Belcher, president and chair of the Filecoin Foundation, said, “From the beginning, IPFS was envisioned as a technology that can enable networking across ‘interplanetary’ distances.” 

Apart from this new announcement, Messari’s data revealed that Filecoin’s active deals increased by 117% quarter-on-quarter in Q4 2022. This looked optimistic for Filecoin, as it represented its increased adoption across the globe. 

Interestingly, FIL also made it to the list of the top blockchains in terms of revenue generated in the last seven days.

While FIL’s revenue increased, its total value locked (TVL) also followed a similar route, as it registered a continuous uptick since the beginning of this year. 

Realistic or not, here’s FIL market cap in BTC’s terms

However, the metrics didn’t respond

Surprisingly, despite these major announcements and achievements, FIL’s performance on the metrics front was not up to the mark, as most of the key metrics were against the network.

FIL’s demand in the derivatives market decreased over the last week as its DyDx funding rate went down. The altcoin’s volume also registered a decline, which by and large can be considered a negative signal.

The same was true for the network’s development activity, which also plummeted. FIL did not manage to register an increase in its price last week, which can be attributed to the declining four-week price volatility. At press time, FIL was trading at $5.36 with a market capitalization of over $2 billion.

Source: Santiment

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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